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Block Releases Self-Custodial Bitcoin Wallet Bitkey
Block, a payments company, has officially launched its highly anticipated self-custodial Bitcoin wallet, Bitkey. This unique wallet, resembling a rock-like hexagon, is now in the process of being shipped to customers who preordered the product in the previous year.
What sets Bitkey apart is its innovative design that empowers users to retain control over their private keys, a feature absent in online crypto wallets managed by third-party entities. Furthermore, Bitkey is seamlessly integrated with prominent American crypto exchange Coinbase and popular payments app Cash App, enabling users to seamlessly purchase Bitcoin directly through these platforms using the wallet and its accompanying software.
Bitkey boasts compatibility with mobile devices, and even in the event of a lost or damaged device and the corresponding Bitkey wallet, users can rest assured knowing that recovery mechanisms are in place to safeguard their funds. The official Bitkey website emphasizes the importance of customer autonomy over their Bitcoin holdings, ensuring peace of mind and perpetual access to their assets.
Managing Bitcoin wallets, particularly cold storage wallets that maintain cryptocurrency offline, can be complex. To utilize this storage method, users must diligently safeguard their private keys, typically a 12 or 24-word password. Should these crucial keys be misplaced, the associated funds could be irretrievably lost.
Twitter’s co-founder, Jack Dorsey, who recently transitioned from his role at the social media platform to focus on Bitcoin-related endeavors, advocates for the ownership and self-storage of Bitcoin assets, as opposed to relying on exchanges. Dorsey asserts that his latest offering, the Bitkey Bitcoin wallet, represents an effective mechanism for implementing this strategy.
Priced at $150, Bitkey can exclusively be procured using fiat currency, such as US dollars, through conventional credit or debit card transactions. Block, formerly recognized as Square, operates as the parent company of the widely used Cash App, recognized for facilitating Bitcoin transactions.
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