Jack Dorsey, billionaire founder of Block (formerly Square), has announced significant upgrades coming to Bitkey, the company's self-custody Bitcoin wallet. In a series of tweets and a detailed developer blog post, Dorsey revealed that new privacy features, security enhancements, and transaction verification tools will roll out starting next month.
Key Upcoming Features for Bitkey Wallet
1. Enhanced Transaction Verification
- A software-based transaction verification system will launch by mid-2024, allowing users to confirm BTC movements securely.
- Block is exploring hardware-backed verification and an optional cold wallet setup for advanced users, with technical proposals slated for summer.
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2. Secure Fingerprint Reset Mechanism
- Coming in May 2024, this feature will enable users to reset biometric authentication without compromising wallet security.
3. Privacy-Centric Upgrades (Near-Term)
- Private Wallet Balances: Collaborative custody without exposing transaction history or balances—expected mid-2024.
Private Purchasing: Buy Bitkey devices anonymously via:
- In-person pickups at U.S. locations (no home address required).
- Bitcoin payments (launching in coming months).
Why These Updates Matter
Bitkey’s focus on privacy and user control aligns with growing demand for non-custodial crypto solutions. By blending ease of use with robust security, Block aims to bridge the gap for mainstream Bitcoin adoption.
FAQ: Bitkey Wallet’s New Features
Q: When will transaction verification be available?
A: The initial software version launches by mid-2024; hardware options are under development.
Q: Can I purchase Bitkey with Bitcoin?
A: Yes—this option will debut alongside anonymous ordering in the coming months.
Q: How does private wallet balancing work?
A: It hides your BTC holdings and transactions while maintaining Block’s custody safeguards.
Q: Is fingerprint reset safe?
A: Absolutely. The May update ensures biometric resets don’t create security loopholes.
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