Founder of Twitter to Release Cryptocurrency Wallet Soon - Where to Buy It
Date: 2023-12-08 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Block, the company co-founded by Jack Dorsey, is set to make waves in the cryptocurrency world with the release of their new hardware wallet called Bitkey. This wallet is designed for secure storage of Bitcoin and is expected to be available for purchase starting in 2024 in over 95 countries. Bitkey comes as a complete package, including a mobile app, a distinctive black hexagonal hardware wallet, and tools for recovering private keys in case of loss.
"We believe that in the future, users will increasingly seek to independently store their cryptocurrencies, as it provides peace of mind, reduces dependence on any single organization, and allows people to have control over their own bitcoins. Bitkey is a simple and secure way for people with varying levels of experience with Bitcoin to take control of their finances," said one of the wallet's developers, Thomas Templeton.
The security system of Bitkey is built on the use of three private keys, with two of them stored on users' devices and the third on the company's server. This mechanism allows customers to avoid the need to remember long passwords while maintaining a high level of wallet security. The company itself does not have access to users' funds.
In May 2023, the popular cryptocurrency wallet manufacturer Ledger faced criticism from the crypto community. The company announced a service for recovering access to digital assets stored on their wallets, where the wallet's seed phrase is split into three parts and sent for storage to Ledger's partner companies. Users were upset by the idea that wallet keys could be exposed to anyone other than their owners, contradicting the concept of "cold" storage, which Ledger devices were always promoted for.
In late November 2023, Jack Dorsey led an investment seed round in the OCEAN project, which aims to revolutionize the Bitcoin mining industry. The startup's goal is to eliminate intermediaries in the blockchain by decentralizing mining pools and providing direct payments to miners.
