Bitkey: A Hardware Wallet with a Distinctive Design
Bitkey, a hardware wallet developed by Jack Dorsey’s company, Block, has stirred significant interest within the cryptocurrency community. This interest stems not only from its unique functionalities, like the absence of a seed phrase, but also from its distinctive design.
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This device was first announced by Twitter's founder in June 2022 and has since completed successful beta testing, leading to its mass production.
Questions remain about Jack Dorsey's possible connection to the Bitkey software wallet, which was on the market from 2014 to 2021, and whether any of its code was repurposed for this new hardware solution.
Jack Dorsey presents the Bitkey hardware crypto wallet. Source: criptonoticias
Functional Features of Bitkey
Bitkey supports over 100 cryptocurrencies, apart from ERC-20 tokens, and comes with a specialized chip for storing user's private keys. Access to funds is secured either through a PIN code in the mobile app or via biometric authentication, like a fingerprint scan. The main interface is the mobile app, as the device itself does not have a screen.
A standout feature of Bitkey is its cold storage capability, allowing cryptocurrencies to be stored offline. To connect to the network, the wallet needs to be linked to a computer or smartphone through a USB cable. Bitkey also offers several additional features for enhanced convenience and security.
These include:
- Multi-Signatures: Transactions are completed only after approval from two or three keys.
- Smart Contracts: Beneficial for users who want to manage their assets or develop decentralized applications.
- Lightning Network Support: This provides quick and cost-effective transactions, particularly useful for small, daily crypto payments.
The device is open-source, and the team has expressed openness to improvements.
Unusual Design
Jack Dorsey's team embraced modern trends by creating a wallet with a unique design that differs from conventional hardware wallets. Nonetheless, it doesn’t quite outdo the innovative designs of Tangem's ring wallet or Bitlox's credit card-sized wallet with a mini-keyboard.
The Bitkey's body is crafted from a single piece of aluminum and shaped into a flat hexagon. It features a touch panel on the front and a QR code on the back for quick wallet recovery.
Bitkey is anticipated to be available in four colors:
- black marble;
- white marble;
- silver;
- gold.
However, only the black version was listed for pre-order and used for testing at the time of writing.
Bitkey aims to release several wallet designs. Source: coinmarketcal
For power, the wallet uses a rechargeable lithium-polymer battery and a USB-C port, allowing it to continue operating even when the battery is low.
Bitkey Prioritizes Security
The Bitkey team has introduced several features, making their wallet one of the market's most secure hardware storage solutions.
Key security features:
- Protected Chip: Users' private keys are safely stored in a tamper-proof chip, immune to trojans and viruses.
- Cold Storage: Cryptocurrency is securely stored offline, shielding it from hacker access.
- Multi-Signatures: Some transactions need approval from multiple keys, lowering hacking risks.
- Cloud Backup: Provides a backup solution in case the device is lost or stolen.
- Social Recovery. An extra feature for wallet loss and key compromise situations. It can be activated on the phone that was connected to the wallet.
However, there are concerns about the wallet's sole reliance on fingerprint authentication. The developers claim that the fingerprint sensor ensures user ease without the need to remember a PIN. Additionally, the possibility of obtaining a wallet owner's fingerprint without their presence, including using their actual finger, is a risk. Also, many governments have citizen fingerprint records, potentially allowing state access if fingerprint verification is the sole entry method.
Therefore, Dorsey's Bitkey wallets might not be ideal for those worried about asset confiscation.
Bitkey's Price, Delivery, and Support
Priced at $150 (excluding delivery, customs, and taxes), Bitkey costs slightly more than popular hardware wallets like Ledger Nano X and Trezor Model T. However, its innovative features and unique design may justify the price.
Available for purchase in over 95 countries, Bitkey offers 1-2 week delivery. Block, the company behind Bitkey, provides a 12-month warranty on the device.
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