Forum rules
If you are posting news, press or any other related material that directly or in-directly benefits you, we request that you post a back-link to bitcoin.com by using a button, banner or text-link on your website. Thanks for supporting Bitcoin.com!
User avatar
MarkRoberts
Bronze Bitcoiner
Bronze Bitcoiner
Posts: 483
Joined: Wed Jan 13, 2021 10:19 am

Demand for Secure Private Keys Pushed Square to Build Bitcoin Hardware Wallet

Thu Jul 15, 2021 12:37 pm

A Bitcoin cold wallet is a Bitcoin hardware wallet that enables users to store their private keys offline for improved security. They emulate the function of a flash drive but only for cryptocurrencies.

Storing one’s Bitcoin wallet online is via cryptocurrency exchange platforms that offer custodial services. Users who do so allocate a third party control of their private keys. Offline storage, also a non-custodial wallet, provides the user with absolute control of their private keys, which control their digital coins.

Jesse Dorogusker, Square’s hardware lead, first broke the news of the project on Thursday. Jesse Dorogusker stated the motivation behind the Bitcoin hardware wallet is so that the cryptocurrency is more mainstream. He went further to appreciate the response he got from Twitter when the subject of Square’s Bitcoin cold wallet arose.

Jack Dorsey’s Square will be competing with the likes of Ledger and Trezor, who are already offering hardware wallets for Bitcoin. The demand for non-custodial wallets has increased recently for users and financial markets. U.S. Senator Elizabeth Warren emphasized this risk recently. Square is, consequently, stepping in to cater to this growing need for non-custodial wallets.


https://mycryptoparadise.com/jack-dorseys-square-to-create-bitcoin-cold-wallet/

Return to “In the news”

Who is online

Users browsing this forum: No registered users and 21 guests