Securely Manage Your Bitcoin with the Three-Key System: Introducing the Bitkey Self-Managed Wallet by Block

Learn about Bitkey, the innovative Bitcoin wallet launched by Block, offering a unique three-key security system.

Understand how it overcomes traditional wallet risks and get ready for its global release in early 2024. Secure, easy, and reliable – Bitkey is here.

Bitkey now accepting pre-orders

Payment service company Block, led by Jack Dorsey, announced on December 7, 2023, the launch of pre-orders for its new self-managed Bitcoin wallet, "Bitkey," which comes equipped with a unique wallet restoration function.

Bitkey enables users to safely and easily store and manage BTC through a combination of three elements: a mobile app, a hardware device, and a recovery tool.

This self-managed Bitcoin wallet allows users full control over their assets.

Overcoming Traditional Risks in Cryptocurrency Storage with Bitkey's Innovative Design

Storing virtual currencies on cryptocurrency exchanges exposes users to risks like exchange hacking or fund misappropriation by the exchange.

Additionally, self-managed wallets traditionally required users to manage complex secret keys and recovery phrases, posing the risks of complexity and loss.

Bitkey addresses these issues with its unique "2-of-3 multisignature" design, which eliminates the need to remember passwords or seed phrases.

This system secures BTC with a total of three keys, requiring two for actions like moving BTC, approval, restoration, and security settings changes.

How Bitkey's Three-Key System Protects Your Bitcoin

1. The First Key: Located within the mobile app, this key allows users to easily manage Bitcoin transactions, check balances, and configure security settings via their smartphone.
2. The Second Key: Stored within a hardware device, this key is kept offline for secure storage. It serves two purposes: enabling joint signatures required for sending funds and allowing wallet restoration in case the smartphone is lost.
3. The Third Key: Hosted on Bitkey's servers, it enables users to perform BTC transactions with just their mobile phone when away from their hardware device and facilitates wallet restoration if lost.

【Key Point in Bitkey's Security】

In the 2-of-3 multisignature approach, Bitkey only has access to one key, meaning it cannot use the user's funds without obtaining one of the remaining two keys.

This ensures that users can manage their assets independently and recover their funds even if one key is lost.

Bitkey: Globally Available in Over 95 Countries, Shipping in Early 2024

Pre-orders for Bitkey have already started on "bitkey.world," with availability in over 95 countries across six continents.

The product is scheduled to begin shipping in early 2024. Additionally, Bitkey has partnerships with Coinbase and Cash App, facilitating easy BTC transfers from exchanges and purchases within the wallet via Coinbase Pay.

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