Square reveals a Bitcoin hardware wallet could be in the works and will be done entirely in the open, referring to a possible open-source design so let’s find out more about it in our latest Bitcoin news today.
Payments company Square reveals a bitcoin hardware wallet could come out next from the company as Jack Dorsey said on Twitter:
“Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community.”
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
The eCommerce ecosystem enables the customers to start, run and grow the business by enabling the sellers to turn their mobile devices into payments and point of sale solutions. Dorsey is a true BTC proponent and Square has previously invested up to $220 million in the biggest crypto asset. The wallet announcement however is a first for the company:
“What are the biggest blockers to get a non-custodial solution to the next 100M people?.”
Some of the points raised by Dorsey revolved around the safety features, the design and the accessibility, and the self-custody for users. His tweets focused on self-custodied wallet solutions for all people that want to hold their own BTC instead of depending on a centralized entity or third-party solution. Dorsey pointed out that most people access the internet via their mobile and said:
“Any solution we build must provide an excellent experience when using mobile, despite its shortcomings and liabilities. An uncompromising focus on mobile interaction is likely to include the most people. What are the dangers here? Make it easy for customers to keep the funds they want quick access to at their fingertips, spendable with phone-only permissions while keeping the remainder under tighter, less available but more secure controls.”
1/Bitcoin is for everyone. It’s important to us to build an inclusive product that brings a non-custodial solution to the global market. Much respect to everyone who has gotten us this far. What are the biggest blockers to get a non-custodial solution to the next 100M people?
— jack (@jack) June 4, 2021
In the meantime, Dorsey stated a new Cash app integration is quite obvious for the company but that is only a part of the solution and added:
“A smooth experience likely depends on a custom-built app but it doesn’t need to be owned by Square. We can imagine apps that work without Square and maybe also without permission from Apple and Google. You? And we’ll set up a dedicated Twitter and github account if we decide to build. We’ll update this thread with that information when we’re ready. Thanks!”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]