Dorsey admits the idea that bitcoin will someday be the basis for all payments made on the Internet remains a topic of debate at Square. Square's move to introduce Bitcoin trading for most users of its Cash App, which allows people to send money to friends and family, "was a pretty contentious move in the company", Dorsey said.
Do you see Bitcoin becoming the currency of the Internet?
When Dorsey first began contemplating how to implement bitcoin payments into the Square platform with Mike Brock, an engineer at the company, the two initially settled on a goal that was grandiose in its simplicity.
"Can we build a system where using the Cash card I can actually have bitcoin and go across the street to the Blue Bottle in the Twitter building and buy a cappuccino with bitcoin?" asked Dorsey.
Dorsey said the main thing that changed for him was that community participation in Bitcoin increased.
"I also think our role is to help educate", said Dorsey, "which includes this children's books".
Dorsey - who counts himself as a fan of the hacker ethos surrounding bitcoin's rise to fame - claimed that whatever path Square takes to pushing mass adoption of bitcoin payments, it will do so without threatening the openness of the network. "But ultimately, we wanted to be fast", he said. We wanted to have that same thing with Bitcoin [and the Cash app].
"We go too quickly toward definitive statement in the answers, instead of just resting in the "I don't know" for a bit", said Dorsey, "We are going to have a learning mindset, make sure we talk to as many people as possible to figure out the best answers".
"We can not risk hurting what made this possible to begin with".
He said: "I hope it will be bitcoin".
According to Dorsey, the team had a working solution within a week. He didn't mention why the company abandoned the original bitcoin payment plan.
Dorsey, a known bitcoin enthusiast, said he believes the internet will have its own "native currency". It will have a native currency. "I don't know if it will be bitcoin but I hope it will be". "We can't just wait for things to happen to us, we have to help make them happen".