Square's Dorsey is sure of cryptocurrency's future, just not sure which one

Square's Dorsey is sure of cryptocurrency's future, just not sure which one”

Jack Dorsey, founder and CEO of the mobile payment company Square (SQ) - when he's not running his other company Twitter (TWTR) - was one of the most anticipated speakers at the conference, since Square has embraced bitcoin more than other traditional tech companies.

Dorsey admits the idea that bitcoin will someday be the basis for all payments made on the Internet remains a topic of debate at Square.

A major supporter of Bitcoin, Dorsey admitted that he didn't understand the full implications of Satoshi Nakomoto's white paper when he first read it but was nevertheless fascinated by what he did see in it.

Dorsey is of the opinion that the use of the number one digital currency or another altcoin as a global payment would lower the barrier for the payment company to enter new markets, reports CNBC. But Dorsey said that the goal is same as it has always been.

Not everyone at Square was as enthusiastic as Dorsey was about the move. Since then the payment company has rolled out additional features for its users, which now sees them able to buy, sell, and transfer Bitcoin with the app. Dorsey has also committed personal funds to Lightning Labs as the team continues its work on the Bitcoin scaling proposal known as the Lightning Network.

Dorsey stated categorically that he felt no government or corporate body should by definition own Bitcoin or any other decentralized cryptocurrency, acknowledging that Square was a centralized company profiting from the decentralized technology. "And it felt like something we needed to explore a lot more", he said. "We wanted it to be as simple as a cash app today, but ultimately wanted it to be fast", he said.

"We can not risk hurting what made this possible to begin with".

Dorsey said moving into the bitcoin business was a pretty "contentious" move for the company: "We have a lot of healthy skeptics within the company about us giving this access to people in such an easy way".

Stark questioned whether, like Bitcoin, Square may not be the ultimate solution in terms of P2P payment and cryptocurrency services, to which Dorsey candidly responded,"I actually don't know".

"It was not a stated goal initially, but it's something we want to lean into", Dorsey said. It will have a native currency. I don't know if it's #bitcoin or not. "I hope it will be bitcoin".

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