Over the course of the eleven years that Bitcoin has been in existence, the cryptocurrency has managed to achieve incredible feats than many other asset classes that are older than it.
As the king of cryptocurrencies, Bitcoin has faced a fair share of criticism from billionaire investors and financial experts. But despite that, the digital asset has garnered a lot of supporters who strongly believe in its potential, and one such person is Twitter co-founder and CEO, Jack Dorsey.
Speaking to Reuters in a recent interview, the Twitter boss, who is known for his friendliness towards cryptocurrencies, outlined several reasons why he thinks Bitcoin is still the most feasible digital currency on the internet.
Dorsey acknowledged that social networking services like Twitter are “tool makers” who help break down the concept of Bitcoin to people on the internet, making it available to an even larger audience and helping them to see where it is useful and where it is not.
He noted there are two things that actually make Bitcoin more appealing to people. The first being how fast it is to conduct transactions using Bitcoin and the second is the ease at which people can access it.
“One is just transaction times and efficiency, so making it cost-effective and making it time-effective. Then the second is it being intuitive to people that they understand why they might use it. They understand where it goes, and they can access it in a way that feels somewhat to just handing over paper cash and that is fundamentally the easiest that every single one has experienced.”
Jack Dorsey also added that the emergence and addition of technologies like cards to Bitcoin can go a long way to harness the power in the digital currency, improving the speed and convenience that it provides.
In his concluding statement, he stated that everyone on the internet has a part to play in order to make Bitcoin better, especially since the internet is consensus-driven.
“We have to build Bitcoin in such a way that it is as intuitive, it’s as fast and it’s as efficient as what exists today, and obviously goes beyond that too,” he said.