Twitter CEO Jack Dorsey: Bitcoin is the "native currency" of the Internet, and it must be more intuitive to succeed

According to a Decrypt report on September 11, Jack Dorsey, CEO of Twitter and CashApp, believes that Bitcoin is "the native currency of the Internet." He said in an interview with Reuters that if Bitcoin is to succeed in changing the way most people view money way, and how they interact with money, it has to make it more "intuitive".

Twitter CEO Jack Dorsey: Bitcoin is the "native currency" of the Internet, and it must be more intuitive to succeed

U.S. stocks fell nearly 2% and the Nasdaq fell nearly 2%. Twitter bucked the trend and rose 3%. According to news on July 13, the U.S. inflation rate rose to 9.1% in June, a 40-year high, strengthening expectations for a 75 basis point rate hike by the Federal Reserve. The three major U.S. stock indexes opened lower collectively. The Dow fell 1.17%, the Nasdaq fell 1.85%, and the S&P 500 fell 1.41%. Twitter rose 3% against the market. Twitter sued Musk in the Delaware court for violating the acquisition agreement, seeking a court order to force Musk to complete the acquisition if a few outstanding conditions are met. (Financial Associated Press) [2022/7/13 2:11:05]

CashApp, founded by Dorsey, makes it easy for people to buy and sell bitcoin. His job, he said, is "to make Bitcoin more accessible, easier to understand, and more importantly, easier to use."

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Previously, Vitalik Buterin published an article on the Ethereum Research Forum, proposing a new scheme to motivate developers. When a developer creates a smart contract, any other user who uses the contract pays a part of the transaction fee (for example, 33 %), will be sent to the creator of the contract as an incentive, and two algorithms for rewards are proposed, namely linear and super-linear. [2019/11/19]

He said: The Internet needs a native currency, and I think Bitcoin is probably the best proof of that so far.

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Dorsey proposed two directions to increase Bitcoin's adoption rate, saying that if Bitcoin is to succeed, it will have to go hard: the first point is to reduce transaction times and improve efficiency, so that Bitcoin can be cost-effective and efficient. time efficiency.

Dorsey then talked about one of the main pain points of Bitcoin, which is that Bitcoin is very expensive to use. Today, bitcoin transactions cost users an average of $2.50, according to data provided by BitInfoCharts, compared to the cost-free majority of U.S. dollar transactions. In addition, Bitcoin transactions are also slow, with the average transfer time of Bitcoin between different addresses being 9.4 minutes, according to data released by Statista last month.

Perhaps more importantly, Dorset continued, Bitcoin had to be "intuitive to people; to make people understand why they're using it, where it's located, so that people can use it in a way that feels like they're using cash directly." use it in the same way.” Dorset repeated in the interview a point he made last year. Last October, he said the internet was like a "new nation-state" whose national currency was "cryptocurrency and bitcoin." The interview is the latest Dorsey has lavished praise on Bitcoin. In April, he called the Bitcoin white paper as beautiful as a "book of poetry." After visiting the continent last November, Dorset concluded that “Africa will define the future, especially the future of Bitcoin.”

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