Jack Dorsey and Jesse Dorogusker confirmed Square’s plans to develop a hardware wallet for bitcoin. The device is said to be a breakthrough for the cryptocurrency market.
Square will create a hardware wallet
Square, a digital payment company, is implementing its bitcoin hardware wallet project. They confirmed is already the CEO of Jack Dorsey and hardware expert Jesse Dorogusker.
The implementation of the idea has already been discussed. However, we now know that this is true and the company will release its Ledger counterpart.
Dorogusker added on Twitter that Square wants to make protecting cryptocurrencies simpler and more common than it is today. It is also true that today many investors will still keep their BTC on the stock exchanges. And this despite the collapse of many such platforms over the years.
We have many questions and problems to reconcile and we will start with this direction regarding [rozwoju] product: bitcoin first, global distribution, multisig to achieve “assisted self-care” and priority use of mobile devices
– Dorogusker wrote in the post.
Dorsey explained a surprisingly sounding term “Assisted self-care” last month, noting that the company is trying to provide simplified hardware portfolio management.
Caring does not have to be an all or nothing. We can probably simplify the care [nad kryptowalutami] through ‘assisted self-care’. Assistance requires excellent product design: minimal setup time, reliance on existing equipment, and end-to-end reliability
– explained the head of Twitter and Square.
As we have already mentioned, many investors today still hold their funds on the stock exchange. This is a big mistake. As the history of the bitcoin market has shown many times, if an exchange collapses, its users often lose their cryptocurrencies, kept on a given platform. That is why it is so important to secure your digital currencies with paper wallets or hardware wallets.
Hardware wallets are one of the safest ways to store cryptocurrencies as they allow users to store their private keys and resources on external devices that are offline. Only today, average BTC users complain that learning to use such devices is still too complicated for them.
Square, it claims, will overcome the above problem. Will this happen? We are left to wait for the final product.