Bitcoin

Axie Infinity

Synonym has announced that Bitkit, its self-custodial Bitcoin wallet, will now be fully available on iOS and Android app stores.
The launch marks Bitkit's transition from beta testing to publicly accessible, allowing users to manage their Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) transactions without intermediaries.
In a press release shared with Cointelegraph, John Carvalho, CEO of Synonym, said:
<blockquote data-ct-non-breakable="true">
 “Bitkit is more than a typical Bitcoin wallet [...] it’s fundamentally designed to empower users with self-custody. This official release marks a pivotal advancement in our commitment to enabling users to manage their finances independently, away from the risks and restrictions of third-party custodians."
</blockquote>
Related: <a href="https://cointelegraph.com/news/bitcoin-price-set-massive-rally-amid-92-days-consolidation-period" rel="noopener noreferrer nofollow">Bitcoin 92-day consolidation is setting up a ‘massive’ rally — Traders</a>
<h2 id="user-security-and-control">User security and control</h2>
According to the press release, Bitkit will support onchain BTC transactions and the Lightning Network and offer a secure, user-friendly interface.
Over the past year, user feedback has heavily influenced the wallet, helping to guide bug fixes and usability improvements.
By supporting BTC onchain and over the Lightning Network, Carvalho emphasized Bitkit’s ethos by stating:
<blockquote data-ct-non-breakable="true">
 “The maxim ‘Not your keys, not your coins’ holds true for the Lightning Network as it does for the base layer. Our mission with Bitkit is to ensure that users retain full control over their money.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/bitcoin-not-blockchain-synonym-launches-mobile-btc-wallet" rel="noopener noreferrer nofollow">Bitcoin, not blockchain: Synonym launches mobile BTC wallet</a>
<h3 id="custodial-countermeasures">Custodial countermeasures</h3>
An increase in the prevalence of custodial wallets, which require third-party entities to hold user assets, has raised concern among BTC users who value decentralization, as emphasized by Carvalho:
<blockquote data-ct-non-breakable="true">
 “Since the Lightning Network started gaining traction in 2020, custodial wallets dominated the market. This was at odds with the very essence of Bitcoin, which is about eliminating reliance on centralized systems. Bitkit was created to counter this trend by offering a powerful, accessible, self-custodial alternative.”
</blockquote>
Bitkit’s self-custodial commitment means users retain control of their assets without risk of counterparty or censorship risks.
Related: <a href="https://cointelegraph.com/news/memecoins-cornerstone-crypto-galaxy-digital-novogratz" rel="noopener noreferrer nofollow">Memecoins are a ‘cornerstone’ of crypto — Galaxy’s Novogratz</a>
<h3 id="bitkit-roadmap">Bitkit roadmap</h3>
Bitkit is planning “a comprehensive rewrite post-launch,” meaning the developers plan to thoroughly rework the software’s codebase after the initial release.&nbsp;
This “rewrite” process could involve reevaluation and redesigning substantial elements of the wallet’s code, architecture and features.&nbsp;
Such an overhaul would typically focus on restructuring existing code to improve performance, maintainability, and security, adding new features and implementing user feedback alterations.&nbsp;
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Self-custodial Bitcoin wallet Bitkit launches on app stores

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