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Announcement: MYKEY officially Supported the BTC Feature

Hi everyone,

The multi-chain smart wallet MYKEY officially supports BTC, and the public beta of the BTC feature is started. Regarding the creation and implementation of the BTC account and using the BTC feature in MYKEY, please view the following content:

The difference between MYKEY BTC feature and other BTC wallets

  1. Implementation method: MYKEY uses a decentralized account to authorize centralized custody, and all operations can only be performed after the user’s signature, ensuring the security of the user’s BTC assets to the greatest extent.

2. Cost of Transfers: BTC transfers between MYKEY users can be made in a fast way and free fee (the Network Fee).

3. Asset Retrievable: Based on the recovery mechanism of the KEY ID protocol, even if the MYKEY account/device is lost, users can retrieve the BTC.
4. BTC Exclusive Medal: The first 500 users who have enabled the BTC feature (including beta users) can get the BTC exclusive medal provided by MYKEY.

The custody service is provided by compliance agency Hashkey Hub

HashKey Hub is a product of HashKey Group, committed to providing users with one-stop digital asset management services in a simple, easy-to-use, safe, and compliant manner. An App realizing the safe storage, gain, and trade of digital assets. Free transfers amongst Hashkey platform users, and steady income based on regular financial products in mainstream tokens.

How to enable BTC feature

  1. Enter MYKEY, click [Assets] -> [BTC], enter the page, then choose [Bitcoin Custody Account] and Add Account.

2. Because the custodian needs to be responsible for users as much as possible and ensure the security of BTC assets, KYC authentication is required to create an account. Please upload the ID card and handhold a note with Hashkey and the application date and your ID.

  • FAQ
  1. How long does the KYC audit take? What if the submission fails?
    Generally, it takes 1–2 working days for the audit, if the application fails to be submitted, please contact the MYKEY Customer Service: @mykeytothemoon in Telegram.

2. Restrictions on external transfer of BTC
Currently, only the transfer and receipt of BTC addresses starting with 1 and 3 are supported.

3. How much Network Fee is required for transfer?
There is no Network Fee for internal transfer, and it will arrive quickly. $5 Network Fee per transaction is required for external transfer BTC.

4. Why is the balance in the BTC address referred on the blockchain inconsistent with the balance in the actual wallet?
Since BTC is a custody model, the user’s receipt address may not match that on the blockchain. Normally, the balance in the user’s BTC address directly referred to on the blockchain is inconsistent with the balance in the actual wallet.

  • What else to expect

In the next moment, BTC financial management/fixed investment/swap feature will also be launched, BTC financial products can only be bought by enabling the BTC account in MYKEY. Hurry up to enable to experience it!

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