While crypto might be in a strange place right now, that doesn’t stop Jack Dorsey’s Square from working on a new product that should help those seriously interested in crypto and Bitcoin. The company makes a Bitcoin hardware wallet.
Announced this week via a tweet, Dorsey announced that Square would build “a hardware wallet and service to make bitcoin custody more common.”
This news comes about a month after Dorsey started talking about creating a hardware wallet for Bitcoin.
So what is a hardware wallet? Think of it as a sophisticated jumpdrive that is encrypted and allows you to securely store your digital assets like Bitcoin. When you use an exchange like Coinbase, that company manages and protects your crypto. While this makes it easier, it’s not as secure as a hardware wallet.
Indeed, when the wallet is not connected to a computer, it is completely secure, your Bitcoin being stored safely on the device.
The downside, of course, is that if you lose the hardware wallet you’re screwed because everything is contained on the jumpdrive.
Regardless, it’s still unclear when the hardware wallet will be available from Square, or what the service will entail.
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