What happens if customers end up with a bunch of small UTXOs over time? Does the Bitkey app allow customers to send multiple UTXOs to themselves to consolidate them?
cash app and similar exchange companies use batch payments for it's users to withdraw bitcoin on chain, something like this:
https://mempool.space/tx/99cad6409f59e3e7ee6065bb807e358288a3f708fbe666605eea64e7a6f1b394
the fee is paid by cash app and it calculates that the cost of the "free withdrawal" service, is paid for by the purchase fees and customer loyalty.
So the thing that is different here is not the bitkey, it is the 100k+ withdraw service policy from the cashapp exchange.
Discussion
It appears that is trying to be the most easy to use and convenient device...
https://bitkey.world/en-US/how-it-works
https://vid.puffyan.us/watch?v=ed4GixWVfSQ
Go with Coldcard if you are able. Jade for cheaper alternative and trezor (bitcoin only firmware) for ease of use.
I guess the beautiful device is a replacement for your leather wallet .. instead of stuffing 500 bills in back pocket , you would keep five hundred dollars in bitkey ..
As more merchants start accepting #Sats , in future updates , you would probably pay bills directly with #NFC enabled #bitkey .. good way to get rid of smart phone :-) .. watchout #Apple :-)
For now , it doesn't look like a device to store your life savings :-) .. #bitcoin .. must I say it feels good to carry on person ! #Block has done good on design from desirability standpoint ..
But that is my initial read based on the review above .. I would do more research ..and update ..may be a more detailed note !
But Bitkey is not a Lightning wallet; it only supports on-chain payments. It’s only suitable for purchasing expensive items like cars or houses.
I’m still curious to know whether Bitkey customers can consolidate small UTXOs. #asknostr
I doubt it
You are right . There is no option to send bunch of txns back to yourself , but it does have an option to connect to a custom electrum server under advance tab .. my be that's the solution ..
Yes .. you are right .. currently #lightning isn't supported on #bitkey ..but their documents say they are working on it .. if they do it , I guess , they would also enable Square card readers to scan the bitkey directly .. that appears to be the main play here .. you would carry a bitkey in lieu of a fat leather wallet .. it would work globally ..even without cellular network or wifi .. Total financial freedom from cell phone ..
Interesting, yes all of this might work by staying within the cashapp/block company ecosystem.
Which I think is a legit usecase .. in a way #Block isnt competing with hard wallets designed purely from custody stand point .. neither are they competing with lightning wallets on phones or web ..
They are choosing a middle path (probably ) targeting their merchants on #Square and p2p fiat users on #cashapp .. through a beautiful stone leather wallet :-)
Would be crazy to see them integrate nostr.
Become a nostr signing device.
Login with nostr on the app and have your npub.cash waiting for you.
Create recovery quorums with nostr's web of trust.
Now that I have better understanding of your question - utxo consolidation ; I don't see any such options in the #bitkey app ..
However , it allows you to connect to a custom electrum server .. I guess that would let you consolidate the UTXOs ..but I am not sure ..