Jack Dorsey said on Friday that his financial payments startup Square is considering making a real-world wallet to securely pocket bitcoin.
Hardware wallets can be used to store digital currency offline and synchronize with transaction applications on the Internet as needed.
Another option for cryptocurrency owners is to use a “virtual” wallet, which basically trusts a third party to ensure the safety of funds and uses passwords to obtain funds.
“Square is considering making a hardware wallet for Bitcoin,” Dorsey Say Ask for feedback on this idea in a series of tweets.
“If we do, we will build it completely openly, from software to hardware design, and work with the community.”
Dorsey concluded that Bitcoin is the currency of the masses, and it is important for people to hold it without entrusting it to external parties.
1/Bitcoin is for everyone. It is important for us to create an inclusive product that brings non-custodial solutions to the global market. I would like to pay high tribute to everyone who made us this step. What is the biggest obstacle to providing non-custodial solutions for the next 100 million people?
-Jack (@jack) June 4, 2021
“The exchange you used to buy Bitcoin may be good intentions to protect your security, but the situation may indicate that’custodial’ actually means’IOU’,” Dorsey, who is also the head of Twitter, tweeted .
“Deciding to keep and secure your Bitcoin is very complicated.”
He envisioned a Bitcoin wallet that would allow people to easily use part of it for shopping, such as through their smartphones, while protecting the rest of the cryptocurrency.
“We can imagine applications that run without Square, perhaps without the permission of Apple and Google,” he continued, referring to the world’s two largest smartphone operating system manufacturers.
Dorsey said that if Square decides to continue the project, it will open accounts on Twitter and the software developer community website GitHub, specifically for Bitcoin wallet design.