Jack Dorsey, Chief Executive of Twitter, has said that his fintech startup, Square, is looking out for creating a real-world wallet for the premier cryptocurrency, Bitcoin.
Broadly speaking, there are two types of wallets used for storing cryptocurrencies: Hot and cold. Hot wallets aren’t hardware-based and are basically software generally connected to the internet where exchanges store your cryptocurrencies. Because they’re always connected to the network, there’s the risk of a security breach.
In the case of a cold wallet, they’re purpose-built hardware-based drives that aren’t connected to the internet or any network and thus are a much stronger option than hot wallets for securing cryptocurrencies.
For more details about cryptocurrency wallets: Can cryptocurrency be converted into cash?
Dorsey tweeted a series of tweets asking for feedback on the idea.
Dorsey envisions a system backed by hardware and software both, a non-custodial solution to an inclusive product for the global market. This’ll allow rapid adoption of cryptocurrencies to the public and facilitate the public in using them for daily tasks like shopping, bill payment, etcetera.
Dorsey added that if Square goes forward with the idea, they’ll set up accounts for it on Twitter and the developer community website Github dedicated to the Bitcoin wallet design.