Twitter and Square CEO jack Dorsey attended ‘The B Word’ meeting, a virtual Bitcoin discussion that took place on Wednesday.
- Twitter and Square CEO Jack Dorsey attended “The B Word,” an online Bitcoin conference.
- Dorsey sees Bitcoin as having the greatest chance to becoming the native Internet currency.
- He also outlined Square and Twitter’s efforts to promote Bitcoin development without undermining its principles.
Bitcoin Is the Native Currency of the Internet
Dorsey began by stating that he sees Bitcoin as having the best potential to become the native currency of the Internet. He said: “If the Internet gets a native currency, what would that be? To me, it is Bitcoin because of [its] principles.”The principles underlined in the conference include the open source nature of the Bitcoin network and its complete independence from traditional banking.
Later, Dorsey continued: “that is what I want to see…a currency that is standard and sound for the internet that anyone can use.”
“What inspires me most is the community driving Bitcoin, [which] reminds me of the early internet,” Dorsey said. He also called the community “deeply principled, weird as hell, and always evolving.”
Having acquired Bitcoin both personally and on Square’s balance sheet, this is not the first time Dorsey espoused Bitcoin as the currency of the Internet.
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Square Commits to the Open Source Ethos
The Twitter and Square CEO then went on to discuss his payments company, Square, which is developing a hardware wallet for the Bitcoin ecosystem. While the company holds $255 million of Bitcoin and handles Bitcoin transactions on behalf of its users, Dorsey emphasised that Bitcoin’s financial value only accounts for a part of Square’s focus.
Opening up on his motivations, Dorsey stated that he is sceptical of corporations and wanted Square to work with Bitcoin without disrupting the community. With this in mind, Square hired open-source Bitcoin developers to work on their projects of choice.
Square also formed COPA and open-sourced its patents in order to protect developers from patent trolling.
Finally, Dorsey mentioned Square’s upcoming hardware wallet, which unlike its main application will not hold custody over user funds. “Everything we do in this space is going to be open source,” he said.
“As institutions and corporations like ours consider getting in this space, contribution back to the community is important,” Dorsey continued. “We can’t just see this as an asset … and an investment vehicle. This is something that has the potential to change everything.”
Will Twitter Use Bitcoin?
Dorsey also responded to the possibility of allowing Twitter advertisers to pay using Bitcoin, saying that “any form of payment that [clients] want to use, we should be able to take.” At the same time, Dorsey is more inclined to focus on creating “economic incentives within the network itself” as opposed to advertising.
That implies that user generated content could be monetised via crypto transactions, though Dorsey did not elaborate further. Dorsey commented that today’s advertising and online business models would be entirely different if Bitcoin came into being before YouTube, Twitter, and Facebook.
Jack Dorsey Wants World Peace
Dorsey concluded by outlining his hopes for Bitcoin to help bring about world peace, noting that the issues and inequalities in current financial systems distract and prevent people from solving bigger things.
“It may sound ridiculous, but if you fix that foundational level, everything above it improves,” Dorsey said.
In other words, if you fix the money, you fix the world.
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