Hardware wallets

Bitkey

Hardware wallet with a fingerprint reader and a phone app that form a 2-of-3 multisig with Block, so losing one piece does not lose the money.

Official Bitkey websitearound €230

What is Bitkey?

Bitkey is a Bitcoin-only wallet made by Block. It is a small hardware device used together with a phone app, and the wallet is a 2-of-3 multisig: one key lives in the hardware device, one in the app, and one on Bitkey’s servers. Any two of the three are needed to move bitcoin. Bitkey does not use a seed phrase; recovery works through the keys instead. The maker’s website lists the device at €230. The trade-off is that recovery involves Bitkey’s own process and server, which a classic seed-phrase wallet does not need.

Key facts

Type
Hardware
Made by
Block, United States
Works with
Android, iOS
Keys
You hold the keys2-of-3 multisig: your phone, the Bitkey device and a recovery key held by Block. Block alone cannot move your coins.
Bitcoin-only
Yes
Source code
Partly openCode is public under MIT with the Commons Clause.
Lightning
No
Multisig
Yes
Experience
Beginner
Price
around €230

Details last checked on the maker's website: . How we compare

Good for

  • Beginners who fear losing a seed phrase more than trusting a company

Watch out

  • Recovery after losing a device relies partly on Block's servers and processes
  • No classic seed phrase, you depend on Bitkey's own recovery flow

Bitkey features

Three keys, two needed. The hardware key is generated and stored offline on the device, the app key is stored in the Bitkey phone app, and the server key is held on Bitkey’s servers. Moving money and changing security settings require two of the three keys. Fingerprint and screen. The device unlocks with your fingerprint and has an OLED touchscreen, so you can check what you approve on the device itself. It connects to the phone over NFC, and the specifications list a battery that lasts up to a year on a single charge and a USB-C charging cable. Phone app. The app needs iOS 15.2 or later, or Android 7.0 or later with NFC. Recovery without a seed phrase. If you lose the phone, you use the hardware key and the server key to restore the encrypted app key backup from your cloud account. If you lose the device, the app key and the server key set up a new one, and Bitkey describes a 7-day security waiting period with notifications. If you lose both, the website points to Recovery Contacts. Inheritance. The website lists integrated inheritance as a feature. It gives no details on the product page, so read Bitkey’s own description before you rely on it.

Security and custody

Bitkey states that it cannot move your bitcoin without you, because it holds only one of the three keys and two are needed. It also says that you can move your bitcoin to another wallet at any time, since the wallet uses standard Bitcoin protocols, and that the encrypted backup of the app key in your cloud account cannot be read by Bitkey. The source code is published on GitHub. The LICENSE file in the repository is the MIT licence, while Bitkey’s February 2024 announcement describes the code as MIT with the Commons Clause, which limits use in commercial products or services; read both before reusing the code. The repository says the code is available for auditing, that it is a published copy of Bitkey’s internal development repository, and that published code may differ from what runs in production. Because there is no seed phrase, keep in mind that recovering after a loss depends on Bitkey’s server key and on its recovery process.

Bitkey alternatives

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Bitkey FAQ

Does Bitkey use a seed phrase?

No. Bitkey says the wallet does not use a seed phrase. Recovery works through its three keys instead, as described on the maker's website.

Can Block move my bitcoin?

Not on its own. Bitkey says the company does not have enough keys to control your funds: its server holds one of three keys, and two are needed to move bitcoin.

Which phones work with Bitkey?

According to the maker's specifications, the app needs iOS 15.2 or later, or Android 7.0 or later with NFC.

What happens if I lose my phone or my Bitkey?

If you lose the phone, the hardware key and the server key restore your app key backup. If you lose the Bitkey device, the app key and the server key set up a new device, with a 7-day security waiting period. If you lose both, Bitkey points to Recovery Contacts.

Guides

Sources

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