I have been reviewing hardware wallets in general and today, I’m giving you a complete review on the Bitfi hardware wallet, a “ gamechanger” technology developed by Bitfi.
Walking down the memory lane, you will recall that hardware wallets were originally developed to store private keys and keep them offline, keeping them from the reach of cybercriminals.
Even though these regular hardware wallets did the job very well by keeping out external criminals, there’s still the risk posed by personal mistakes, loss of the device, or even fire outbreak.
The Bitfi Knox Hardware wallet does not store your private keys. It is open-source and surpasses other forms of cold storage device.
Follow up the rest of the post to find out why.
Post Summary and Company Overview
Bitfi is a global payments technology company working to encourage businesses and consumers to participate in the digital currency economy.
The company is headquartered in North Carolina, USA, and has its core team all over the USA and other parts of the world.
June 19, 2018, in Miami Florida, co-founder Daniel Khesin and the rest of the team announced that the Bitfi wallet is an unhackable and open-source wallet. It provides support for 11 cryptocurrencies including Monero, wireless setup, and more.
John Mc Afee. a foremost cybersecurity expert and founder of McAfee Antivirus once said: “Of all today’s elaborate and sophisticated methods for making wallets secure, easy to use, surely none is as epic as that of the new Bitfi wallet…….”.
These words, coming from a security engineer as reputable as John McAfee should not be taken for granted. Learn more about McAfee.
To uncover everything about the device, I will do that under the following headers:
- Bitfi wallet in a nutshell.
- Where to get the device.
- How to setup.
- Bitfi wallet Supported Cryptocurrencies.
- Bitfi wallet Vs Regular Wallets.
- Frequently asked questions.
- Pros and Cons.
- Conclusion.
1. Bitfi Wallet In a Nutshell
A Bitfi hardware wallet is a supposedly un-hackable Smartphone-like device that securely stores Cryptocurrencies.
Your private keys are not stored on this device. what it does is to calculate the private keys anytime its user is sending out funds and discards it afterward.
Unlike regular wallets that require some measure of technical know-how to use. The Bitfi wallet is remarkably user-friendly and can be likened to using an ATM machine/sending and receiving emails.
Here is the wallet’s unique feature in a list form;
Device Features
- Dimensions: 6.7cm(wide)x 11.5cm(tall)x0.8cm(deep)
- CPU: Quad-core CPU
- Wifi: 2.4G
- Display: 3.95” touch screen
- Battery: Can last 10 days for an hour charge
2. Where To Get The Bitfi Wallet
It feels good to know that you are free to buy this device from any seller available to you including eBay. Since the wallet does not store any private keys, it is completely useless in the hands of any 3rd party handler.
I will still advise my readers to buy any hardware wallets from the manufacturer to be on the safe side.
The wallet costs $199 which is very high for a wallet that will be competing with already established big guns.
Buy Bitfi from The Official Site
3. How To Set Up Your Bitfi Knox
The Knox is very easy to set up because you don’t have to undergo the stress of downloading and installing any apps. All you have to do is connect your device through Wifi to any computer or smartphone and follow these 3 easy steps;
Step 1
Visit https://www.bitfi.com/knox to set up your dashboard using your computer or smartphone. Then submit your email for verification.
Goto your email and click on the verification link that will be sent to you. This will bring you yo Bitfi wallet login Page.
Step 2
Login to your wallet interface with the information you registered with in step one. Click on SYNC and provide your wallet ID, provided by the device.
Step 3
Set your SALT and PASSPHRASE. This is the most important part of the setup procedure because this is how you gain access to all your funds. You have to be really discreet about going about this.
Bitfi recommends using the Diceware method to set a strong PASSPHRASE. It will take a computer capable of one trillion guesses per second about 27years to guess a 7-word PASSPHRASE that was set using the Diceware method.
This is followed up by an extra layer of security the SALT i.e (your email address, phone number, security number, etc..).
Resubmit SALT/PASSPHRASE to set up your wallet.
So easy, right? Now you can go ahead to use the wallet.
You can even create as many wallets as you wish on this one device, setting a different SALT/PASSPHRASE for every wallet created. This way, all members of the family can use one device and no one can access any other person’s wallet.
you can watch this short video on how to set up your device.
