Did Jack Dorsey Just Make A Crypto Related Purchase?

By Rishma Banerjee

The CEO of Twitter, Jack Dorsey seems to be the biggest advertiser for the wide-scale adoption of Bitcoin. He recently announced to his 4.15 million Twitter followers, that he now owns a Trezor hardware wallet and he used BTC to make the purchase via the Square Cash app.

If the current BTC price is taken into account, he paid approximately $261.54 for the device (and presumably some accessories). Trezor, which works with ease, and also has a good security mechanism in operation, will be quite advantageous for Dorsey, as he is now scooping $10,000 worth of bitcoin each week, which happens to be the cap set by the Square Cash app. By announcing that he had selected hardware security wallet Trezor as his device of choice, he also gave Prague-based SatoshiLabs the maker of the hardware wallet, some positive press, free of cost.

Many of his fans and followers raised questions about this, as they were wondering why Dorsey hadn’t chosen the hardware wallet made by rival company Ledger. Jack to this clarified that he had done so due to the open-source nature of Trezor. As one follower stated and Jack agreed:

“Ledger is great too, but it’s not fully open source. Their firmware is not open source due to vendor NDAs, as I understand it.”

Dorsey moreover is predicting a “massive acceleration” for bitcoin over the coming decade and in spite of critics is doing his part to promote the crypto’s use case as a currency.He has made it clear that sooner or later the Square Cash app will integrate Lightning Network technology, which will, in turn, accelerate bitcoin transactions for everyday micro-purchases.

Dorsey has become increasingly engaged with the crypto community, especially since he participated in the Bitcoin Lightning Network Trust Chain, which is a bitcoin relay in which payments are passed from one user to another to demonstrate the speed of the network.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.

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