It can recover your wallet using "trusted phone contacts".. So they keep your keys?
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Not your wallet keys but a different set of keys. See the Social Recovery section https://bitkey.build/content/files/2023/11/Bitkey-Recovery-Features.pdf
No, they give block (who keeps your keys) authority to migrate your wallet to new keys.
Not your keys, not your Bitcoin.
If it were tremendously useful for trading I might put a few sats on it, just for throwing around money. Like a bank.
But for my BTC savings, I'll keep my own keys.