Bitcoin: Will It Become The New Internet Currency?

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The Thought Process

As the fourth Coindesk Consensus Conference – held in New York City – came to a close, attendees were left pondering the future by many thought-provoking speakers and sessions. One of which was a discussion with Jack Dorsey who is predicting that Bitcoin will soon be the default currency on the Internet. It is something that may seem very futuristic but it will not be far away.

Dorsey, co-founder, and CEO of Twitter as well as CEO of mobile payments firm Square, is pretty good at predicting the future with Bitcoin. It is a well-known fact that Dorsey is a big fan of the biggest of the Cryptocurrencies and hopes that Bitcoin is the currency that does become the standard Internet currency. At the moment it is unsure as to whether this pipe dream will actually turn into reality but considering the numerous hot topics and discussions held at the summit, there are undoubtedly many in the Cryptocurrency industry that are now plowing through their thoughts and notes from the conference and disseminating.

Bitcoin Internet Payments

As with all things Cryptocurrencies, there are two very divided sides of the fence regarding a dedicated Internet currency and the arguments have not been settled just yet. But again, this tends to work for the better with the Cryptocurrency market and the most amazing results do fall out of all of the backchat and discussions.

Dorsey is very keen for all forms of payments – whether cash or Cryptocurrency or card – to be able to be accepted in every single sales arena. This is something that Square has gone through recently. Bitcoin payments are already accepted at Square and everything is running smoothly with payments seamless. He is convinced that no matter which payment method is used, the payment process should be no different for the purchaser.

The transfer over to being able to receive Bitcoin payments for Square only took a week to organize in-house. Everything has fallen into place since then although staff are now keen to explore things a lot further.

Although Square is still working on a Bitcoin payments solution that can be made available for both merchants and consumers alike, it won’t be long before this is on the market. The delay in release is following a rethink about the offering and then making sure it plugs into Square’s Cash App. Dorsey is very positive about the future and has stated that he will actually do anything to assist Bitcoin being adopted on a large scale. Obviously, his approach will ensure that the security and the integrity of Bitcoin is not compromised. He is very aware of how close-knit the Cryptocurrency industry is and does not want to rock the boat. Even though he is very keen to get a standardized Internet payment off the ground, he will not risk the industry just to do this quickly. Dorsey wants the timing to be right and the technology behind it to be able to handle the next step without concern.

It looks like we are on the brink of another major step forward for Bitcoin and the industry as a whole.

Kinsley Moore

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Kinsley Moore

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