What is Bitkey wallet and how does it work?

Bitkey wallet is a bitcoin-only, self-custody wallet built by Block, Inc. that pairs a phone app with a small hardware device and a server key. Because it is set up as a 2-of-3 multisig, no single key, including the one Block holds, can move your bitcoin alone. The design aims to remove the need for users to write down and guard a seed phrase.

How does Bitkey 2-of-3 multisig work?

A Bitkey wallet has three private keys. The mobile key lives in the app on your phone and can sign payments up to a spending limit you set. The hardware key lives on the Bitkey device, which has no screen, unlocks with your fingerprint and talks to your phone over NFC when you tap it. The server key is held by Bitkey.

Any two keys together can sign a transaction. Everyday payments below your limit use the phone plus the server. Larger payments, limit changes and security settings need the hardware device. Bitkey says its server key cannot sign above your limit or approve recovery on its own. If you are new to the idea, our guide to multisig wallets explains the general model.

How does Bitkey wallet recovery work?

Recovery depends on which key you lose:

• Lost phone: install the app on a new phone, sign in to the same iCloud or Google Drive account that holds the encrypted mobile key backup, then tap your unlocked hardware device.
• Lost hardware: start recovery in the app. Bitkey applies a 7-day security waiting period and sends SMS or email alerts before you pair a new device. Trusted contacts can shorten this.
• Lost both: trusted contacts you set up in advance verify you with a code, after which you restore the mobile key from the cloud and replace the hardware.

Bitkey also says you can withdraw your bitcoin to another wallet if you can no longer use the app. Setting up contacts before anything goes wrong matters, since recovery without them is much harder.

Is the Bitkey wallet app open source?

Block publishes the Bitkey firmware, Android and iOS app code and server code on GitHub under the MIT license. The repository says the code is shared for auditing purposes and that Block is not accepting outside contributions. That is more transparent than a closed product, but you still rely on Block to build and ship the app you install.

What does Bitkey add for inheritance?

In November 2024, Bitkey announced an inheritance feature that lets you name a beneficiary. When that person files a claim, a six-month waiting period starts, and the owner gets alerts and can cancel it. Block said the feature would reach all customers in January 2025. For wider planning, see what happens to your crypto when you die.

As of November 2026, Wikipedia lists Bitkey as available in the US and more than 95 other countries. Keep in mind that Bitkey is a hardware wallet setup that still depends on a company server for some features, which is a trade-off compared with fully independent signing devices.