He said Square CEO Jack Dorsey: The company is looking at building a physical Bitcoin wallet that would give consumers greater control over the cryptocurrency they own.
Bitcoin transactions have become a booming business for Square, allowing consumers to make purchases with the Cash app and store the currency digitally.
The company’s cryptocurrency revenue jumped to $4.75 billion last year from $516.5 million in 2019.
And Dorsey suggests a new way for users to store bitcoins that Square or any other company can’t control.
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The wallet can allow users to store the cryptocurrency in a secure instrument and allow them to choose to spend it later.
Square is considering creating a physical wallet for the coin, Dorsey said. And if we do, we build it all in the open, from software to hardware design, and in collaboration with the community.
He explained how a Square product, if built, might differ from the alternatives available.
“It is possible that the platform you used to purchase cryptocurrency is concerned with your security in good faith,” he said. But deciding to keep the currency safe and secure is complicated.
Dorsey points out how some platforms currently operate. PayPal, for example, allows you to buy bitcoin. But it controls the private key and operates, Dorsey explains, like an IOU.
PayPal also does not allow customers to transfer cryptocurrency to wallets outside the PayPal ecosystem.
Dorsey said Square might be able to simplify how people hold cryptocurrency by creating self-help reservations.
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He explained that self-help booking makes it easy for customers to spend a certain percentage of the money available from their phone, while locking the rest of the money safely in the wallet.
The integration with the Cash app is straightforward, Dorsey said. But it is only part of the solution. Nor does the solution have to be owned by Square.
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The billionaire and co-founder of Twitter appears to be very optimistic about the future of Bitcoin, the largest cryptocurrency by market capitalization.
“Bitcoin has changed everything,” Dorsey said at the Bitcoin 2021 conference. And I don’t think there is anything more important in my life to work on.
For Dorsey, Bitcoin has the potential to create a new financial infrastructure that is more inclusive and supportive of underserved communities.
For those who live in different countries around the world, Dorsey also sees Bitcoin as a way to guard against currency devaluation and speed up money transfers across border lines.
Although many critics of Bitcoin call it a speculative, volatile and risky investment that can be vulnerable to fraud, its community views the cryptocurrency as a decentralized digital gold and inflation hedge.
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Dorsey believes that Bitcoin could become the original currency of the Internet, and the only reason Square took on Bitcoin was to achieve that end.
Financial services company Square added over $170 million worth of bitcoin to its balance sheet in February after its first investment in the cryptocurrency in October.
Dorsey has long been an advocate of Bitcoin on social media. In March, for example, he sold his first tweet as NFT. He converted the proceeds into bitcoin and donated it to the Corona Relief Fund in Africa.
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