Block, Inc. (formerly Square), the renowned financial payment processor known for its popular payment solutions like Cash App and Square Point-of-Sale and led by tech innovator and Twitter co-founder Jack Dorsey, has made a significant leap in the cryptocurrency sphere with the introduction of its self-custody Bitcoin wallet, Bitkey hardware wallet. This groundbreaking product is set to transform ownership and security for Bitcoin holders globally.
Bitkey: A New Era in Bitcoin Management
Bitkey, launched in over 95 countries spanning six continents, is a sleek and secure hardware wallet designed specifically for storing Bitcoin. Unlike traditional wallets that require users to trust third-party custodians, Bitkey lets you hold your private keys directly on the device. This eliminates the risk of exchange hacks or service shutdowns, giving you complete autonomy over your Bitcoin.
It aims to empower users by offering a simple and secure system for managing their Bitcoin while addressing the current trend where a large majority of Bitcoin owners store their assets on custodial platforms or exchanges like Binance.
How Does Bitkey Function?
Bitkey’s unique security features involve three keys, with any two keys needed to move Bitcoin or authorize security-related actions. This eliminates the need for lengthy passwords or seed phrases.
Two keys are given directly to users: one within the mobile app for transactions and security management, and the other stored offline within a hardware device. This enhances security and serves as a recovery method if the user loses their phone.
The third key, stored on the company’s server, enables seamless mobile transactions and acts as a failsafe option for wallet recovery in case of device loss. Importantly, the wallet’s design ensures that Bitkey, holding access to only one key in the 2-of-3 multi-signature wallet, ensures that the company cannot access or move a user’s Bitcoin without explicit user consent.
Bitkey Pricing and Availability
The Bitkey package, which includes the app and hardware storage, is priced at $150 (excluding shipping and taxes). Pre-orders for Bitkey are available, with shipments set to begin in early 2024.
Bitkey might be a game-changer in the world of cryptocurrency, offering a secure and user-friendly platform for Bitcoin management. With its unique security features, Bitkey sets out to revolutionize the way users manage their Bitcoin.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. Always do your own research before investing in cryptocurrencies.