Square, Bitcoin and Twitter Form a Serious “Tech Trio”
Dorsey is now looking to incorporate bitcoin and additional cryptocurrencies into his secondary business, digital payment platform Square. He says that the staff of Square plans to “improve money” through additional bitcoin and crypto-based development, and the company’s new blockchain division known as “Square Crypto” is all set to make its first hire. Many analysts are now weighing in with hopes that this will lead to a fresh new wave of bitcoin innovation and adoption.
The cryptocurrency division of Square released the following message on Twitter:
We are close to making our first hire. So, let’s set some expectations. True to @jack’s founding tweets, we are building open-source projects that will make mass adoption not just possible, but inevitable.
Last March, Dorsey and his staff mentioned that they would be adding about three or four bitcoin and crypto engineers to work on “open-source contributions” full-time, along with a new developer. They also mentioned that they’d be willing to pay the employees in bitcoin or other cryptocurrencies if they so desired.
No stranger to bitcoin and digital assets, Dorsey has often offered praise towards the daddy of all crypto, claiming that it would be the world’s single currency in approximately ten years. That’s an ambitious idea – everyone in the world using only bitcoin in less than a decade? Seems hard, but somehow doable.
In an interview with CNBC, he states:
The world will have a single currency. The internet will have a single currency. I personally believe that it will be bitcoin… It’s slow and costly, but as more and more people have it and buy it, those things go away. There are newer technologies that build off blockchain and make it more approachable.
Dorsey, of course, addresses two big problems that the currency has been facing as of late. For one thing, the transaction fees associated with bitcoin can often exceed the fees one will witness with other forms of crypto. This makes it a more expensive currency to use.
In addition, its blockchain speeds do not match those of Ethereum, EOS or other networks, which can often complete transactions in anywhere between a few minutes to a few seconds. Bitcoin, on the other hand, may require as much as 24 hours to fully complete a transaction.
Dorsey “Only Does Bitcoin”
Last February, the social media mogul was asked by a user on Twitter which cryptocurrencies he invested in. Dorsey responded that he “only had bitcoin.” When asked why, he issued more praise for the asset, claiming:
Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals, and it’s a great brand.