Square's bitcoin move has caused internal disagreement: CEO Dorsey

Jack Dorsey CEO and co-founder of Twitter and founder and CEO of Square speaks at the Consensus 2018 blockchain technology conference in New York City New York U.S

At the Coindesk 2018 Consensus conference in New York, Dorsey admitted that his payments company, Square, have approached their plans for the future int he belief that Bitcoin will eventually be the go-to currency for the net. They developed Square as a credit card processing service, but Dorsey says the credit card aspect of things is incidental, saying the goal was to help merchants make a sale and accept payment in any way they could. Jack Dorsey has always been a fan of bitcoin, and this interest is now evident in at least one of his company's products, as Square's Cash App now allows users to buy and sell BTC. The executive tweeted in 2016 that he would "love to see a digital currency thrive".

When Dorsey first began contemplating how to implement bitcoin payments into the Square platform with Mike Brock, an engineer at the company, the two initially settled on a goal that was grandiose in its simplicity. "We have to do the work to educate regulators and educate the SEC why this technology is important".

Dorsey - who counts himself as a fan of the hacker ethos surrounding bitcoin's rise to fame - claimed that whatever path Square takes to pushing mass adoption of bitcoin payments, it will do so without threatening the openness of the network. We wanted to have that same thing with Bitcoin [and the Cash app]. Let us know your thoughts. "And it felt like something we needed to explore a lot more", he said.

The CEO declared if cryptocurrencies were used as a global currency it would allow Square to enter new markets around the world more easily.

"We can not risk hurting what made this possible to begin with".

"I'll be frank, this was a pretty contentious move in the company", he said. In an ideal world, the cryptocurrency will be automatically transferred to dollars the moment the transaction happens and the seller doesn't even need to know it was paid with bitcoin. "It's going to happen".

Dorsey foresees a decentralized workforce in the cards for both Square and Twitter, saying the mega offices that they now have for both companies are a "thing of the past" and that people are starting to work where they feel most creative.

"The internet deserves a native currency; it will have a native currency", he said. It will have a native currency. He said he hoped that would be bitcoin. I hope it will be.



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