Bundled with a mobile application and key recovery tools
The Block company of entrepreneur Jack Dorsey, co-founder and former head of the social network Twitter (now X), announced the launch of a Bitkey hardware crypto wallet for storing Bitcoin. Bitkey is shaped like a black hexagon and is complemented by a mobile app and a set of tools for recovering private keys in case you lose your wallet, smartphone, or both devices. According to the creators, Bitkey — It's a safe and easy way to take control of your finances, gain peace of mind and independence from any one organization for people with varying levels of experience with Bitcoin.
Bitkey works based on a 2 out of 3 multi-signature system: the client is provided with two keys — one is in the mobile app and the other is stored offline in the hardware device. Through the application, you can make Bitcoin transactions from your smartphone, track your balance and manage security settings. The hardware key serves two main purposes: an additional layer of security for co-signing money transfers (based on the limit set by the client) and data recovery if the phone is lost.
The third key is located on the Bitkey server and is used for only two purposes: moving bitcoins for smartphone-only transactions (no hardware device) and recovering the wallet in case you lose your phone, hardware device, or both. Since Bitkey only has access to one key, and not two or three at once, an organization cannot access a client's funds without the client's knowledge. Bitkey is currently available for pre-order in 95 countries for $150, with shipments expected to begin in early 2024.