Payments company Block today shut down its self-managed Bitcoin wallet Bitkey.
The stone-like, hexagonal crypto wallet is now shipping to customers who pre-ordered the product last year.
Bitkey allows users to store Bitcoin and have control over their private keys, unlike online crypto wallets that are controlled by third parties.
The wallet is also integrated with American crypto exchange Coinbase and payment app Cash App – meaning users can use the wallet and its software to purchase the largest digital asset directly across the two platforms.
Block's new Bitcoin wallet Bitkey. Image: Block.
Bitkey integrates with a user's phone, but the company says there are tools to recover the money even if someone loses their device and Bitkey wallet.
The device’s website states: “It is important that our customers have full control over their Bitcoin. This means they can have peace of mind knowing they will never lose access to their money.”
Bitcoin wallets can be complicated – especially cold storage wallets, which keep an investor's cryptocurrency offline. To store digital coins in this way, users must store and protect their private keys – a 12- or 24-word password. If the private keys are lost, the money can also be lost.
Twitter was co-founded by Jack Dorsey. He left the social media giant to focus on bitcoin products and said last year that investors should stay away from exchanges and store their bitcoins themselves.
Today's billionaire Dorsey claims his new Bitcoin wallet is a great way to do this.
Bitkey costs $150 and can only be purchased with fiat currency such as US dollars via a traditional credit or debit card.
Block – formerly known as Square – is the payments company behind the popular mobile app Cash App, which can be used to buy and sell Bitcoin.
Edited by Ryan Ozawa.
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