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Jack Dorsey’s Block announced today that it is releasing its hardware Bitcoin wallet, Bitkey, in 95 countries. However, users can only preorder the device at the moment. The device will cost $150. Block’s pitch to Bitcoin holders is that using a self-custodial crypto wallet is more secure than keeping their crypto assets in custodial wallets or exchanges.
Block said that it uses its server-side key only to authenticate transactions to move Bitcoin when they just have their phone and to recover their account when their device or phone is lost. The company said the server-side key will also be able to handle the scenario when a customer loses both the phone and the hardware wallet. Recovery was recently detailed in a blog post by the company. “People holding Bitcoin on exchanges and custodial platforms today are often hesitant to move to self-custody wallets because they are nervous about making mistakes, especially with the historical requirement that you must safely guard 12 or 24-word long passwords called ‘seed phrases,’” Lindsey Grossman, Business Lead for Bitkey said in a statement.
https://techcrunch.com/2023/12/07/block-releases-bitkey-hardware-wallet-to-95-countries-kinda/
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