September 11, 2020
Twitter and CashApp’s CEO, Jack Dorsey, believes that Bitcoin is the “native currency of the Internet.”
But for it to flourish in altering the way most people taught of interacting with money, it must be created to be “intuitive,” Dorsey addressed in an interview today.
Dorsey’s wildly popular app named CashApp lets users buy and sell Bitcoin. He said that his job is “to make Bitcoin easy for people to access, make it easy for people to understand and most importantly, utilize.”
“The internet wants a native currency…and I think Bitcoin is probably the best manifestation of that thus far,” the Twitter CEO elaborated. And to increase the adoption, Dorsey recommended two ways in which Bitcoin must move forward to be successful.
“One is just transaction times and efficiency. So making it cost-effective and making it time-effective,” he noted.
Dorsey has touched on a central pain point of Bitcoin, expressing that Bitcoin is costly. As per data, the average cost of a Bitcoin transaction as of today will force a user to part ways with $2.5.
Domestic US dollar transactions cost nothing, and Bitcoin is also slow. According to data published last month, the time it usually takes to send Bitcoin between addresses is roughly 9.4 minutes.
Secondly and more prominently, Dorsey noted 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.”
CashApp, Dorsey’s app, makes Bitcoin relatively easy to buy; some companies, like Revolut and Coinbase, simplify things simultaneously. Zilliqa, together with other companies like Ethereum Name Service and Unstoppable Domains, deliver human-readable names, outstandingly need to copy-paste a lengthy Bitcoin address.
“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,” said Dorsey.
In a recent interview, Dorsey knocked on the same drum he bonged about a year ago. In October the previous year, he stated that the Internet is like an “emerging nation-state,” whose national currency is “cryptocurrency and Bitcoin.”
Recent exultation is the latest time that Dorsey has praised the cryptocurrency. In April, he announced the Bitcoin to be “poetry.” After a grand tour of the continent in November last year, he concluded;
“Africa will define the future particularly the Bitcoin one.”
No Comment