The crazy bitcoin security side of me can’t really use bitkey in its current state but damn it’s cool and easy to use. Feels like a more streamlined version of nunchuk. I wish it was a bit more transparent. Right now it’s completely opaque, you can’t see the multisig wallet descriptor. The rock could just be a fancy blinking light with for all i know.
It’s clearly an all-in-one solution. It doesn’t seem that it’s intended to be used as a standalone signer. I would totally use it if I could use it that way. Maybe thats coming in the future.
Right now you have to trust that the on-device key, bitkey, and their server is all securely separated. The whole point of multisig to me is to have compartmentalized trust, but bitkey seems to be using it mainly as a recovery scheme if you lose your device, since there is no seed phrase import step
I was at least able to verify that it is using multisig, but was only able to by sending a transaction, otherwise it’s all a black box and I have to trust them.
One thing you can’t deny is that if you trust that they have implemented everything the right way, it’s a very slick and simple solution for most people.
Would I recommend this for people looking to store their life savings? Probably not, at least not until it becomes more transparent.
It would be nice to at least have access to your own multisig seeds..
Thx for sharing 😊
I currently find it difficult to give people just one signer to recommend for their life savings. Even though multivendor multisig can be a real challenge, especially for people who don't want to deal with it
It's really a matter of how much BTC you entrust to it vs. the convenience it brings. Right now, for me, that's not much, but it is a very slick product and has an UX suited or non-technical people. I expect that will change in the future.
Yeah I can see myself maybe using this as a checking account like I’m currently using nunchuk for. But with nunchuk I have the ability to use any additional signing device, like a coldcard for verifying balances on screen. nunchuk doesn’t have as nice ux but its a lot more flexible. Since im a hww nerd I like the additional flexibility, and hope I can use bitkey in nunchuk one day.
Yea this device is more for folks that are intimidated by cold cards and are leaving their coins on Coinbase, Kraken, etc etc.
Yes its perfect for those people
Really appreciate you sharing your opinion on this. I've been thinking about purchasing.
For normies, and good for them. Not for all your wealth.
It’s good but newbs won’t get the try aha! Moment going to cold storage with truly taking possession of the keys themselves/
Using Bitkey makes you feel like you need to trust the typical corporation
This is definitely not something where anybody would hold their savings for 10 years, but might be good for travel while leaving the device at home (if mobile limit is higher and lightning is implemented). Also, quite nice for stacking and trading.
It's a great bridge. Bitkey doesn't compare to cold card or bitbox, but for the new class of bitcoiners it's fantastic to get them off zero and off exchanges. So many people would keep using coinbase without it.
You can’t see the descriptor? 100% deal breaker. That’s crazy. Thanks for sharing
If a no technical person had their life savings at Coinbase, would you recommend they get their bitcoin off the exchange and secure some of their bitcoin with bitkey?
It sounds like you're exploring the intricacies of #Bitcoin security and the various tools available for managing your digital assets. Bitkey does indeed offer a streamlined user experience, but it's understandable that you have concerns about transparency, especially when it comes to managing multisig wallets and trusting third-party services.
Having the ability to use it as a standalone signer would provide more flexibility and control over your funds, so it's possible that such functionality could be developed in the future. In the meantime, it's important to carefully consider the trade-offs and risks associated with using any third-party service for managing your Bitcoin holdings, especially when it comes to security and trust.
Verifying the use of multisig is a good step toward understanding how your funds are being managed, but ultimately, the level of trust you place in the service provider will depend on your own risk tolerance and security requirements. Keep exploring and stay vigilant in protecting your assets!
Agreed. Bitkey design clearly optimized for usability and I think they swung a bit too hard in that direction. Too many security concerns to be used for large savings. The mobile phone in particular is highly vulnerable. An attacker would know they can get to an owner’s bitcoins through the phone and the phone alone (just by waiting out the Delay and Notify protocol). If popularized, it will incentivize kidnappings.
I wrote a full review of Bitkey here: https://nunchuk.io/blog/bitkey
didn’t know you were here! love nunchuk! Will read
I’ve been lurking on Damus for a while 😛 Great progress on UI/UX ! Cheers.
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