Ok fellow Bitcoiners I have a question: My wife is not as tech savvy or into the whole self custody thing as I am. I need a multisig setup with clean, easy to use and secure system. I am currently using 2/3 with Nunchuk. It's easier than setting up your own for sure but I still worry about potential complications if am not there. What are people's thoughts on Bitkey? Is it safe? I read their white paper but not sure I can account for all possible threat models and potential loss of keys, company seizure, change of operations to become more hostile etc. Are those real risks?
#asknostr
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Yes they are real risks, but they are not immediate risks.
The magnitude of the risk is this: you have to learn/figure out how to set up a real multisig wallet and then also be prepared to follow some potentially technical instructions to get the funds into a new wallet you have created.
You should also keep an eye on the company. The company may alert you when things are getting wavy through app notifications, but I wouldn't rely on it.
Get it set up, and then take your time but start building up your shared knowledge of a more self sovereign solution.
Not sure about the multi-sig setup. Best to keep it simple imo. I use Blockstream Jade. Look for BTC only hardware wallets.
security and ease of recovery is the sliding scale. your own multisig is very secure, although inconvenient. bluewallet on your phone is less secure, very convenient. i’m sure you know this already.
bitkey is a good balance with different tradeoffs. you have to figure out where you land on this sliding scale. bitkey as a company disappearing is a real risk, but is it worth it in ease of recovery? for most people i think that answer is yes.