Jack Dorsey named the factors behind the formation of Bitcoin as the Internet’s own currency
Twitter CEO Jack Dorsey, in a conversation with Reuters, confirmed that he does not abandon his previous views when he called Bitcoin “the Internet’s own currency.” However, to be perceived as money among a wide range of users, cryptocurrency must be “intuitive”, he notes..
“My goal is to make bitcoin available to people to make it easier for them to understand it and, more importantly, use it,” said Dorsey, whose founding company Square allows them to buy bitcoin through their Cash App. – The Internet wants its own currency. I think bitcoin is by far the best implementation of it. I see no room for change in this matter, given all the people who want one and are working to unleash its potential. The Internet is driven by consensus and created by everyone. Bitcoin has the same model, it is built on the Internet “.
Dorsey named two key aspects that could contribute to the further spread of bitcoin: “One of them is the time and efficiency of transactions. It is necessary to achieve efficiency in terms of cost and time. Second, it should be intuitive for people. They must understand why they can use it, where it is located, and access it in a way that will be similar to handling paper money. “.
Square on Thursday announced the launch of a new alliance of cryptocurrency companies to protect and preserve developments in the industry. The Cryptocurrency Open Patent Alliance (COPA) aims to prevent private companies from patenting useful technologies for sole use. Often, patents are issued for ideas that the authors do not intend to use at all, but nevertheless register, hoping to protect competitors from them..
This approach is holding back the industry, Square says. COPA contributors must pledge to make their patent developments available to other members of the organization through a distributed library. That way, they can form a “collective shield” to defend against “patent aggressors,” says Square. Any company from the cryptocurrency industry can join COPA, even if it does not have its own patents.
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