i don’t think the current bitkey has the right security architecture. i have the device and i’ve been playing with it for the past few weeks now. i’m comfortable putting 0.1 btc on it, but i can’t say the same for 1 btc. it comes back to the same point: bitkey just doesn’t feel like full self-custody.
the key issue is that one key sits on the phone and is easily accessible to bitkey to spend funds, which is exactly why i’d never keep more on it than i can afford to lose. no key should live on my phone. if bitkey came with two pairs of hardware instead, and the third key still stayed on their server, i’d feel way more comfortable.
if you lose your hardware, you can use your phone together with the key on bitkey’s server to set up new hardware, which means the funds can be moved without your hardware device. in case this happens, i know there is a waiting period and some other security protocols, but the fact that it’s possible makes me question the device. doesn’t matter how that happens, as long as it can happen and that’s the core of the problem.
