Wednesday, 23 May, 2018

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

Above Square cofounder and CEO Jack Dorsey holds the company's new card reader in its investor roadshow Above Square cofounder and CEO Jack Dorsey holds the company's new card reader in its investor roadshow
Jean Garcia | 17 May, 2018, 11:02

Dorsey said wider acceptance of bitcoin could help Square expand globally.

"Dorsey was interviewed at the Consensus Conference May 16th in NY by Elizabeth Stark, CEO and co-founder of Lightning Labs, a company building the Lightning Network" seeking to speed up transactions linking with the Bitcoin blockchain by creating a cheaper, faster off-chain settlement layer.

Dorsey, a known bitcoin enthusiast, said he believes the internet will have its own "native currency". It will have a native currency. I don't know if it's #bitcoin or not. "I am a huge fan".

Initially, they worked with the idea of sending money via email also during a hacking event, and while it worked, they concluded that email was not the way to go, which is why they created the app, along with a Visa-branded debit card to go along with it. Dorsey discussed the implications for having banking alternatives in the modern world and what it meant for financial freedom.

"We've led with that mindset".

"But that's where the magic happens, where creativity happens". I said yes, it took about three or four months, and they made it so any seller could accept Bitcoin without knowing they were taking Bitcoin at all.

Mr Dorsey revealed discussions at Square have centred around the future of Bitcoin as the future for all payments.

According to Dorsey, relationships with their young and mobile customers have been supported by, "maintaining our personality...simple access (and)...reaching the underbanked and underserved and in a fun way that feels modern".

Portia De Rossi on why she quit acting
The former actress and model appeared alongside her wife Ellen DeGeneres on American television to make the shock announcement. De Rossi, who has been married to DeGeneres since 2008, said the secret to their union is that they are best friends.

"(The community) felt electric again", said Dorsey.

"We launched...learned...didn't see many transactions..."

In January, Square, a San Francisco-based company largely known for its credit card processing hardware for small businesses, began allowing users of its consumer payment service Cash App to buy and sell bitcoin.

Proponents of bitcoin say that it can help democratize finance by offering a way to bypass banks and governments, and conduct transactions more cheaply.

"We want to go back to that original idea of being able to purchase a coffee with it". Dorsey was "drawn to cryptography", he said, but "wasn't good at it".

A spokesman for Square told Reuters that the company does not have figures to share on Dorsey's bitcoin and cryptocurrency holdings. Cash had 7 million active users in December, including "unbanked" people who mainly use the app to buy from retailers like Walmart and McDonald's.

Despite the volatile price movement of cryptocurrencies and unclear regulatory prospects, people's passion over the technology has only surged higher.

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