Jack Dorsey, the head of Twitter, said Friday that his digital payments company Square is considering creating a bitcoin wallet, a kind of USB key to store his cryptocurrency on a physical and secure medium.
These objects are used to store digital currencies offline. Their users sync them up with their compatible financial apps in case of online transactions.
They can also be satisfied with “virtual” portfolios. In this case, they trust third-party companies to protect their money and use passwords to access it.
But Jack Dorsey believes that Bitcoin should be more than just for connoisseurs, and is looking for ways to build confidence in cryptocurrency, including providing the ability to buy it without relying on third parties.
“Self-storing bitcoins is tricky,” he notes on Twitter before listing the issues that need to be addressed: accessibility, security, ease of use on mobile, etc.
He envisions a “wallet” that people can use to make purchases, for example, via a smartphone, without affecting their money or the cryptocurrency system in general.
“If we do that, we will make it completely open, from software to device, in collaboration with the community,” he says immediately.
“You can imagine apps that work without Square, and perhaps also without permission from Apple and Google,” he continues, referring to the world’s two dominant mobile operating systems.
Bitcoin is a decentralized asset with no direct link to the real economy that relies on blockchain technology and fascinates Jack Dorsey and many Silicon Valley figures such as Elon Musk, the boss of Tesla.
This cryptocurrency remains highly volatile, but the growing interest of organizations and companies deemed stable is contributing to its gradual incorporation into the mores outside of insiders.
juj / dax