Bitkey Wallet Review: Jack Dorsey's Newest Product

The Bitkey hardware wallet is the latest product from Block, an American technology company founded by Jack Dorsey in 2009. The Bitkey features a very simple setup process which includes the registration for recovery methods, so that if the worst happens and the device is lost or inaccessible, you won't lose the funds held on the wallet.

Overall, the Bitkey seems like an appealing wallet for people new to self-custody, however likely not a great option for advanced users. On a technical level, the wallet functions as a 2 of 3 multisig: one signature comes from the mobile app, the second from the hardware device itself, and the third is a key stored on the Block server. This means if you lose your wallet, funds can be restored by contacting Block. It also means that you are not the only one in control of your wallet, which for many advanced crypto users is a major red flag. The point of a hardware wallet is to keep your seed phrase offline and in your sole control, so eliminating that in favor of giving some of the responsibility to Block feels odd. This sacrifice was made to improve the user experience, however, and it's a meaningful improvement. Industry leading devices like the Ledger require more sophistication to use, and some people may find it too difficult to store their own seed phrases in a secure manner.