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Jack Dorsey’s Square and the world of Bitcoin

We have been speaking about digital content for a while, but with Parag Agrawal making headlines a lot of attention was drawn towards Jack Dorsey as well. With Jack focusing more on Square, a company started by him and his friend, Jim McKelvey in the year 2009 has been making headlines once again. Now, Square has been doing comparatively good in comparison to Twitter.

We promised to bring you content that will keep you well informed about all that is happening in the tech field.

jack dorsey is square and the world of bitcoin

So, what is Square?

From its inception, the definition of Square has been evolving. No, we are not speaking about the geometrical figure but instead, we are speaking about the billion-dollar company run by two great minds.

Square is a software and hardware company that was first started to assist small businesses to manage cashless payments. Where did the idea spark from? Well, there is always a story behind every billion-dollar business that started from nothing and then made it to the top. The story was simple, Jim McKelvey was stumped when he wasn’t able to sell a $2000 piece of art because of the lack of a mode for cashless transactions. As a result of this, he gets in touch with his friend, Jack looking for a solution. And what was Jack’s ideaSquare. And, just like that Square sprang up to be a B$ company.

How did the two collaborate?

So, Jack found a way of ensuring that every small business owner has the ability to accept cashless payments with a little device, the square. All that needs to be done, is to connect the device to the phone, swipe and receive payment.

Of course, people were sceptical about it, there were a few security concerns but it all changed when Square teamed up with Visa. Then, Starbucks followed suit. With this, Square boomed. Square didn’t just stop with accepting payments but instead, they devised software that assisted employees to clock in, other software for bookkeeping, taxes and so on.

The true change was brought about when Square turned into a wallet. People could now connect their cards and make payments.

The Hardware Square uses is futuristic. From squares as small as 3 inches to tab-like screens with swipe access, their designs are minimalistic, sleek and into the future.

Square and Bitcoin

Jack Dorsey is a fan of Bitcoin. He speaks about it again and again. He speaks of it in terms of it being a universal currency. Why is he obsessed with Bitcoin? Bitcoin eliminates the gap in transactions. It removes the elements of restriction and delayed time.

Jack Dorsey is all in when it comes to bitcoin. The only reason why he states so is that it moves huge obstacles when it comes to making immediate investments or if they wish to launch a company. He’s blown away by these two modern advancements – the internet and bitcoin.

Internet + Bitcoin = Innovation

The aftermath of the two is lightning speed business transactions and the immediate growth of startups. Now, when big guys make statements such as this, it is clear that it does influence the value of bitcoin. Remember when Elon Musk made a remark about Bitcoin and Tesla. It went spiralling. People were investing in big time and in a couple of weeks, he withdrew his comment and down went bitcoin. It did take a few months for it to gain momentum.

Coming back to Jack Dorsey, the brain behind Square, he stated that bitcoin is very organised and refers to its technology as poetry. He admires the science that went behind it. It did move the world forward. He wants to be a part of the story but he also states that the future is uncertain. And, uncertainty to a businessman is the reason he lives on the edge.

If you still have no clue about bitcoin, check out our previous post on Bitcoin to know more.

What is our moral takeaway from Dorsey?

There’s so much to learn from. Jack Dorsey has displayed persistence in the face of adversity. The I-don’t-give-up attitude has caused the success of Square. It has pushed through obstacles that could have been the end of Square, but we see the desire to succeed in the changes that Jack brought to Square. The final takeaway is his ability to adapt and still succeed. Are you a Jack Dorsey or do you run for the hills in times of adversity?

Leave us your comments below and let us know what you think about Bitcoin.

Mazing Focus looks at wide horizons and we are keen to dip our toes into unchartered water.

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