Square Is Considering to Create a Hardware Bitcoin Wallet, Says Jack Dorsey

Square Inc. (NYSE: SQ) CEO Jack Dorsey commented on Friday that its company is looking to build a new hardware Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC) wallet, as such transactions have become a profitable business for the company. According to a post published on its own Twitter account, Dorsey, also the CEO of Twitter, pointed out that the intention is to create a new way for users to store their cryptos without Square’s custody.

“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,” Dorsey said.

After the comments, Square shares surged 2.7% in reaction to Dorsey’s words. “The exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal ‘custody’ actually means ‘IOU’. Deciding to take custody and security of your Bitcoin is complicated,” he added. Overall, Dorsey aims to simplify the way that people store their Bitcoins, as he wants to create some sort of “assisted self-custody.”

Project Is Still Pending of Approval

However, Twitter’s CEO did not provide further details on the project, as Square does not have a whole plan developed because they did not decide whether it could be feasible. Still, he clarified that such a solution does not need to be owned by the company.

Finance Magnates reported in February that the San Francisco-based Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company purchased a further 3,318 Bitcoins worth $170 million at that time. Also, the payments giant saw revenue in the final quarter of 2020 more than double to $3.16 billion. Q4’s figures were up from the $1.31 billion recorded a year earlier and surpassed market expectations for revenue of $3.10 billion, according to Square’s fourth-quarter earnings report for 2020.