Cryptocurrency might just not remain virtual anymore as Square, a financial payments start-up organisation, has been busy with building a real-world wallet for your bitcoins.
Jack Dorsey, Twitter’s top executive and founder of the start-up, requested his followers on the social media platform to provide their feedback and thoughts on the idea, which was reportedly received with open arms.
A member of the hardware team of Square Jesse Dorogusker wrote on Twitter on Thursday saying that those who have been introduced to the idea have given a positive response.
He wrote, “This community's response to our thread about this project has been awesome -- encouraging, generous, collaborative and inspiring” on Twitter. The post added, “We have decided to build a hardware wallet and service to make bitcoin custody more mainstream.”
To this, Dorsey gave a nod to the project, hinting at its commencement. The Twitter CEO’s comment read, “We’re doing it” which was followed by “#bitcoin”.
The new way of keeping your cryptocurrency offline is likely to open multiple possibilities for those participating in the markets. A crypto wallet that would not require internet access would allow holders to store the currency in third-party applications and use them for transactions.
The Twitter CEO stated earlier on the social media platform that such virtual currency should be available to the masses, due to which it is important for people to have ways to retain the funds without relying on third-party applications.
"The exchange you used to buy your bitcoin probably attends to your security with good intent, but circumstances may reveal 'custody' actually means 'IOU,'" Dorsey wrote on Twitter, according to reports from AFP.
"Deciding to take custody, and security, of your bitcoin, is complicated."
He envisioned a bitcoin wallet that makes it easy for people to use some of it for shopping, for example through smartphones, while protecting the rest of the cryptocurrency”, reported AFP.