What Bitkey is and how it works: the physical wallet for those who trade in cryptocurrencies – Abruzzo Cityrumors

There is important news related to the management of Bitcoin. And it comes from Jack Dorsey’s payments company, Block. Let’s see what he thought of

Everything changes in Bitcoin management. The news is really interesting and came to fruition a few months after being announced by Jack Dorsey’s Block company. It was indeed first hardware wallet released Bitcoin called Bitkey with distribution in 95 different countries. The device is available for pre-order at a cost of $150 with shipping starting in 2024. While waiting to receive it, it is important to find out what the proposal behind this project is and how it will change the way Bitcoin owners manage them .

The proposal in question provides for a expansion of access to the self-storage facility and allows people everywhere in the world to manage their bitcoins personally and in a simple, intuitive and above all safe way. In fact, it should be remembered that today they come in the majority of cases stored in storage platforms or in the stock exchanges from which they were purchased, therefore there are no real self-custody solutions for direct access to this form of investment.

Bitcoin, a device arrives that changes everything: even more security and protection

However, with Bitkey everything changes: the hardware device is offered together with a mobile application and various recovery tools. This is the case, for example, if you lose your smartphone or hardware. The launch of the hardware wallet took place after a successful beta test phase conducted in October: on this occasion, the first images of the hexagon-shaped device, complete with a fingerprint sensor, were also shown which adds to it a additional level of biometric security.

In reality, the first announcement arrived in March 2022 but for several months the product was only tested internally before being tried by the public. The proposal that Block makes to Bitcoin owners is, therefore, to use a crypto wallet self-custodialdeeming it safer than keeping your crypto assets in external wallets.

Users will thus be able to securely store passwords or other access methods to unlock their accounts and this represents a real revolution. In all the there will be three access keys: in addition to the hardware wallet and mobile app, the third key will be stored by Bitkey on its server.

Having access to a single key does not allow the company to either access or move Bitcoins: it is only used to authenticate transactions to move Bitcoins when you only have your phone but also to recover if the device or phone is lost , your account. The key should also be able to handle the scenario where a customer loses both devices.