What Happened: “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,” he said.
Square is considering making a hardware wallet for #bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles.
— jack (@jack) June 4, 2021
Dorsey stressed the importance of building an inclusive product that brings a non-custodial solution to the global market.
“The exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal “custody” actually means “IOU.” Deciding to take custody, and security, of your bitcoin, is complicated.”
Why It Matters: In order to adequately tackle the issues involved in creating a product that fits this need, Dorsey asked his Twitter followers how Square should be thinking about assisted solutions.
“A smooth experience likely depends on a custom-built app but it doesn’t need to be owned by Square,” he said, adding that there was potential in creating an app that didn’t require
Dorsey’s commitment to the continued development of Bitcoin was even more evident at the Bitcoin Miami conference, where the Twitter CEO stated that “Bitcoin changes absolutely everything.”
“I don’t think there is anything more important in my lifetime to work on,” he said.
In fact, “if I were not at Square or Twitter, I would be working on bitcoin. If [bitcoin] needed more help than Square or Twitter, I would leave them for bitcoin. But, I believe both companies have a role to play.”