Bitkey, the new brainchild from Block Inc. led by Jack Dorsey, is a self-custody bitcoin wallet that combines the convenience of an exchange with the security of a hardware wallet. It comes with three parts — a mobile app to make transactions easily on the phone, a hardware device to protect savings securely offline, and a set of recovery tools in case customers lose their phone, hardware, or both.
As an innovative multi-signature self-custody wallet, Bitkey provides the opportunity for customers to take their bitcoin off exchanges and truly own and control it themselves, without the anxiety of guarding a long complex seed phrase.
Bitkey provides the convenience of a mobile app, the security of hardware, and peace of mind that in case they lose something, customers can still recover their money.
Bitkey offers an extra layer of security for your Bitcoin with its 2-of-3 multi-signature system. This means two separate private keys are required to authorize a transaction. One key is stored on your phone, another on a dedicated hardware device, and the third is held by Bitkey on their servers. Since any transaction requires two out of three keys, your funds remain secure even if one key is compromised. Additionally, Bitkey only holds one key, meaning they cannot move your Bitcoin without your approval.
Bitkey’s wallet was built to bring more people to self-custody with an easy-to-use and safe solution.
How your Bitkey hardware works:
● For secure home storage of your Bitcoin savings, Bitkey offers a hardware device that seamlessly integrates with your mobile app. To access your funds, simply unlock the hardware with your fingerprint and tap it on your phone. Thanks to NFC technology, there’s no need to risk connecting to a computer.
● The system uses two keys, a hardware key and a mobile key, that work together. Any transaction, security setting change, or spending limit adjustment requires approval from both keys. This means even if someone steals your hardware key, your money remains safe because they won’t have your phone and vice versa. Enjoy the freedom of being out and about without the worry of unauthorized access.
How your Bitkey app works:
● The Bitkey app puts you in complete control of your finances. Manage your bitcoin holdings directly through your app , while setting security and spending rules to fit your needs. Use the app for a variety of tasks, including sending, receiving, and transferring bitcoin, adjusting security settings, or initiating a recovery process if necessary.
● When you’re out and about, you can enjoy safe spending with an optional daily limit set directly on your phone. This co-signing feature uses both your phone and the server key to approve transactions up to your chosen amount. So, even if someone gets hold of your phone, they won’t be able to drain your entire account because transactions require both keys. This lets you spend confidently on the go.
A major focus of building Bitkey has always been to provide accessible recovery experiences that prioritize both simple and secure paths for customers to control and recover their money if something goes wrong. Bitkey’s recovery design incorporates tools to easily but securely regain access to one’s account in every situation possible.
● Cloud Backup – for when you lose access to the key stored on your phone, if your phone is lost or stolen, or you just get an upgrade
● Delay and Notify – for when you lose your hardware or when you lose both the key stored on your phone and your cloud backup
● Trusted Contacts – an optional feature that lets customers set up people they trust who can help them verify recovery requests and recover their wallets when both the mobile key and the hardware key have been lost
● Emergency Access Kit which gets automatically stored in the customer’s cloud account and can help them recover if the app is no longer available on the app stores or if they no longer want to use the third key stored by Block
Bitkey is available for shipping to 90+ countries across the globe including Nigeria, Kenya, Ghana, and South Africa. Find out more at bitkey.world.
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