Jack Dorsey, the chief executive of social network Twitter and payment processor Square, is one of Silicon valley’s top crypto enthusiasts. In a recent interview, the tech mogul explained Bitcoin’s prospects for improving the internet’s security.
Growing Trust in a Trustless Environment
Earlier this week, Dorsey appeared in a digital interview with The Oslo Freedom Forum, an event-based subsidiary of the Human Rights Foundation. While there, he engaged in a discussion about security while online, explaining his belief that there’s hardly any way to be safe. As he pointed out, there’s no way to be entirely safe online – it’s more about being steps ahead of prospective attackers.
Drawing back to Twitter, Dorsey named several helpful avenues that users could use to improve their safety. He pointed out that users could stay self-aware about their security. The CEO added that Twitter also had some work to do, including building the right safety systems to build trust in an online environment.
Here, Dorsey immediately pivoted to Bitcoin. He pointed out that Bitcoin has made significant progress in bolstering security. This way, the asset helps to make trust a less critical component. The fact that users can hold their access capabilities – such as private keys and wallet passwords – will also improve safety.
Summarizing, Dorsey said, “The whole spirit of Bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet.”
Dorsey and Twitter understand the significance of online security. In July, the company suffered a major hack where thieves managed to break into the Twitter accounts of several notable individuals and companies.
Democrat Presidential candidate Joe Biden, rapper Kanye West, and Tesla CEO Elon Musk were among the top people whose accounts were hacked. The thieves had posted the same message, adding that these accounts’ followers could send Bitcoin to a wallet address in exchange for multiples more.
The attack didn’t last long, as people soon caught on and refrained from sending the funds. However, the hackers still gained six figures. In a series of tweets from Twitter Support the next day, it was confirmed that the social media platform had suffered a social engineering attack.
Twitter added that it had taken significant steps to limit access to internal tools and systems, while also investigating the breach. Over time, authorities have arrested three people in connection to the hack. It’s unclear whether any investigations are still ongoing.
Bitcoin as the Internet’s Native Currency
Bitcoin’s security-improvement isn’t the only thing that Dorsey has highlighted in recent days. Earlier this month, he said in a Reuters interview that Bitcoin still can outshine other developments in terms of being the internet’s native currency. As he explained, Bitcoin’s founding principles of decentralization and co-operation align with the internet’s.
“The internet is something that is consensus-driven and is built by everyone, and anyone can change the course of it. Bitcoin has the same patterns, it was built on the internet.”
Dorsey added that anyone could join the Bitcoin community as long as they have the right idea. He also committed to keeping both Bitcoin and the internet in an ideal form, where no excess government or corporate surveillance could interrupt freedom.