Cryptocurrency is the new fashion and Bitcoin is the most popular in recent times. Twitter CEO Jack Dorsey has expressed keen interest in Bitcoin. Dorsey has said that he is planning a Bitcoin wallet for Square customers. Square is a digital payments services company. It is based in California. It was funded by Dorsey in 2009. He said that Square will create a non-custodial hardware wallet. It means that the wallet will be built entirely in the open. Dorsey is a staunch supporter of cryptocurrency. He has expressed a keen interest in virtual currency. It is secured by cryptography. This makes it very difficult to be counterfeited.
Bitcoin wallets can be stored at currency exchanges both in the form of online and offline. These exchanges act as platforms where people can buy and sell Bitcoin for the exchange of traditional currencies. Dorsey and popular American rapper Jay-Z have announced that they will make an investment of 500 Bitcoins in an endowment. This money will be used to fund the development of Bitcoin. Dorsey said that Bitcoin is like poetry. He believes that Bitcoin will be the future. It will bring a sea of change in the world. Notably, in a non-custodial wallet, people have control over private keys. They can control the currency. In a custodial wallet, the private keys are controlled by another party. These wallets are mostly Web-based exchange wallets.
Bitcoin is the largest cryptocurrency in the world by market value. It plunged after Tesla CEO Elon Musk halted accepting Bitcoin from people for new purchases and called for promoting other currencies. He has favored setting up a Bitcoin Mining Council. It will look into the energy consumption in mining and promote transparency. He stopped accepting Bitcoin as a payment mode citing harm to the environment in its mining. The value since then took a nosedive to hover around USD 38,000. Musk has also dropped hints that he could create his own cryptocurrency.