Bitfi Hardware Wallet Supported Currencies
The Bitfi Knox Currently provides support for 11 digital assets and all ERC20 tokens.
You don’t have to download anything or install any app, the wallets automatically update itself once connected to a Wifi source.
You don’t need to download an alternative app to store ERC20 tokens. Any new crypto will automatically be added to your dashboard.
Bitfi Hardware Wallet vs Regular Hardware Wallets
| Bitfi Wallet | Regular Wallet |
| Does not store private Keys (it is completely unhackable, even when stolen and taken apart for forensic analysis, users private keys cannot be retrieved). Provides total security at all time. | Stores private Keys (Cannot be hacked remotely, but when stolen, taken apart and analysed, private keys can be retrieved). Only provides security when kept safe by user. |
| Easy to use and requires no technical skills, users do not run the risk of losing their funds due to personal errors. | Quite difficult to use, users must follow strict protocols or risk losing their funds forever. |
| Does not require backup (when stolen or damaged, users can simply buy another device to instantly gain access to their funds) | Requires backup (if stolen or damaged, funds are lost completely if no backup was made) the backup code is a security risk if it ever falls into the wrong hands. |
| A security phrase is all a user will ever require to access his/her funds (this phrase can be committed to memory and accessed at any time or place with or without the device) with Bitfi, you carry your funds in your head. | Users must carry their devices with them at all time, without this, their funds cannot be accessed. |
| Easy to operate and works wirelessly without connection to any third party computer or device | Difficult to operate and must be connected to computers, applications and other third party software’s to function properly. |
| No security weaknesses. | Some identified security weaknesses. |
| Automatically updates its firmware (users do not need to search, download and install updates and extensions) | Users have to search for, download and install updates and app extensions. |
| Support multiple Cryptocurrencies including Monero | Supports selected Cryptocurrencies. |
| All Cryptocurrencies in one Dashboard. | Complicated. |
| Affordable |
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Frequently Asked Questions
If the device does not store any private keys, how is it able to send out funds to a recipient address?
Well, the process works like this;
In the wallet’s interface, the user selects SEND bitcoins and inputs the recipient’s public key in his bitcoin wallet.
The Bitfi Device receives a Sign In request.
The user inputs his SALT/PASSPHRASE in his device.
The device then calculates the private key and sends an approval to the blockchain network to release the bitcoins to the recipient’s public address provided.
The device connects to the blockchain through discreet nodes that it has been originally coded to by Bitfi. Once the process is done, the private keys are immediately expunged and no trace left. Sounds like a genius, right?
Remember that the Bitfi Knox is open-source. i.e even if the device or the manufacturer no longer exists, you still have control over your funds. All you need is your SALT/PASSPHRASE, go to btknox.org for guidelines on how to calculate your private keys and regain complete access to your crypto assets.
You can watch this 14 mins unboxing video of the wallet.
Pros and Cons
The Knox comes with a lot of goody bags, not much to worry about when using the device.
Pros
- It is open source
- It is incredibly fast
- The device does not store your private keys.
- Very user-friendly.
- You don’t have to download or install any app, the wallet updates itself.
- Supports unlimited Crypto Assets.
- Uses wireless connection, no need for cables.
- It does not require any third-party software to be connected or installed.
- It allows unlimited wallets i.e your entire family members can secure all their crypto investments in one single Bitfi device
Cons
- SALT/PASSPHRASE is easily forgotten or Brutely forced.
- It is not readily available, because of too many demands.
Conclusion
Bitfi’s goal is to make cryptocurrencies easy to use, safe, and secure.
Also, it aims to develop a platform that will enable, inspire, and educate every kind of user around the world on the relevance of the blockchain network and decentralized banking.
Now you have heard it all about the game-changer wallet.
I want to know your thoughts on this Bitfi wallet review.
What do you have to say about the new invention?
Will you be switching devices real quick or you’d rather wait?
If you are already using this device, let me know about your personal experience.
I will be right down in the comments section.
Don’t forget to hit any of the social media icons below to encourage us. We’d be making more posts like this.
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