pull down to refresh
20 sats \ 0 replies \ @moneyball 2 Dec 2023 \ parent \ on: Bitkey hardware signing device - Sharing our Recovery Design bitcoin
Self custody is a spectrum. At one end of this spectrum is the 100+ page Glacier Protocol. But of course few humans have the patience or dedication to successfully implement the Glacier Protocol. So many early bitcoiners have opted for a Trezor or Coldcard because of a superior UX over the Glacier Protocol. But I don't hear people criticizing those products because of their relatively poor security to Glacier. That's because people recognize UX can lead to better overall safety.
Designs like Bitkey are further along the spectrum offering tradeoffs to what we're accustomed to with existing hardware wallets. There are definitely benefits. Two of the biggest are:
-
It avoids opening pandora's box with "what to do after I write down these 24 words." Most people either don't take protection of that backup seriously enough or they do recognize how fraught with risk it is and decide not to self custody because they're worried they will mess up. This is completely avoided with a design like Bitkey while still maintaining self sovereignty of funds with the Break Glass option.
-
It also has superior recovery options. Again, many people who have actually become convinced to self custody (after fiascos like FTX) still fear doing so not because they're worried about theft but they're worried about making a mistake themselves. The recovery options in the Bitkey design are substantially better than anything that exists in the market today.
I fully expect many aspects of the Bitkey design to be copied in other products in the market, elevating the self custody experience for even more future self custodied bitcoin users.