Let’s say I have a Bitkey, and a Trezor with a seed + passphrase. The seed and passphrase are in two different locations on steel plates and I have no concerns about the security of those locations. The locations are known and easily accessible to an heir, and there are clear instructions on how to restore a wallet as part of my Will.
The user-friendly Multisig and inheritance features of Bitkey are appealing, but I still have a few concerns.
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My main one is long-term storage. If Bitkey disappear, and you then discover your Bitkey hardware is broken, what recovery method is there? The Emergency Exit Kit seems to rely on the hardware key.
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Risk of phone exploits, and fact that app key and server key both run on software Block wrote and control.
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No plausible deniability/hidden wallet if victim of a wrench attack. (sounds like it’s something Bitkey are working on)
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The 6-month inheritance delay is quite a long time if a beneficiary were in desperate need of funds. Bitkey’s inheritance is certainly easier for a non-technical heir, but I’m not convinced that explaining how to recover a Trezor using a seed + passphrase is beyond the ability of most people if they’ve been talked through it beforehand.
I appreciate there is no perfect solution and every setup has trade-offs. I’m curious to hear from people who had similar concerns and still chose Bitkey.
Thanks in advance.
submitted by /u/persfin311
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