Block has implemented a bitcoin inheritance feature in Bitkey
Date: 2025-02-28 Author: Henry Casey Categories: BUSINESS
Block has introduced an updated version of the Bitkey wallet, which now includes a bitcoin inheritance feature. The mechanism is based on dividing the encrypted key into two parts. One of the fragments is used to restore the second in the event of the death of the wallet owner.
The asset transfer process is launched after the beneficiary submits an application. Over the next six months, there is a “security period” during which the user will receive notifications about the incoming request. This period of time helps prevent unauthorized access and gives the owner the opportunity to cancel the procedure.
Upon completion of the established period, the beneficiary gains access to the funds, which he can transfer to his Bitkey account. In this case, the balance becomes visible only after the transfer is completed.
The developers emphasized that since the creation of Bitkey, their goal was to simplify the use of bitcoin and minimize the risks of its loss. The new inheritance feature, they say, helps avoid the complexities that previously arose when transferring digital assets.
It is also noted that this feature reduces users' dependence on centralized intermediaries and relieves beneficiaries from having to understand the complexities of blockchain technology.
Meanwhile, Strategy co-founder and chairman Michael Saylor previously said that he intends to pass on his BTC fortune to humanity, thus following the philosophy of Bitcoin creator Satoshi Nakamoto.
