Kim Hjelmgaard

USA TODAY

DUBLIN — Bitcoin Foundation Chief Scientist Gavin Andresen keeps a (now defunct) 100 trillion Zimbabwe dollar note in his wallet as reminder of how currencies can come unstuck.

Andresen is the geek-in-chief of the organization that works to bring together the disparate parts of the Bitcoin digital currency empire. The cryptocurrency's invention is credited to a mysterious person named Satoshi Nakamoto. Because Nakamoto's true identity and whereabouts remain unknown, Andresen is arguably the current de facto face of a decentralized currency state that has no state.

A reign of one kind or another is nevertheless something that Andresen entirely rejects.

"I don't see myself as the king of Bitcoin. I don't want to be the king of Bitcoin," he told USA TODAY in Dublin this week at the Web Summit, an annual technology conference that attracts big names in the industry such as PayPal co-founder Peter Thiel and Oculus VR Chief Executive Brendan Iribe, as well as Hollywood A-list stars like Eva Longoria and musician Bono from U2.

"My challenge is to make sure that important work gets done at the (technical) level without being a dictator," he said.

"There's lots of different visions for what to do to make Bitcoin succeed. In the past the Foundation has tried to tackle a lot of issues at all once," including holding discussions with regulators in Washington, code development, public relations and marketing, he said.

Andresen said the Foundation has now decided to shift its focus to weaknesses in how Bitcoin works and how it needs to evolve.

"Bitcoin as a globally distributed public ledger — that's the thing I'm most excited about going forward. Thinking about how to use Bitcoin in new and innovative ways. In the meantime, we have the boring uses of Bitcoin that are in the process of going mainstream," he said.

At the heart of the Bitcoin concept is a peer-to-peer computer network comprised of individual users. These users can then "mine" or create new Bitcoins by undertaking complex computer-based calculations that get harder over time. Bitcoins can be traded, purchased, sold and even exchanged for goods and services at some physical, real-world outlets such as bars and stores, but, crucially, it is not a currency issued by a central bank. Bitcoin users effectively determine its direction and policy.

In Dublin, Andresen rejected concerns from some in the Bitcoin community over a creeping centralization of mining.

"Centralization of mining is going to go in waves. Now you see economies of scale for companies that create huge mining farms where electricity is inexpensive. Once those (ASIC computer) chips become commodities and inexpensive, you'll see it decentralize again," he said, speaking on stage at the summit on Thursday.

He said that one of the key things required before Bitcoin could hope to see broader mainstream adoption is clarity over regulation. "In the last year, year-and-a-half, we've seen more regulatory clarity. I think it's been incredibly positive for Bitcoin, but now we need regulation that isn't going to kill innovation."

Andresen characterized the U.S. regulatory position on Bitcoin as "reasonably friendly." However, while the Commodity Futures Trading Commission (CFTC) recently discussed the use of virtual currencies in the financial system, the government has yet to authorize any regulatory framework for Bitcoin or similar platforms.

For tax purposes, Bitcoin is in fact considered to be property rather than legal tender.

Late last year, Bitcoin prices fell off a cliff — from a high of about $1,200 to around around $330 today — amid a scandal in Japan that forced the closure of the Mt. Gox exchange and as China's central bank told its nation's banks to restrict their customers' access to Bitcoin-related companies. Federal Reserve Chairwoman Janet Yellen said the Fed does not have the authority to regulate or supervise Bitcoin.

"I use Bitcoin whenever I can," Andresen told USA TODAY, when pressed on how often he uses the virtual currency. "But I can't pay my mortgage, buy a car — at least not at the car dealers where I live (Amherst, Mass.). I did ask and I would have if I could have," he said.

"My day-to-day life is cash and credit cards like everyone else," Bitcoin's would-not-be king said.