Square Making Real World Wallet for Bitcoin


San Francisco, July 9 (UrduPoint / Pakistan Point News – July 10, 2021): Financial payments startup Square was working on a real-world wallet on Friday to securely pocket bitcoin cryptocurrency.

Square founder and chief Jack Dorsey, who is also Twitter’s chief executive, tweeted last month asking for comment on the notion.

“The response from this community to our discussion thread on this project has been impressive – encouraging, generous, collaborative and inspiring,” Jesse Dorogusker of the Square Hardware team tweeted Thursday.

“We decided to create a hardware wallet and a service to make bitcoin custody more common.” Dorsey endorsed Dorogusker’s post with a tweet of “We’re doing it #bitcoin”. Hardware wallets can be used to store digital currency offline, synchronizing with applications for internet transactions as needed.

Another option for cryptocurrency owners is to use “virtual” wallets, essentially trusting third parties to protect their money and using passwords to access funds.

Dorsey explained in tweets that bitcoin is a currency for the masses, and that it is important to have ways for people to hold it without handing it over to third parties.

“The exchange you used to buy your bitcoin probably looks after your safety with good intentions, but circumstances may reveal that ‘custody’ actually means ‘IOU’,” Dorsey tweeted in June.

“Deciding to take custody and security of your bitcoin is complicated.” He envisioned a bitcoin wallet that allows people to easily use part of it for shopping, for example via smartphones, while protecting the rest of the cryptocurrency.

“We can imagine apps that work without Square and maybe also without permission from Apple and Google,” he continued, referring to the makers of the world’s two major smartphone operating systems.

Square will create accounts on Twitter and on the software developer community’s website GitHub dedicated to the Bitcoin wallet project, Dorsey said.


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