Jack Dorsey and his company Block, Inc., which is the parent company of Square, Cash App, and Spiral, are doing a lot of building around Bitcoin — they released an advertisement of their new product called “Bitkey,” and can now up for pre-order on their website.
According to Bitkey’s official X page (@Bitkeyofficial), “We’re excited to announce that people in 95+ countries can now pre-order Bitkey! Bitkey is the self-custody bitcoin wallet with an app to send on the go, hardware to protect your savings, and recovery tools in case you lose your phone, or hardware, or both.”
While BitKey hardware wallets begin reaching pre-order customers, expected shipping dates will be in early 2024 and developments and updates are expected for both the Bitkey’s hardware and software functionalities.
Read: Jack Dorsey To Lead $6.2M Investment In Decentralized Bitcoin Mining Pool OCEAN
About Bitkey
The Bitkey wallet is made of a mobile application, a hexagonal shape hardware device, and a set of recovery tools that can be used to recover users’ assets in case they lose their hardware wallet or phone.
Bitkey began development in 2021 by Block Inc. (formerly Square), and was beta tested in 40 countries in June 2023 along with partnerships from Coinbase and Cash App.
Read: Twitter Co-Founder Jack Dorsey Believes Bitcoin Will Replace U.S. Dollar
The Importance Of Self-Custody
The crypto hardware wallet industry is working very hard to create better custody solutions, and better ways to track your private keys where it is not tedious, where you are not sweating bullets trying to remember all your password phrases and all the wallet addresses and so forth.
This is going to allow crypto to be adopted by the next couple of billion people. But these companies have to make it easy and frictionless. Not everyone is tech savvy, and has to be easy enough where they can maybe have it through their current phone and apps and so forth.
And look, banks are going to offer crypto custody services, so I think that is coming as well.
Read: Jack Dorsey’s TBD Unveils Revolutionary Web5 Toolkit For Decentralized Internet Applications
Final Thoughts
Am I going to preorder it? No, I am going to let the first versions go out and see if there are any bugs. I never trust version 1.0 of anything because I know there are going to be bugs and I do not want to make any mistakes with my crypto.
So I am going to wait for version 2.0, let them get all the bugs and all the issues out. Let’s let a couple of hackers try to take a whack at it — and if they are unsuccessful, that is a good sign, right? You want to have something that is tried and tested.