Blockchain technology has changed the way we view transactions. However, one drawback that blockchain technology created is the presence of thousands of digital currencies. For Square CEO Jack Dorsey, he wants his company to be at the forefront of getting Bitcoin as the global means of payment. Dorsey is also the one who runs Twitter and is considered among the most prominent Bitcoin aficionados today.
He mentioned during Consensus 2018 conference in New York that “The internet is going to have a native currency so let’s not wait for it to happen, let’s help it happen”. He also added that “I don’t know if it will be bitcoin but I hope it will be”.
Dorsey’s opinion about having native online currency is coming from his experience with Square. Square has been dealing with fiat currency. And therefore, Dorsey mentioned that the company has to take a closer look at each market differently. They need to find a unique banking partner and work differently with the different regulators in different countries every now and then.
Last January, Square launched a cryptocurrency trading using their Cash app. During the first quarter of the year, Square was able to sell $34.1 million in Bitcoin. Square started this venture by buying $33.9 million-worth of bitcoin in order to allow people to trade through it using the Cash mobile app.
It Takes a Lot of Work
It is easier said than done for the internet to have their own native digital currency. Though Bitcoin is the cryptocurrency that people are familiar with, there are a lot of other cryptocurrencies that can be considered as a strong candidate for the internet. In addition to this, it is not yet sure whether or not large companies such as Amazon, Apple, or Google will simply adopt Bitcoin.
However, it is true that Dorsey is putting his skin in the game by allowing Square to allow Bitcoin transactions within the app.
Not Everyone on The Same Page
The reality is that not everyone is on the same page when it comes to Bitcoin becoming the native digital currency online. You have the likes of Bill Gates who doesn’t really believe that Bitcoin is a good thing. Though he praised blockchain tech, he even mentioned that he would bet against Bitcoin if he could.
Bitcoin Network is suffering from different kinds of problems. You have slow transactions, for instance, mainly due to the block limit imposed by Bitcoin Network.
There are other popular options such as Litecoin that not only features cheaper fees and faster transactions, it also has an active leader that directs where the cryptocurrency is going. In fact, Litecoin launched a recent campaign in order to increase its adoption. They’ve launched it via Twitter and it seems that there is a growing number of small businesses using the digital currency.
The crypto market is still quite young and even regulators still can’t agree among themselves how to treat cryptocurrencies. For instance, South Korea recently softened their stance on cryptos after G20 leaders’ stance on the industry. This means that Bitcoin turning into a native digital currency online is still not yet happening soon.