In the world where technology evolves faster than the mind can speak, one should at least understand the philosophy of something before moving to the next.
And that is what Twitter and Square CEO and founder Jack Dorsey did.
He said that Bitcoin is still the most viable internet-native currency.
And that is because of several reasons.
This is where Dorsey connected Bitcoin’s founding principles and its decentralized approach he considers to be one of the the driving spirit behind the internet in general:
Dorsey also said that the greatest thing about Bitcoin and blockchain is that, “anyone with a great idea” can be part and join the community.
But, they "don’t have to be part of a company,” he said.
This decentralized approach is ideal for the internet, according to Dorsey.
With decentralization, the approach can make the internet better for free speech, reduced reliance on corporate authority and without government surveillance.
No more asymmetries of power and capitalism that advocates the internet should be present in the decentralization approach.
Consistent with this belief, Dorsey said that it’s also equally important to focus on improving users’ experience of Bitcoin in order to increase its adoption rate.
Dorsey in an another interview praised Satoshi Nakamoto for creating Bitcoin.
He said that the "Bitcoin whitepaper is one of the most seminal works of computer science in the last 20-30 years; it’s poetry."
He also said that the most beautiful thing about it, is that "there is no one person setting the direction, and there is no one person on the other side that can stop it. So, we have something that is pretty organic in nature, and very principled in its original design."
Because of that, cryptocurrency in general that shares the same approach, should evolve to become as “intuitive” to use and as convenient as existing digital payments infrastructure, he said.
Cost- and time-efficiency should be addressed and improved when it comes to transaction processing. They are crucial hurdles to overcome.
“We have to build Bitcoin in such a way it is as intuitive and fast as what exists today,” Dorsey observed.
In other words, Dorsey said that if the internet "wants a currency," Bitcoin is already the “best manifestation of that thus far.”
"I can’t see that changing given all the people who want the same thing and want to build it for that potential."
“Much work to be done, but the fundamentals are there,” he wrote in a threaded Twitter post.