There is no question that Bitcoin is becoming more popular every day. There are many exchanges around the world where people can trade various cryptocurrencies like Bitcoin. There are many very powerful people who have gone on record and said they are supporters of Bitcoin. It is becoming mainstream. However, Twitter CEO Jack Dorsey does not think that Bitcoin can be considered a functional currency. This is because people are not able to buy everything with it as of yet. There are some businesses that are set up to accept Bitcoin. However, those are very few and far between.
Dorsey said that Bitcoin is like gold at the present time. It can be used as an investment. However, you cannot go into a grocery store and pay for your purchase with gold. Dorsey said that investing in Bitcoin is pretty much all you can do with it right now. He does expect this to change as time goes by. However, he does not think that Bitcoin will be a functional currency within the next year. He says there are too many countries who are nervous about the criminal applications of cryptocurrency. Therefore, this has stopped Bitcoin from growing around the world as quickly as it could have by now.
He thinks the trick to making Bitcoin a functional currency is to increase the ease with which it can be accessed. Dorsey says that he wants Bitcoin to be as easy to use as pulling some cash or your credit card out of your wallet. However, there is a long way to go until that happens. He is excited about the possibilities that Bitcoin offers consumers. He also feels that the security issues surrounding Bitcoin are making some countries nervous. They do not want to invest heavily in Bitcoin if it can be easily hacked.
Dorsey does not know when Bitcoin will reach a point where it will be used very commonly to make purchases. He feels that it is important to educate the public about Bitcoin. He believes that a large amount of the population does not have any idea what Bitcoin and cryptocurrency are. The only way that people will begin to invest in Bitcoin and make it a part of their life is if they know a lot about it. That will only happen if a concerted effort is made to teach people about the advantages of cryptocurrency.