BitKey security model:

- They control both the server key and the app that manages the app key, meaning your key isn't cryptographically protected in case the company goes rogue, captured, or breached.

- The physical device doesn't have a screen, meaning the app can have you sign literally any transaction it wants. You just trust them to be honest with spending coins. From a security point of view, it's essentially a glorified software wallet, not a hardware wallet.

They present their product as a security improvement while the 2-of-3 voodoo is essentially concealing a clear regression. (scam comes to mind here)