Twitter CEO Jack Dorsey plans to launch a Bitcoin hardware wallet: Bitcoin belongs to everyone

Twitter CEO Jack Dorsey has stated that his payment service company Square is considering launching a Bitcoin hardware wallet.

Jack Dorsey's Principle: Bitcoin Belongs to Everyone

Jack Dorsey stated, "Bitcoin is for everyone." Therefore, non-custodial solutions are crucial.

He mentioned that this hardware wallet will be designed to be open-source and collaborative with the community from software to hardware. He believes that this wallet will assist in self-managing Bitcoin based on the concept of "non-custodial," providing both convenience and security.

Help Jack Think About His Challenge: Possible Design of the Hardware Wallet

Jack Dorsey pointed out that while the exchanges you use to buy and sell Bitcoin may not have malicious intentions, the situation demonstrates that "custody" essentially represents an IOU. Deciding whether to trust others for custody or prioritize security is a complex issue.

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

Jack Dorsey believes that custody doesn't have to be "all or nothing." He suggests simplifying custody to "assisted self-custody." To achieve this "assistance," he mentioned the minimal setup time, reliance on existing devices, and end-to-end trustworthiness.

Jack Dorsey thinks that mobile devices will be the most convenient, but balancing convenience and security on these devices is essential. He mentioned three potential security mistakes for any wallet product: asset loss, security vulnerabilities, and user operational errors. He is also contemplating other possible risks.

He is also considering other questions:

• Are there better solutions for users to safeguard account recovery information like private keys and recovery phrases?
• Does a hardware wallet really need a display screen?
• How can a product be provided to modern individuals who are accustomed to relying on third parties for trust?
• How to integrate a hardware wallet that supports built-in L2 solutions?

Cash App Will Support This Wallet

Jack Dorsey mentioned that Cash App will be part of the solution to provide users with a seamless user experience. However, the overall solution does not need to be owned by Square; there may be an independent app operating separately from Square, and it does not require approval from Apple or Google.

He stated that the conversation will continue, and he will establish a GitHub account for further discussions.