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Thursday, November 26, 2020

Bitcoin (BTC) must be more intuitive: Jack Dorsey

  • Jack Dorsey recently once again spoke about Bitcoin, and what needs to happen for the coin to go mainstream.
  • BTC has a lot of room for improvement, but the most important thing is for it to become more intuitive.
  • Transaction cost and processing speed are important, but making it easy to buy and use is imperative.

Twitter’s CEO, Jack Dorsey, has always been a major Bitcoin supporter. In fact, he believes that BTC is the one true currency of the internet. However, the reason that BTC has not gone mainstream yet is the fact that it is not intuitive enough. At least, this is what Dorsey hinted at in a recent interview with Reuters.

Bitcoin: The currency of the Internet

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As many likely know, Dorsey has his own payment app, CashApp. The app allows people to buy or sell BTC, and he aims to make it easy for people to access. The more understandable Bitcoin is to consumers, the more people will approach it.

As it is now, the coin is still too intimidating to potential users. Dorsey believes that the internet is still waiting to get its native currency, and that the world’s first crypto might be it.

In any case, Dorsey believes that BTC is the best asset to serve such a purpose at this point.

What needs to change?

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Dorsey added his own suggestions about what can be done to speed up the adoption of Bitcoin. One of them would be to speed up its transaction times and increase efficiency. That way, the coin would be both, time-effective and cost-effective.

In fact, as things are right now, this is one of Bitcoin’s biggest weaknesses — its cost. For a cryptocurrency, Bitcoin is too expensive to use. Data shows that average transaction costs as much as $2.5, regardless of whether it is local or international.

For international payments, this is not too bad. However, local payments are just as pricey, while USD transactions can be made for free. Not to mention that BTC is still far too slow, with a 10-minute confirmation time.

However, making the coin intuitive is still the most important change that needs to happen, according to him. This is why he made it extremely easy to buy the coin via his CashApp, and why many other companies try to simplify it as much as possible.

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