Search on TFTC
Bitkey: Setting Up Your Own Path to Bitcoin Self-Custody

Bitkey: Setting Up Your Own Path to Bitcoin Self-Custody

Dec 17, 2024
bitkey

Bitkey: Setting Up Your Own Path to Bitcoin Self-Custody

Why Self-Custody Matters

Holding bitcoin on an exchange may feel convenient, but it also means placing trust in a third party. When another entity holds your keys, they control your bitcoin—and that introduces risk. Exchange hacks, bankruptcies, or sudden account freezes can lead to severe losses. Taking self-custody puts you in charge, allowing you to secure your funds independently and protect your financial freedom. Bitkey is designed to simplify this process, making it accessible even for newcomers.

Before You Start

To fully embrace self-custody with Bitkey, you’ll need a Bitkey hardware device and the Bitkey mobile app. Remember, before checkout, use the code “TFTC20” to receive 20% off your hardware device. Once you have your hardware in hand, setting up your Bitkey wallet is straightforward.

Step-by-Step Setup Guide

  1. Acquire Your Hardware Device
    • Visit the official Bitkey website and place your order.
    • Apply the promo code “TFTC20” at checkout to enjoy a 20% discount on your device.
  2. Download the Bitkey App
    • Open your smartphone’s app store.
    • Search for “Bitkey - Bitcoin Wallet” and tap “Install.”
    • Launch the app once the download completes.
  3. Pair Your Hardware Device and Phone
    • Open the Bitkey app and follow the on-screen prompts.
    • Power on your Bitkey hardware device and tap it against the back of your phone when prompted.
    • Use your fingerprint on the Bitkey device for secure authentication.
  4. Initialize Your Wallet
    • The app will guide you through initial setup, including configuring your 2-of-3 multisignature keys.
    • One key will reside on your phone, one on your hardware device, and a third key is safeguarded by Bitkey for recovery purposes.
  5. Explore the Interface
    • After pairing, take a moment to learn the layout.
    • The app’s main screen allows you to view your balance, send or receive bitcoin, and manage recovery options.
    • Setting up preferred currency units or enabling notifications is simple within the settings menu.

Using Bitkey for Everyday Transactions

  • Receiving Bitcoin:
    • Tap “Receive” in the Bitkey app to generate your new bitcoin address.
    • Copy or scan the address and forward it to anyone who wants to send you bitcoin.
    • Watch as your bitcoin appears after the network confirms the transaction.
  • Sending Bitcoin:
    • Press “Send” and enter the recipient’s address.
    • Input the amount you’d like to send.
    • Confirm the transaction on your phone and authenticate with the hardware device.
    • Finalize and broadcast the transaction to the network.

Recovery Made Simple

Bitkey’s 2-of-3 multisignature setup ensures that losing your phone or hardware device doesn’t mean losing your bitcoin. With built-in recovery options, including a trusted third key and cloud-based tools, regaining access is straightforward. Bitkey’s approach eliminates the anxiety that often comes with complex seed phrases or single-key wallets.

The Value of Ownership

By securing your bitcoin independently, you maintain true control over your financial assets. This level of autonomy ensures you are not reliant on centralized platforms or vulnerable to sudden policy changes and outages. With Bitkey, you blend security, convenience, and flexibility, putting your bitcoin exactly where it belongs—in your hands.

Ready to Begin?

Embrace the freedom and responsibility that comes with holding your own keys. With Bitkey’s easy-to-use setup, multisignature protection, and recovery tools, stepping into self-custody becomes a natural and empowering choice. Apply “TFTC20” at checkout for 20% off and start building a more secure future with bitcoin right now.

Current
Price

Current Block Height

Current Mempool Size

Current Difficulty

Subscribe