By
Godfrey Benjamin
April 19th, 2024
Jack Dorsey went praising Bitcoin calling it the native currency of the internet. However, Dorsey added that to ensure Bitcoin’s long-term success, it must be made more “intuitive” as well as “cost-effective” and “time-effective”.
Twitter CEO Jack Dorsey has spoken again in favor of the world’s largest cryptocurrency Bitcoin, during his latest interview with Reuters. Dorsey, who’s also the founder of CashApp and mobile payment platform Square says that Bitcoin is still the “native currency of the internet”.
The Twitter CEO added that Bitcoin’s potential still outshines all other developments that happened in the crypto market. However, he notes that Bitcoin must be made more “intuitive” for it to succeed in the long run. Dorsey’s wildly popular CashApp is investors’ go-to platform to buy and sell Bitcoin with ease. He notes:
His job is “to make [Bitcoin] easy for people to access, make it easy for people to understand and most importantly, utilize. I think the internet warrants a […] native currency and […] Bitcoin is probably the best manifestation of that thus far. I can’t see that changing given all the people who want the same thing and build it for that potential.”
He pointed out at two main areas where Bitcoin needs to focus to be successful in the long term. The first is making Bitcoin cost-effective and time-effective by improving transaction times and efficiency. The second point he stresses is that Bitcoin must be “intuitive to people; that they understand why they might use it, they understand where it is, and they can access it in a way that feels similar to just handing over paper cash.”
A Few Bitcoin Drawbacks but What Keeps It Going?
In the early days of Bitcoin, experts touted it as the next global currency. However, with more than a decade since its inception, Bitcoin is still expensive for daily use. Today, the average cost of a Bitcoin transaction stands somewhere around $2.5. Besides, it takes around 9-10 minutes to send Bitcoin between addresses.
Well, compared to the traditional banking payment methods, Bitcoin is still very much fast and cheaper for cross-border global transactions. However, it is certainly not suitable for daily purchases at PoS terminals or online. Dorsey’s CashApp makes it relatively easier for users to buy Bitcoin.
But he added that “we have to build the coin in such a way that it is as intuitive as fast and as efficient as what exists today and obviously goes beyond that”. Dorsey believes that Bitcoin’s founding principles of decentralization and consensus-driven are core to its existence.
“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet,” he said.