We built Bitkey to be a device worthy of holding your bitcoin. That means it’s made to protect your funds today and into the future. And now, with inheritance, Bitkey makes your bitcoin a multi-generational asset.
Inheritance allows you to designate a beneficiary of your Bitkey to ensure your bitcoin stays in good hands for years to come. The feature will begin rollout in December of this year, with all Bitkey customers getting access in January 2025.
How it works
Inheritance allows the funds held in a Bitkey wallet to be transferred to a designated beneficiary after the passing of a Bitkey owner. Initially, inheritance will be limited to 1 beneficiary and require beneficiaries to set up a Bitkey wallet, which includes the hardware device and the app.
To set up an inheritance plan, customers will need to designate a beneficiary of their wallet in the Bitkey app. Beneficiaries can be removed or updated at any time, and will not have access to information about the amount of bitcoin in a benefactor’s Bitkey.
A beneficiary can initiate an inheritance claim at any time. To protect against an accidental or fraudulent claim, there is a 6-month waiting period before funds are made available for transfer. During this time, Bitkey will send regular alerts and notifications to the wallet owner letting them know that a claim has been started. The wallet owner can cancel a claim at any time to retain full control of their funds.
After the waiting period ends, the beneficiary will be notified that the funds are available for transfer to their Bitkey wallet.
Inheritance gives customers:
- Peace of mind
Holding bitcoin in self-custody means having complete control of your funds, no one else can touch them. That means a certain level of extra protection, but also added responsibility. Without a plan in place, your funds won’t be accessible after you’re gone. Bitkey inheritance gives you the peace of mind of knowing your investment will continue on in the hands of a loved one.
- Seamless and secure transition
Bitkey was designed to ensure anyone can use it without needing to remember lengthy seed phrases or spending hours setting up a wallet. Inheritance’s set up process extends this experience to beneficiaries, ensuring they can easily access, protect, and manage their inheritance. No complicated legal documents required.
- Control and privacy
Inheritance ensures control and privacy for Bitkey customers until the very end. Beneficiaries are not able to view or access their benefactor’s Bitkey wallet. Wallet owners remain in control of their wallet and their keys, and have the ability to change their beneficiary at any time. The 6-month waiting period for claims protects against accidental or fraudulent claims. And no personal information is ever required.
Whats next
We plan to expand Inheritance in the future, including support for multiple beneficiaries and transfers to external wallets. The team will continue to iterate on the core promise of Bitkey to make bitcoin self-custody easy to use and hard to lose.
