Bitfi, a global payments technology company, this week announced Bitfi Wallet, which they, and a powerful supporter, claim is the first unhackable, open source hardware wallet. It comes with an accompanying dashboard featuring wireless setup and support for many popular cryptocurrencies and crypto assets, including Monero, a fully decentralized private cryptocurrency that has previously never had a hardware wallet solution.
Shortly after making a pre-launch introduction to a few insiders in the blockchain landscape, John McAfee acknowledged Bitfi technology is indeed unhackable, a bold claim that has never before been uttered in the archives of tech history. Mr. McAfee has joined the Bitfi team as the company aims to accelerate adoption of decentralized assets by making interaction with these assets seamless and without risk.
“Of all today’s elaborate and sophisticated methods for making wallets secure and easy to use, surely none is as epic as that of the new Bitfi wallet,” Mr. McAfee said. “Several of my competitors have pioneered innovative methods to protect private keys, but Bitfi pulled out all the stops to ensure that the private key can never be obtained by illicit means. No other hardware wallet has ever been built to this level of sophistication.”
The Bitfi Wallet offers more security than any other type of storage (including cold storage) without the need for technical skill, downloads or app installations to set up, requiring only a wireless connection. Once the wallet is set up, the device automatically receives the latest software updates, thus completely eliminating any possibility for a user to download corrupt software or fall prey to phishing attacks. As Bitfi adds support for additional cryptocurrencies and crypto assets, they will automatically appear in the wallets of all users. In this way, a single purchase of the hardware wallet guarantees that wallet holders always have access to its latest technology and updates, making Bitfi Wallet a secure, long-term investment.
While most wallets store a 24-word memory key to access funds, the Bitfi Wallet allows wallet holders to store an unlimited amount of funds, without possibility of loss or theft, by utilizing a proprietary and open-source Bitfi algorithm calculating the private key with a powerful onboard CPU from the user’s own unique secret phrase. The private key only exists for a fraction of a second, just long enough to approve the transaction and is never stored anywhere. The user-created phrase is impossible for others to guess but easy for the wallet holder to memorize.
Unlike other wallets, the Bitfi wallet cannot be tampered with. If it is ever lost, stolen, taken apart and forensically analyzed, the private keys cannot be retrieved, making the wallet safe to purchase from anyone within the network of authorized distribution dealers. Because the Bitfi algorithm is completely open source, users can easily obtain their private keys without any reliance on third parties, including Bitfi itself. Furthermore, instead of having to access each currency from individual folders or multiple wallets, users can view and control all of their digital currencies and assets in one place via the Bitfi dashboard.
The Bitfi Wallet enables users to view all balances at a glance and quickly switch from one cryptocurrency to another, whether for personal or business use, much like using an ATM machine. Bitfi Wallet also features native support for Ethereum, allowing users to view both their Ethereum balance and access tokens in one place rather than using third-party services.
The Bitfi Wallet will go on sale for $120 and purchase includes a one-year limited warranty. Units will be available for purchase starting June 25 with shipments beginning June 27.