Dorsey: Bitcoin´s resilience comes from its strength as a brand

11 Feb, 2019 | Updated: 11 Feb, 2019
by Alberto Arnaldo
Dorsey: Bitcoin´s resilience comes from its strength as a brand

Jack Dorsey, Twitter and Square co-founder and CEO, has been debating with Elizabeth Stark, co-founder and CEO at Lightning Labs and former Yale and Standford lecturer in a conversation about the digital currency created by Satoshi Nakamoto.  Stephan Livera, Syndey-based Bitcoin podcaster, conduced the talk.

The podcast gives some interesting insights as to how Dorsey came to find Bitcoin. The co-creator of Twitter said that he has been obsessed with the Internet for a long time, and got engaged into hacker culture. That was what first led him to hear about cypherpunks, read some about cryptography and being aware about the digital currency discussions in several Internet-native groups.

Read more: Tributes to one of Bitcoin's godfathers: Cypherpunk Tim May passes away

According to his own words, Dorsey heard of Bitcoin right when it started: when the whitepaper was released. He gave it a read and thought it was “amazing , simple beautiful, principled”. Dorsey and his team were just starting with Square at the time, but it wasn´t until 2014 that they allowed the option for merchants to accept Bitcoin to USD payments. Jack seems to ground his liking for Bitcoin in the “Internet feel” of it, as under his eyes it is undoubtedly a native technology of that medium.

Another of the topics that Dorsey reflected on was the strength and future of Bitcoin. To his eyes, the resilience of Bitcoin has proven itself all the way from its early times when people´s uses gave it a negative image for outsiders, but is has also been persisting through forks and scalability issues more recently.

Regarding brand strength, Dorsey believes this is a really “spectacular characteristic of Bitcoin and it enables that resilience: it is a mainstream digital currency, digital money, a digital asset. The brand recognition and awareness are so strong, that it has a lot forward in terms of lasting power and endurance to keep on going”.

Jack endorses the principles that created Bitcoin and the community around it, but there is also an element of practicality that he appreciates of the first crypto, as “there is a limit for our attention span”. Regarding other projects, Dorsey believes that there are good ideas around, but that they could be integrated into Bitcoin.

Read more: Jack Dorsey, the Bitcoiner: Twitter's co-founder on BTC, ETH, BSV and TRON

Stark, who was invited to join Livera´s podcast after receiving the Lightning Torch from Jack, valued the current bear market as contributing to the health of the ecosystem as opposed to the frenzy of the last bull run, giving rooms for projects such as Lightning Network to build, grow and develop.

Among the advantages of the new payments network that is currently expanding over the Bitcoin community, Stark listed low fees, fast payments, and enabling new business models to come up. The Lightning Labs CEO also mentioned one of the most exciting features that have been developed thanks to Lightning Network: a science fiction novel that allows readers to pay books per page, so if they don´t want to read it completely, they don´t have to pay for the whole book.

This exemplifies one of the main strengths for the Lightning Network, which will be allowing new business models to surge thanks to reducing payment processing fees and times enough to allow transactions that nowadays would be unprofitable.

Read more: Amaury Sechet claims he is Satoshi Nakamoto, Crypto Twitter laughsTwitter CEO Jack Dorsey gets passed the "Lightning Torch"

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