Nostr Web Client

The opposite of what Bitcoin is about. So why would you use it when there are options that do not lock you in. 12 words and a passphrase are not THAT complicated to backup.

⚡A C V⚡ 1mo ago 💬 1

It depends on who you plan to leave it to, and their capabilities. If you have kids and they're too young, or your spouse is not confident and so not comfortable, you want some UX solution, some corporate assistance.

This isn't for everyone but it is a tradeoff that is acceptable for alot of types of people and it's not a bad tradeoff, not really. We're not all the freedom fighters and underground anarchists we like to think we are.

The loss or privacy is the most significant issue. It doesn't feel like holding your own keys, it feels like custodial Bitcoin. That's weird if you've been using hardware wallets before now, but it's not inherently bad.

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Discussion

Anita 1mo ago 💬 1

It’s just important to know that you’re depending on the device and manufacturer. I see people in African countries getting Bitkeys gifted, they will not be able to replace the device without high costs as they are not distributed in their countries. And then they can’t access their BTC.

⚡A C V⚡ 1mo ago 💬 1

You're right but to be perfectly clear, they can spend within the set limits, using the phone part with the cloud part. That is a recovery scenario that is well defined and part of the trade-off.

⚡A C V⚡ 1mo ago 💬 1

I believe there is also a like 6 month wait period option, to unlock the whole balance, if spending within daily limits is too restrictive. These are just company policies, you can spend the entire balance, theoretically, with the phone part plus the Block server-side part.

⚡A C V⚡ 1mo ago

Nope, I was wrong, I was thinking of the Delay and Notify part of buying a new hardware device.