Jack Dorsey’s Square is building an actual hardware wallet for Bitcoin
The company will start working on both a hardware wallet and service for Bitcoin.
While crypto might be in a weird place right now, that isn’t stopping Jack Dorsey’s Square from working on a new product that should help those serious about crypto and Bitcoin. The company is making a Bitcoin hardware wallet.
Announced this week via a tweet, Dorsey announced that Square would build “a hardware wallet and service to make bitcoin custody more mainstream.”
This news comes approximately a month after Dorsey first started talking about creating a hardware wallet for Bitcoin.
So, what’s a hardware wallet? Think of it as a fancy jumpdrive that is encrypted and allows you to securely store your digital assets like Bitcoin. When you use an exchange like Coinbase, that company manages and protects your crypto. While that makes things easier, it is not as secure as a hardware wallet.
This is because when the wallet isn’t plugged into a computer, it is completely secure, with your Bitcoin all held safely on the device.
The downside, of course, is that if you lose the hardware wallet, you’re screwed as it is all contained on the jumpdrive.
Regardless, there’s still no word on when the hardware wallet will be available from Square, or what the service will entail.
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