Jack Dorsey announced on Twitter that Square would take a massive leap and create a "Hardware Wallet" for the world's leading cryptocurrency, Bitcoin. This means that an actual digital wallet would soon be available to the public, and it would contain records or the account of a person's Bitcoin cryptocurrency in one place, readily available at any time.
And while the company has not yet provided any initial looks on the products, only describing it in words, a lot of speculations think that it would be in the form of a portable hard disk drive.
Square, Jack Dorsey is Making a Hardware Wallet for Bitcoin
Jack Dorsey (@jack) and Square engineer, Jesse Dorogusker (@JesseDorogusker), have initially teased that a hardware wallet for Bitcoin is something that the company considers making. Initially, it started as an announcement of interest, and then it evolved to something which Square has confirmed via the two company executives.
Square and its engineers are now in the conceptualization stage, and currently, there are no concepts released to the public for them to see what to expect in the coming months or years. For now, people would have to visualize what a "hardware wallet for Bitcoin" looks like, and apparently, there are limited which come to mind, especially as represents digital money.
Bitcoin has never had a physical entity yet and is only represented by a gold coin that has its logo in the front to signify its coin.
Hardware Wallet for Bitcoin, Is it Essential?
There are many controversies that Bitcoin is facing now, and it includes heating up and destroying Seneca Lake, one of the five popular "Finger Lakes" located in Upstate New York. That and its current performance in the market still sees a trend that experts, miners, and fans alike, are not happy to see.
That being said, Square is still pushing through with its hardware wallet for Bitcoin, and the public is not sure whether it would only be intended for BTC or can be used for other types as well. Currently, there are plenty of other cryptocurrencies in the world which are also in the top ranks aside from Bitcoin, and all of them are treading on thin ice.
How Will a Hardware Wallet Work, Exclusive to BTC?
The hardware wallet would work like the usual, and mostly leather wallet that is known to man, which purpose is to keep money in a certain place. The hardware wallet of BTC will keep the coins in one place, and it would most likely be a digital wallet that can be connected and read by computers.
This might also have its plug-and-play interface like hard drives, where it could show current values or funds that are kept in the wallet. There is limited information on the hardware wallet for now, and whether it would be available for other coins, but the sure thing is that Square is making one for Bitcoin.
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Written by Isaiah Richard