Bitkey

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Bitkey
Logo for Bitkey by Block, Inc.png
The Bitkey logo
A Bitkey HW and App photograph by Block, Inc.jpg
The Bitkey hardware device and mobile app
Developer Block, Inc.
Type Cryptocurrency wallet
Launch dateDecember 7, 2023 (2023-12-07)
Current version Model BK001
Operating system(s) Android, iOS
StatusActive
Pricing modelUS$150
Website https://bitkey.world

Bitkey is a self-custody Bitcoin cryptocurrency hardware wallet created by Block, Inc., an American company founded and run by Jack Dorsey. Block launched Bitkey in December 2023 in 95 countries, making it available for pre-orders for US$150. [1] [2]

Bitkey allows investors to own, manage and store their Bitcoin without relying on third-party cryptocurrency exchanges or "custodial platforms". The wallet includes a mobile app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware or both. [1] [2]

History

Jack Dorsey announced in June 2021 that Block was in the process of creating a cryptocurrency wallet. By April 2022, the company had released images of the wallet's hardware component, referred to as "Rocky" by Dorsey. This component was described to include a fingerprint reader and a USB-C charging port. [3]

Business Today stated in July 2023 that Block was imparting Bitkey a "minimalistic" and "sleek" design with no screen interface on the hardware device itself. The only interactive element on the device would be a fingerprint sensor. For executing a transaction, the user would have to initiate a command on the Bitkey mobile app and then confirm the transaction by touching the fingerprint sensor on the device and tapping the device to the mobile phone via Near Field Communication (NFC). [4]

Block officially launched Bitkey on December 7, 2023 in 95 countries, making it available for pre-orders for US$150. [1] [2] At the time of launch, the company presented Bitkey as a "self-custody" wallet, enabling users to store Bitcoin independently from "custodial platforms" or cryptocurrency exchanges, thereby reducing reliance on third-party custodians. Furthermore, Block stated that, in contrast to other self-custody options, the wallet would not require users to memorize lengthy passwords or seed phrases for securing their Bitcoin. [5] Bitkey included a mobile app, a hardware device, and a set of recovery tools in case the customer loses the phone, their hardware or both. [1]

According to Block in December 2023, Bitkey was a two-of-three multisignature wallet, meaning there were three keys in the system, but any two of them needed to work together to approve transactions and recovery actions. The customer always held two keys — the one in the mobile app and the one in the hardware device — while Block held one, so the company could never move money without a customer’s involvement. Bitkey also offered integrations with custodial platforms such as Cash App and Coinbase to facilitate transferring Bitcoin from those platforms to Bitkey. [6]

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References

  1. 1 2 3 4 Sureban, Haripriya; BL Bengaluru Bureau (2023-12-07). "Block Inc launches self-custody bitcoin wallet Bitkey in India". BusinessLine. Retrieved 2024-02-07.
  2. 1 2 3 Weiss, Ben (2023-12-08). "Jack Dorsey's Block opens up preorders for Bitcoin hardware wallet Bitkey in more than 95 countries". Fortune (via Yahoo! Finance). Retrieved 2024-02-08.
  3. ↑ Clark, Mitchell (2022-04-06). "This might be Jack Dorsey's "rockey" hardware crypto wallet". The Verge. Retrieved 2024-02-08.
  4. ↑ Adhikary, Mukesh (2023-07-24). "Jack Dorsey's Block is building a sci-fi style crypto wallet to keep Bitcoin safe. Here's how it works". Business Today. Retrieved 2024-02-08.
  5. ↑ PYMNTS (2023-12-07). "Block Debuts Self-Custody Bitcoin Wallet Bitkey" . Retrieved 2024-02-08.
  6. ↑ McClure, Olivia (2023-12-20). "Behind the Build: Self-Custody Solution Bitkey Offers Bitcoin Owners Greater Safety and Control". builtin.com. Retrieved 2024-02-07.
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