Square may launch a Bitcoin Hard Wallet
Twitter CEO Jack Dorsey now says Square Inc is considering releasing a hardware wallet for Bitcoin.
The wallet, which will remain open source and collaborative from software to hardware design, will bear some of Square’s guiding principles.
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
The product, if it goes live, will, as expected, remain custodial, reflecting the status of BTC as a global currency that should be accessible to everyone.
Already, Square Inc has the Cash App–which enables account holders to trade BTC without fees.
Besides, the public firm holds BTC on the balance sheet.
Their recent announcement to allow feeless transactions came as a boost for network users. Already, there are market-wide concerns about scalability and rocketing Gas fees in other networks, especially Ethereum.
Hyperbitcoinization Is Less Than a Decade Away
Meanwhile, it may take just less than a decade for Bitcoin to be fully adopted.
This is according to Dan Held of Kraken and Saifedean Ammous, the author of the Bitcoin Standard. These were comments made during the ongoing Bitcoin 2021 Conference in Miami.
Triggers for this wave of adoption include expanding balance sheets by governments, fears of inflation, and investor realization of how superior Bitcoin is. The more central banks mint cash, the faster the pace of Bitcoin’s price expansion and adoption.
Since its launch, Bitcoin continues to gain traction, every day attracting thousands of users. If Bitcoin grows at this pace, most users would be using BTC as a preferred means of payment and even storing value.
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