Square, a financial payments company, was hard at work on a real-world wallet for safely storing bitcoin cryptocurrency on Friday.
Last month, Square founder and CEO Jack Dorsey, who is also the CEO of Twitter, posted a request for input on the idea. On Thursday, Jesse Dorogusker of the Square hardware team tweeted, ‘This community’s response to our thread about this project has been wonderful — encouraging, kind, collaborative, and motivating.’ ‘We’ve chosen to build a hardware wallet and service to make bitcoin custody more widespread,’ Dorsey said in a tweet, adding, ‘We’re doing it #bitcoin.’ Hardware wallets may be used to hold digital money offline and sync with apps for internet transactions as needed.
Another alternative for bitcoin owners is to use ‘virtual’ wallets, which entails entrusting money to third parties and accessing funds via passwords. In a series of tweets, Dorsey argued that bitcoin is a money for the public, and that it is critical to provide mechanisms for individuals to retain it without entrusting it to third parties.
In June, Dorsey tweeted, “The exchange you used to buy your bitcoin undoubtedly caters to your security with good intent, but circumstances may reveal ‘custody’ truly means ‘IOU.” ‘Deciding to take custody, and security, of your bitcoin is hard,’ he said. He envisioned a bitcoin wallet that allows individuals to use some of the money for shopping, such as through smartphones, while keeping the rest safe. ‘We can foresee apps that run without Square, and perhaps even without Apple and Google’s authorization,’ he continued, referring to the creators of the world’s two most popular smartphone operating systems. Square will create accounts for the bitcoin wallet initiative on Twitter and the software developer community website GitHub, according to Dorsey.