I'm sure you have a number of friends and family members who you have convinced to buy bitcoin throughout the years who are still holding their bitcoin on an exchange. They do this despite the fact that you have explained the risks associated with keeping your bitcoin on an exchange; the exchange can get hacked, if managed by bad actors they can overtly steal your bitcoin, during times of high price volatility some exchanges are notorious for being unreliable and may prevent you from withdrawing, and a slew of other horrors.
One of the main reasons that the friends and family members you got into bitcoin don't take their bitcoin off the exchange is because the thought of taking full control over bitcoin is daunting.
"What if I don't set my wallet up correctly?"
"What if I lose the back up?"
"It seems pretty risky to keep all of my bitcoin in a wallet I store in my house."
These are all valid questions and concerns that everyone who takes custody of their bitcoin should consider. Many have taken on the responsibility of acquiring hardware wallets, setting them up, securing their seed phrases and setting up single and/or multi-signature wallets that allow them to secure their bitcoin properly. However, for many, the technical know-how and physical operational security necessary to properly set up and secure bitcoin is still a step too far.
Enter, Bitkey. Bitkey is a self-custody bitcoin hardware wallet that offers several benefits for users looking to securely store and manage their bitcoin with simple and straightforward UX at the heart of the product:
Three-Key Security: Bitkey utilizes a 2-of-3 multi-signature system for enhanced security. This means:
This setup ensures that no single point of failure can compromise your bitcoin.
Mobile App Integration: Bitkey combines the security of a hardware wallet with the convenience of a mobile app, allowing for easier management of your bitcoin.
On-the-Go Spending: Users can set up spending limits and use the mobile app for transactions without needing the hardware device present.
Partner Exchanges: Bitkey has partnered with top exchanges like Cash App, Coinbase, and MoonPay to make it safe and easy to buy or transfer your bitcoin directly from the Bitkey app. You can even see a detailed price comparison across the exchanges so you always get the best rate available
Cloud Recovery: If you lose your phone, you can recover your mobile app key from Google or Apple Cloud storage.
Hardware Replacement: If you lose your hardware wallet, you can easily replace it and regain access to your funds after a 7-day waiting period.
Social Recovery: In case you lose both your phone and hardware wallet, Bitkey offers a social recovery option as a last resort. You can invite a friend or family member to be one of your Trusted Contacts. Should you ever lose part of your wallet, your Trusted Contact will help verify your identity making recovery simple, easy, and secure.
User-Friendly Design
Sleek Hardware: The Bitkey hardware wallet is designed to be visually appealing and user-friendly.
Easy Setup: The wallet is designed with beginners in mind, making it accessible for those new to bitcoin. No need to back up seed phrases or roll your own private key entropy.
Full Control: Bitkey gives users complete control over their bitcoin without relying on third-party exchanges or custodial platforms. By combining robust security features with user-friendly design and multiple recovery options, Bitkey aims to make bitcoin ownership both secure and accessible to a wide range of users. Particularly those who are currently not comfortable with the hardware wallet options on the market today that demand more technical expertise.
