Jack Dorsey revealed in early June that Square was looking into the possibility of launching a hardware wallet for Bitcoin, which he said at the time was built entirely openly, from software to hardware design, and in collaboration with the community.
Now Dorsey is back to talk about what’s new in the plan, after the CEO of both Twitter and Square revealed a potential hardware Bitcoin wallet plan in Series Tweets.
“Bitcoin is for everyone,” Dorsey said in the tweets. He explained that if Square sets out to build a product, it needs to meet the needs of mobile users, be secure, and provide integration with the Cash app, among other things.
In a simple update to the series of tweets, He said Dorsey: We’re building the wallet, and he’s tied statement Bigger than Square hardware leader Jesse Dorogosker, who said the team is building a hardware and service wallet to make the Bitcoin incubator more ubiquitous.
In a long line, Dorogosker said the first step is to build a small cross-functional team in order to start with a strong foundation.
The decision was not surprising, given the continued popularity of Bitcoin, the overall growth in the cryptocurrency market, and Dorsey’s Twitter profile listing only the Bitcoin hashtag.
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Hardware Bitcoin Wallet
Although cryptocurrencies are entering the mainstream meaning that many people have some level of awareness of them, the ability to use these digital currencies in a simple, secure and practical way remains elusive.
A number of financial apps have added support for cryptocurrencies. The Square Cash app allows users to buy and sell bitcoin directly from an individual’s account balance. It promises transactions that generally occur in seconds.
PayPal also added support for buying, selling and holding some cryptocurrencies including Bitcoin.
Although these applications may be suitable for purchases and small transactions. Anyone with a larger amount of cryptocurrency needs to resort to more secure options.
Most people store the coins via laptops or via a more risky cloud-based service. But hardware wallets remain one of the safest and most popular options.
A hardware wallet is a physical device similar to a flash disk that is used to store a user’s encryption keys.
These hardware wallets are isolated from the network and make it difficult for thieves to access your cryptocurrency. This is compared to cloud-based services and computers that may be connected to the Internet.
Square’s efforts are still in their infancy at this time, and it will likely be some time before the hardware Bitcoin wallet is launched.
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