Jack Dorsey, the CEO of Square and well known business executive who earlier predicted the future control of bitcoin in March. In Consensus 2018 conference in New York City Dorsey comes across with Elizabeth Stark of Lightning Labs at Coin Desk’s to confess more about his digital currency related to his company’s goals.
“I’m just approaching with the principle that the Internet deserves a native currency. It will have a native currency. I don’t know if it will be bitcoin, during Wednesday’s fireside chat”, adding:
“I hope it will be bitcoin. I’m a huge fan.”
He admits the idea about bitcoin which he gave that someday Internet will remain a topic of debate at Square as it is the basis for all the payments.
Dorsey explained “We’ve led with that mindset. But there’s still a lot of skepticism and a lot of debate and a lot of fights. But that’s where the magic happens, where creativity happens,”
“Any payment that comes across our table, the seller should be able to accept,” bitcoin has always inspired to be fundamental to the Square as it has always played in the payments industry and in spite of controversy, he argued for the vision of open access.
John reasoned bitcoin will walk over as will look without the transaction which will look different than regular dollar-denominated payments; instead of cash people may use bitcoin as a source of transfer even for buying a cup of coffee.
According to Dorsey, the team had a working solution within a week and more work is about to come.
“It felt amazing. It felt electric. And it felt like something we needed to explore a lot more,” he said.
For consumers and merchants the Square has build a full bitcoin payments solutions as it quickly changes direction to work on a buying and selling services other than cashless apps.;
“We want to go back to that original idea of being able to purchase a coffee with it. And that’s why we’re working with [Lightning Labs],” said Dorsey. “Whatever it takes to get there, we’re going to make sure it happens.”
Whatever Lane Square will take for pushing mass adoption of bitcoin payments he will do it without any threatening the openness of the network as Dorsey counts himself as a fan of the ethos hacker who has surrounded bit coin’s rise to fame
“There’s so much openness in the community, and I want to make sure nothing in the corporate world threatens that,” he stated, going on to say:
“We cannot risk hurting what made this possible to begin with … We can’t do any of this without the technology being strong and available for everyone.”