Jack Dorsey hacks self-managed Bitcoin Wallet with key recovery tool

Jack Dorsey's blockchain has announced the full global rollout of Bitkey – the company's self-managed Bitcoin (BTC) wallet – to empower HODLers to take full control of their coins.

Dorsey posted on X (formerly Twitter) on Thursday, “Move your bitcoins from the currency,” with a link to Bitkey's website, which currently sells the wallet for $150.

Bitkey's unique security model

According to a press release from Block on Thursday, the Bitkey release is available to ninety-five countries on six continents, including the United States, Canada, Argentina, Brazil, Chile, El Salvador and others.

The wallet product suite includes a mobile app for users to manage their money and biometrically secure hardware to store private keys.

As a “multi-signature” wallet, moving coins from Bitcoin requires the consent of two of the three key holders: the hardware device, the user's phone, and the blockchain itself. This security model is intended to protect users if they lose one or both keys.

For example, if a user loses or replaces their phone, they can still use Bitkey's cloud backup service to find their mobile keys. Backups stored on the Bitkey cloud are encrypted, and can only be decrypted using a key stored in the client's hardware device.

Alternatively, if a customer loses their hardware wallet, they can initiate a built-in fund recovery process within their app. After the security period, Bitkey will send users a new device and work with the customer to transfer their old balance to their new keys.

Even if both the user's hardware wallet and phone are lost, they pre-set “trusted contacts” to help Bitcoin recover their mobile and hardware keys to verify their identity.

Making self-preservation possible

According to Bitkey Business Lead Lindsey Grossman, the wallet is designed to make people feel more secure about protecting their keys and be more willing to withdraw their coins from centralized exchanges.

“People often felt stuck: they worried about the lack of control they might have on a holding platform or exchange, but they also worried about the unforgiving product practices of other self-sustaining wallets historically,” she said.

Dorsey has previously supported several Bitcoin-related initiatives to promote decentralization and security in the ecosystem. Last month, he led a $6 million raise for non-custodial Bitcoin mining pool OCEAN.