With our Self-Custodial Wallet for Automated Payouts we introduced the API Key V2. If you're wondering whether you should upgrade your API Key V1 to V2, you should understand their main differences.
Purpose and Use
API Key V1
API Key V1 is straightforward, mainly for receiving transactions within BlockBee. It's a basic key that gives you access to our API, perfect for straightforward payment receiving.
API Key V2
API Key V2 is about going beyond receiving. If you're looking to automate sending payments out to multiple addresses, V2 is designed for you. It's ideal for users managing platforms or services requiring regular fund distribution.
Security and Recovery
API Key V1
API Key V1 is secure yet simple. If you need to reset it, there's no risk of losing funds since it doesn't directly handle your money, just access to the API.
API Key V2
API Key V2 ups the security with advanced cryptography, safeguarding your ability to control funds directly. And with the recovery key feature, you have a safety net in case you lose your main key, ensuring you can always regain access without losing funds.
Upgrading Considerations
Upgrade to API Key V2 if automated payouts are essential for your operations, benefiting from the added security and flexibility it offers.
Stay with API Key V1 if you do not wish to use our automated payouts feature.
Comparison Table
| Feature | API Key V1 | API Key V2 |
|---|---|---|
| Primary Use | Receiving payments | Receiving + Automated payouts |
| Security Level | Standard | Advanced cryptography |
| Recovery Options | Simple reset | Recovery key feature |
| Fund Control | No direct control | Direct fund control |
| Best For | Basic payment receiving | Platforms with automated distributions |