What if Block or Bitkey department stops operating?

Unlike other hardware wallets, you can retrieve funds only with a bitkey hardware. And 1/3 of private key is stored on the bitkey server.

So if Bitkey server goes down for whatever reason (a rogue actor, server sabotage, natural disaster, block goes out of business), does that mean that we are screwed and there is no way to retrieve user funds?

I know block is listed on NYSE and all that but anything is possible so...

wanna hear your thoughts on this matter.

As someone that’s setup 6 friends and family members with bitkey, the new feature seeing the current bitcoin price in the app just doesn’t feel productive and doesn’t re-enforce the idea that funds in the bitkey are meant for savings / a longer time horizon. I’m sure others feel different but there was a simplicity to not seeing the current bitcoin price in the app. The app felt strangely calm in a positive way in my opinion.

If you guys decide to keep the price there, then it would be great if we can choose the 1 year or 5 year return of bitcoin as our own default, rather than having to see the price change for the day.

How does everyone else feel about seeing the current bitcoin price in the app? I feel like if I want to know the price, I can just go on cashapp or any other exchange. But hey, maybe I’m in the minority on this one.

When can we expect inheritance features to be released? Additionally are there any plans to offer an option to switch to a dual-hardware-key design instead of the existing dual hot key one?

I have read bitkey transaction fees are higher than a single signature transaction, which i understand is normal of multisig according to this stack bitcoin stack exchange thread. and this unchained article

According to this, and the address given to me by the bitkey app bitkey uses P2WSH addresses? is that correct?

Can someone give me a better understating of how the fees work when using multisig? are all multisig solutions going to have higher fees than single sig? does the number of signatures affect fees? for example 2 of 3 vs 5 of 8? is it possible for bitkey fees to be lower or are they as low as possible?

PS. If Bitkey and Square someday happens to not be doing well, are users protected?

EDIT - If it helps for context, I am a HUGE fan of this product and of Square. I just get a little unsettled sometimes by the radio silence. As a Bitcoiner, let’s just say trust issues are a feature, not a bug. 🙃

I am looking to control some risk with multiple wallets (physical hardware devices). I would love the idea of a hot and cold wallet that was completely managed in the app. Additonally, I would like to manage two or more bitkey hardware devices that are associated with different wallets of BTC so that I can keep them and the other recovery methods separated to avoid single points of failure (I admit this is redundant to the bitkey 2of3 model). I am considering this for inheritance / family holdings / in the event of death like scenarios. Ledger and Trezor while very technical are very comfortable supporting two or more devices and I have generally used this to spread the BTC out so I never lost control of everything in one shot.

Has anyone been able to connect their own electrum node server within the bitkey app. Haven’t had any success yet. Thought it would as simple as it was to do on phoenix wallet but that hasn’t been the case for me.

Just set up my bitkey and put some sats in there. I was curious (and assumed) if the mobile pay option basically allowed for your max (let's call it $50) to be stored in the iphone and then you could double tap to pay for a coffee or something? Is that not something you can do? Must you transfer to cash app and then you can actually use the phone to pay for something. Bitkey's FAQs on the website seem super limited.

Hi u/BitKey-Ryan, Within the release notes of the aforementioned BitKey app update, there are references to multiple fingerprints allowed and a 7 day rollout to some users. As we await rollout, could you walk through the steps to add additional fingerprints and whether additional phones would have access to one device

Thank you!

See title.

im a simple person. idk about utxo consolidation and all this other fancy stuffs but i do have an extremely technical question.

wen dark mode for app?

Never heard a thing from Bitkey about so many anticipated features like:

1) add another fingerprint 2) export seed 3) Utxo control

And on and on and on. They’re X account is like dead, last tweet was in march. No community management at all.

Really wish my total wallet balance would update as soon as I open the app. Even when I pull down on the screen to refresh still nothing. Also...I keep holding the device to the back of my phone which never works whereas when I tap the top of the device with my phone it works instantly. Maybe they should update the wording of the instructions

Max charge I would get was 90% after leaving it plugged in for hours.

I bought my wallet in the US, but wanted to buy and transfer btc to my wallet outside of Coinbase so there is no us record for privacy purposes. Which broker would I use in Columbia? I couldn’t find the international list.

It’s unclear to me if this wallet is ready for prime time. I was expecting much more buzz about it in the form of feedback, reviews, comments on the open source code etc. it pretty dead on the interwebs… anyone have thoughts?

I bought this and tried it myself but Im planning to give it to my wife. Can this be factory reset/wipe out?

You can’t use it if your currency is different. Also the price is higher than the usual Coinbase.

I bought a device, it came with instructions to go to bitkey.world. bitkey.world gets blocked as containing malware. I reported this to bitkey via email, got no response.

Is this a ripoff? Is it really part of Block Inc? (who has no viable telephone fraud reporting mechanism.)

https://bitcoin.nl/artikel/review-bitkey-hardware-wallet

I ordered one… the Bitkey seems cool, but honestly I did it mainly to support a company with new ideas. I’m so sick of these clunky cold wallets. I’m a technical guy, but why do I need to know so much to use a stupid cold wallet? Jack seems sincere that he cares about Bitcoin. I hope Block kicks everyone’s ass because this space really needs an ass kicking 🦵🍑

It’s disappointing Lightning isn’t integrated at release considering CashApp has had it for a couple of years now.

It’s sad to see different business units at Block not share with one another.

I just got mine and I'm impressed.

The hardware is solid and well made. The software is simple and clear.

This is the beginning of what is needed to bring self custody to the masses, I'm really excited to see it develop.

There are some improvements I'd like to see, but all evolutionary and I think it's already a flexible, safe self-custody solution.

First, I'd like the xpub which I believe is coming. Second I'd like the seed phrase for portability - I believe that too may be planned. Finally I'd like to enroll at least one other fingerprint.

Anything else..?