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| Jack Dorsey Plans to Create a Bitcoin Wallet |
Square CEO Jack Dorsey said the company is considering creating a physical Bitcoin wallet to give consumers more control over the cryptocurrency they own.
Bitcoin transactions have become a booming business for Square, allowing consumers to use the Cash app for purchases and store coins digitally.
The company's cryptocurrency revenue increased from $516.5 million in 2019 to $4.75 billion last year.
Dorsey offers users a new way to store Bitcoin that neither Square nor any other company has control over.
Wallets can allow users to store cryptocurrency in a secure instrument and give them the option to use it later.
Dorsey said Square was considering creating a physical wallet for the tokens. When we do that, we build it in an open environment, from software design to hardware design, partnering with the community.
He explained how a Square product (if built) might differ from existing alternatives.
“The platform you use to buy cryptocurrency can protect your safety in good faith,” he said. But the decision to maintain the integrity of the currency is a complex one.
Dorsey pointed out how some platforms work today. For example, you can use PayPal to buy Bitcoin. Dorsey explained that it controls the private key and performs operations, such as a PN.
PayPal also does not allow customers to transfer cryptocurrency to wallets outside the PayPal ecosystem.
Dorsey said Square could simplify the way people hold cryptocurrency by creating self-serve reservations.
Bitcoin wallet:
He explained that self-service booking makes it easier for customers to spend a certain percentage of the available money on their phones, while the rest of the money is kept safely in their wallets.
Dorsey said integrating with the Cash app was easy. But this is only part of the solution. The solution does not have to be squares.
The billionaire and co-founder of Twitter is very optimistic about the future of Bitcoin, the cryptocurrency with the highest market capitalization.
“Bitcoin has changed everything,” Dorsey said at the Bitcoin 2021 conference, and I believe that there is nothing more important in my life than work.
For Dorsey, Bitcoin has the potential to create a new financial infrastructure that is more inclusive and supports underserved communities.
For people who live in different countries around the world, Dorsey also sees bitcoin as a way to prevent currency depreciation and speed up cross-border transfers.
Although many critics of Bitcoin describe it as a speculative, volatile, risky and fraud-prone investment, its community views the cryptocurrency as a decentralized digital tool to hedge against gold and inflation.
Dorsey believes that Bitcoin can become the original currency of the Internet, and the only reason Square chose Bitcoin is to achieve this goal.
After first investing in cryptocurrency in October, financial services company Square added more than $170 million worth of bitcoin to its balance sheet in February.
Dorsey has always been an advocate for Bitcoin on social media. For example, in March he sold his first tweet under the name NFT. He transferred the proceeds into Bitcoin and donated it to the Corona Relief Fund in Africa.