In the world of cryptocurrencies, where security and control over one’s own funds are key, Jack Dorsey, founder of X (formerly Twitter), introduces an innovative product – the Bitkey wallet. This is an initiative aimed at encouraging Bitcoin users to take full control of their digital assets.
Bitkey, offered at a price of $150, is available in ninety-five countries on six continents, including the United States, Canada, Argentina, Brazil, Chile, El Salvador, and many others. A key element of the product is a mobile app that allows for fund management, as well as a biometrically secured hardware device used for storing the private key.
The Bitkey wallet operates on a multi-signature principle, meaning that transferring funds requires the consent of two out of three key holders: the hardware device, the user’s phone, and the Block company itself. This security model is designed to protect users in case one or both of the keys are lost.
For example, if a user loses or replaces their phone, they can use Bitkey’s cloud backup service to recover the mobile key. Backups stored in the Bitkey cloud are encrypted and can only be decrypted using a key stored exclusively in the customer’s hardware device.
Alternatively, in the event of losing the hardware wallet, the customer can initiate a built-in fund recovery process in their app. After a security-related waiting period, Bitkey will send the user a new device and assist in transferring the old funds to the new keys.
Even if the user loses both the hardware wallet and the phone, they can use previously established “trusted contacts” to help verify their identity to Bitkey, enabling recovery of both the mobile and hardware keys.
Lindsey Grossman, Bitkey’s business department manager, emphasizes that the wallet is designed to make people feel safer storing their keys independently, and more inclined to withdraw their funds from centralized exchanges. “People often felt like hostages of the situation: concerned about the lack of control they could experience on curatorial platforms or exchanges, yet also worried about the unforgiving product experiences offered by the previously available wallets for self-custody,” explains Grossman.
Dorsey has repeatedly supported Bitcoin-related initiatives, promoting decentralization and security throughout the ecosystem. Last month, he led a $6 million fundraising for the Bitcoin mining pool, OCEAN.
In the context of the continuously evolving world of cryptocurrencies, Bitkey becomes an important step towards greater independence and security for users, enabling them to have full control over their own funds in an unprecedented way.
Photo. Bitkey
