Bitcoin is the best, why do you want to send coins? Twitter CEO's payment company Square chooses to firmly support Bitcoin

Square Crypto, the encryption division of the payment company Square, founded by Jack Dorsey, the founder and CEO of social networking, emphasizes focusing on bitcoin rather than launching its own specific encryption product.


This is the news from the AMA that Square's encryption team leader Steve Lee made on Twitter on Monday.

The department's Twitter account answers questions from fans and password community celebrities. This is the first time Steve has made a public speech on the team's overall goals since taking office in June this year.

The most inspiring moment in this AMA exchange:

"The product we are focusing on is Bitcoin. It has been in existence and has been in operation for more than 10 years, but there is still a lot of work to be done before large-scale adoption. – Steve


Many participants seem to think that Square Crypto was created to improve the way the payment company provides services to existing password users. Square's Cash app is steadily profitable through Bitcoin sales, achieving $65.5 million in revenue in the first quarter of 2019 alone.

However, enhancing the encryption capabilities of the Square Cash app is not the focus of the team. Some netizens asked, “Can companies using Square be able to integrate Bitcoin into payment options? This should reduce the processing rate of the business, but it will also increase the overall processing of Square. rate". Steve said, as a tweet similar to the one above shows:

You may ask Square to do this. We specialize in open source bitcoin development. We hope that our work will improve as many products and businesses as possible, including Square and its competitors. – Steve


Still, in answering questions about supporting the Bitcoin core, Steve's answer sounds like the team has another vision of how to better use its resources:

“Our programs are design-centric. This can lead to user interface, infrastructure and protocol development. Some projects may be completed in 3 months, and some projects may take 3 years. All of this will be with the open source Bitcoin community. The other members of the coordination are completed."


More information about the design sensitivity of Square Crypto has been shared on Medium.

So far, Steve seems to be the only person on the team. Square Crypto tweets largely circumvented the issue of team size, but it made it clear that another developer is coming:

"We have received more than 1,500 resumes, and we are greatly surprised by their interest in us. I can say that we are very close to our first developer. We think the community will agree. – Steve


An AMA participant asked why it was not like the many companies in the past few years to launch their own tokens. Square Crypto responded with a tweet previously published by its founder, Jack Dorsey:

Bitcoin is flexible. Bitcoin is principled. Bitcoin is the ideal source of the Internet. This is a great brand. ——jack (@jack) February 5, 2019