In a recent podcast with Stephan Livera, Twitter and Square CEO Jack Dorsey revealed there are plans to integrate Lightning Network into the future Square Cash wallet development.
He also discussed that the the team behind the app are considering letting users auto-buy Bitcoin with savings from Cash App’s boost feature.
“It’s not an ‘if,’ it’s more of a ‘when,’ and how do we make sure that we’re getting the speed that we need and the efficiency. We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.”
According to Dorsey, he has talked with Elizabeth Stark, the CEO of Lightning Labs, to discuss the initiative.
Lightning Network is a second-layer solution that sits on top of the Bitcoin network that will allow for the processing millions of transactions. Dorsey stated, it is an interesting idea that can be integrated with the Square Cash App.
“We have a massive seller network of businesses [of different sizes] […] We would love to make [Bitcoin payments] as fast and efficient and transactional as possible and that includes looking at our seller base and our register.”
Dorsey and the team behind the Cash app are considering enabling users to auto-buy Bitcoin with savings from Cash App’s boost feature.
The Square CEO commented:
“We’ve definitely heard that ask and I think there is something there. We haven’t explored it too much just yet, but we do hear the call and we think it would be pretty compelling.”
The Lightning Network will be integrated with the Square Cash mobile app, but this integration will take some time to make the transactions as efficient as possible.
Bitcoin wants to be currency
Jack Dorsey believes in Bitcoin as a currency and is not that interested in other coins.
“It feels it’s the one that wants to be currency the most, versus others that are doing more general purpose things or distributed computing […] I think [the altcoin space] has generated some really amazing ideas, but I’m focused on currency and the transactional aspect.”
Dorsey was recently on the Joe Rogan show where he restated that Bitcoin is likely to become the Internet’s single native currency.
“There’s interesting ideas elsewhere, but I think those ideas can be integrated to Bitcoin if they have merit that’s above some bar. It [BTC] feels like it’s the one that wants to be the currency the most, versus others that are doing more general purpose things, or distributed computing and what not.”
Last week, Dorsey was one of the twitter personalities that took part in the project named “Lightning Torch”. The experiment started by @hodlonaut has amassed over 140 participants from 37 countries and included such prominent figures as Jack Dorsey and Morgan Creek Digital founder Anthony Pompliano.
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