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Where do you use the Bitkey?

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by COINS NEWS 75 Views

I got a couple ads for the Bitkey, thought the project was pretty interesting, got one to try out.

For context:

  • Its a 2 of 3 multisig wallet. one on the phone, "the cloud" and the third is the hardware device

  • Has recovery features so you can get your bitcoin back if something happens

  • No seedphrase - just want to emphisis this, eliminates the need for a physical paper/metal backup which could be nice for casual users

  • made by Block (formally Square), Co-founder Jack Dorsey, also a co-founder of twitter.

The hardware wallet is pretty nice, looks simple, hefty, ergonomic design BUT the big question is finding places IRL that accept bitcoin to make this a practical item. This would be an awesome feature for their website.

This feels like it is ahead of its time, probably intentional, in a world where more people use/accept bitcoin this would be absolutely essential since it would prevent theft of your bitcoin during day to day activities. Plus the set up is very user friendly so it makes bitcoin usage more accessible to nontechnical users.

I think of it as a hot wallet with an added layer of security. This is not a hardware wallet for your life savings, it is to safekeep the bitcoin that you are planning on spending within a day/week/month.

submitted by /u/toussaintgems
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