Jack Dorsey and his wise idea got the patent — What’s Next? Bitcoin’s Mass Adoption?
Square, Jack Dorsey’s payment platform has been in the leading payment network for several days now. The founder of twitter developed a network of square payments to protect small and large business transactions in 2009. Mobile payment and other online transactions are also available from the Square payment network. Jack Dorsey, CEO of Square has already achieved one and only account exposure for a few years.
Good news is that Square can now operate a crypto transaction on the network instantly. It has always been difficult to establish a real-time transfer of payments from crypto to fiat money. Square has now received the approval of the U.S. government and won the new payment transfer patent.
For Jack Dorsey, bitcoin is always an important asset. He’s trying to ease the process of bitcoin mass adoption by creating a payment gateway where easy conversion can be done on a real-time transfer. Now, one person can pay in any currency and the payment will be in any currency for the receiver. The central transaction may take place within the square network and customers will transfer money using private coins. Square has focused on data privacy policies, and there is no question that this could be a real success.
The problem that was triggering the real headache was the bitcoin instability. Nevertheless, if a trade is made in real-time value, there will no doubt be a chance of uncertainty. Now the bitcoin transaction is much quicker than the transfer of the card. Although Square might reach an optimized bitcoin transaction network, that won’t be the best blockchain mainstream acceptance. It could solve the problems of cross-border trade, e-commerce, micro-marketing, small business, etc.
While it takes a huge amount of time to convert the money, which is impossible to solve according to Richard Crone, a payment expert. Here Square is building a bridge between what you can do and what you can’t do. Nonetheless, in the field of cryptocurrencies and exchange services, anything is conceivable, it just requires the right mentality, the right place, and the right chance.
Traders have demonstrated that they are ready to take bitcoin in surveys, and Square began allowing traders to accept bitcoin six years ago. Jack Dorsey, the CEO of Square, claimed blockchain would become the internet’s’ natural money’ — but Dorsey, which was also CEO of Twitter, said he had no intention to create his own currency. Smartly Square removed the topic of creating own cryptocurrency, which helped to escape the controversy that is now dealing with Facebook’s Libra project.
The square network is being established on the rail of fiat-to-crypto-to-fiat. Square cash application enables quick and easy transfer. Not just one money or one crypt. Many fiat currencies and cryptocurrencies can be traded within the square network.
The patent reads,’ Current technology allows the first party to pay in any currency while allowing the second party to pay in any currency.’ In 2018, Square acquired BTC and, with Jack Dorsey’s strong belief, Bitcoin could be the’ Native Currency’ of the network. To order to achieve the target, Square received the patent.
It is not a spontaneous or uncertain act that, following the announcement by Square Inc. of the patent-holding the bitcoin price along with the market, has gone high. The 21st January square was given the privilege to act as a payment and trade portal to the fiat-crypto-fiat. From then on, the price of Bitcoin went down slightly and upward.
With the square network so many activities that could also be a justification to affect the market map of bitcoin and altcoins. For starters, China faces medical problems for coronavirus, which are likely to affect the workflow in the bitcoin mining centre. Another example that could be post-Chinese New Year status. Nevertheless, any kind of initiating incident from around the globe could have influenced a highly volatile sector.
A blog post published this month from the cryptocurrency department of Square network wrote, “For bitcoin to become a widely used global currency — one that can’t be stopped, tampered with, or rigged in anyone’s favour — improvements to bitcoin’s [user experience], security, privacy, and scaling are required.”
Now, the Square team is collaborating with the lightning network to make it easier to move bitcoin. According to Jack Dorsey, bitcoin will soon become a digital currency. And with a square network and a strategic program, it will quickly be implemented from a smaller to a larger operation worldwide.
With Jack Dorsey’s dream, it’s not far from bitcoin and other cryptocurrencies being used everywhere as fiat currencies with a hassle-free network.
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