Many bitcoiners like me like the Bitkey idea. Was the first fan. Was rugged on implementation.
We want users to be safe from vendors
We all ask the same things.
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Replies (16)
I'm interested to see the rest of the discussion 🤔
Why not make a "bitkey" using a Coldcard HSM, Software key on Nunchuk, and a Tapsigner? Literally the same thing except YOU CAN BACKUP THE KEYS.
(Also if we could get that HSM code maintained that would be great).
Hell, Coinkite could even make a bundle with setup instructions. 🤔
We will not have apps or servers with customer information.
No, I meant an HSM that the customer runs themselves with a Coldcard mk4.
(Not the trusted service Bitkey has) A real self-custodial version of the same UX.
“Was rugged on implementation.”
What do you mean by this?
You can export the XPUB and we made a guide about that: https://blockdyor.com/how-to-import-bitkey-xpub-to-sparrow-wallet/
You need a new Bitkey device to restore your coins. Locked in to the manufacturer.
Agree. The big nogo for me is the fact that in case your device gets damaged or lost you need a new Bitkey device to restore your coins. What if you can’t get that delivered into your country? Or the company goes away?
If you don't want to buy another of the same hardware, when you've lost it, you shouldn't make that hardware part of your cold storage operation?
The scenario that would be covered by this is when you have a phone key and the bitkey cloud key, without the hardware. You can spend down within limits, or you can restore things with new entropy generated by some new hardware, which right now only one device exists with all the required features.
Losing the hardware does make you dependent on a specific vendor, yes.
That is the design choice made early on, that you involve a vendor to hold your cloud key and make sure you can recover from the loss of the hardware or phone key, or both, Involving a 3rd party is literally the point.
Ouch. No thank you
The opposite of what Bitcoin is about. So why would you use it when there are options that do not lock you in. 12 words and a passphrase are not THAT complicated to backup.
It depends on who you plan to leave it to, and their capabilities. If you have kids and they're too young, or your spouse is not confident and so not comfortable, you want some UX solution, some corporate assistance.
This isn't for everyone but it is a tradeoff that is acceptable for alot of types of people and it's not a bad tradeoff, not really. We're not all the freedom fighters and underground anarchists we like to think we are.
The loss or privacy is the most significant issue. It doesn't feel like holding your own keys, it feels like custodial Bitcoin. That's weird if you've been using hardware wallets before now, but it's not inherently bad.
It’s just important to know that you’re depending on the device and manufacturer. I see people in African countries getting Bitkeys gifted, they will not be able to replace the device without high costs as they are not distributed in their countries. And then they can’t access their BTC.
You're right but to be perfectly clear, they can spend within the set limits, using the phone part with the cloud part. That is a recovery scenario that is well defined and part of the trade-off.
I believe there is also a like 6 month wait period option, to unlock the whole balance, if spending within daily limits is too restrictive. These are just company policies, you can spend the entire balance, theoretically, with the phone part plus the Block server-side part.
Nope, I was wrong, I was thinking of the Delay and Notify part of buying a new hardware device.