In a snippet of an interview with Reuters that was posted on Twitter late last week, Dorsey backed the preeminent cryptocurrency as the ‘most viable internet-native currency’.
“I think the internet wants a currency, and wants a native currency and I think Bitcoin is probably the best manifestation of that so far. I can’t see that changing given all the people that want the same thing and want to build it for that potential,” Dorsey said.
Integration is key
Bitcoin, the proverbial father of all cryptocurrencies, has slowly made its way into the minds of millions in the 11 years since its inception back in 2009.
This gradual proliferation has in part been due to the increasing use of social media networks like Twitter, where millions of users can share news, views and opinions on every topic under the sun.
Crypto Twitter is a thing in and of itself, and this online community has played a role in educating more people about Bitcoin and cryptocurrencies. This was arguably spearheaded by the cryptocurrency’s massive bull run in 2017 that really saw Bitcoin thrust into the minds of millions of people around the world.
Although the preeminent cryptocurrency saw a massive correction in its price since hitting those lofty highs of $20000 per coin, the three years since have seen some big strides taken by the wider cryptocurrency community in creating better tools, exchanges and platforms.
As more and more people warm to the idea of using cryptocurrencies, the development of easy-to-use and understand platforms and services will be key to the further acceptance and usage of these self-sovereign digital currencies.
This is a key component for Dorsey, who believes that creating onramps for people to use Bitcoin seamlessly will drive further adoption of the cryptocurrency.
“Our job as a tool maker is to make that easy for people to access, make it easy for people to understand and most importantly utilize. In that we learn and we learn how to make it accessible to more people, where it’s useful and where it is not useful. The internet is something that is consensus driven and built by everyone. Anyone can really change the course of it and Bitcoin has the same patterns, it was built on the internet and anyone with a great idea can be additive to it and they don’t have to be at a company in order to do that.”
What needs to improve?
While Bitcoin has attracted millions of users around the world, Dorsey believes that there are a couple of major factors that could be improved. People like familiarity and things that are simple to use – and Dorsey believes this will be key in furthering the use of Bitcoin.
“Two big things, one is transaction times and efficiency. Making it cost effective and time effective. And secondly making it intuitive to people, that they understand why they might use it and what it is and they can access it in a way that is similar to just handing over paper cash,” Dorsey said.
“That is fundamentally the easiest thing that every single one has experienced and as you add technologies like cards or contactless payments you see the power in it being even faster and more convenient. We have to build Bitcoin in such a way that it is as intuitive, fast and efficient as what exists today and obviously goes beyond that too.”