Block Chairman and co-founder Jack Dorsey reaffirmed his support for Bitcoin’s main feature: payments. I liked posting on social media describing Bitcoin as e-cash to complete peer-to-peer payments.
Jack Dorsey supports the original Bitcoin Vision: e-cash for payment
Some people accept Bitcoin as a financial asset, while others believe that payments must remain at the heart of Bitcoin’s purpose. Jack Dorsey, former CEO of Twitter and chairman of the block, belongs to the latter.
On social media, Dorsey reinforced the view of the exchange medium element as part of the spirit of Bitcoin, an element that has been overlooked as major cryptocurrencies have entered the mainstream financial world.
Dorsey responded in affirmatively to a post written by Robin Linus, creator of BitVM, which explained the original views of Bitcoin and reminded me of the white paper. “Cypherpunk Vision was clearly electronic cash for private peer-to-peer payments. The story of “digital assets” came later from others.
Dorsey’s opinion attracted both support and criticism, arguing that Bitcoin cannot be a payment instrument unless it is adopted as a valuable store. Others pointed out that, in its current state, Bitcoin does not have the ability to process global payments.
This is not the first time that Dorsey has issued a strong statement regarding the relevance of payments to the existence of Bitcoin. In an interview in April, Dorsey said that unless payments become one of its primary adoption sources, Bitcoin could become irrelevant and fail to function in the same way as another asset.
Dorsey has announced the inclusion of Bitcoin Payments from Square, Block’s payment platform via the Lightning Network since May. He also advocated for implementing the Bitcoin Improvement Proposal (BIP) 177, renaming the SAT for Bitcoin and supporting retail adoption in the process.