Bitfi - The Wallet That Isn't a Wallet

2019-04-02T20:37:46.000Z Honest Cash


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The Bitfi wallet is a hardware wallet like no other, nothing comes close the level of security it provides.

All existing hardware wallets are cold storage devices, meaning that they store all your private keys on a device offline. However Bitfi works as a private key generator, it calculates your private key for every transaction you make.

The Bitfi wallet is the safest way you can "store" your crypto; nobody other than yourself can gain access to your money, nobody in a million years could steal anything from it, it is physically impossible.





Let me explain

The Bitfi device/wallet does not contain any data, it cannot and does not hold your private key (the thing hackers and thieves would love to get their greasy mitts on).

This means that if anyone had physical or remote access to the Bitfi wallet they wouldn't have anything to steal.

It would be like breaking into an empty bank vault, pointless!

This is why Bitfi and even the infamous billionaire, John McAfee, made the bold and confident claim that the Bitfi wallet is "unhackable".

A claim that was misunderstood by the cyber-security community to mean that Bitfi is claiming that the device cannot be hacked. Like with all things electronic, the Bitfi wallet can be and has been hacked, but will never and has never contained any crypto stored on-board for anyone to steal.

Nevertheless, to avoid any confusion Bitfi have stated they are no longer making the claim that the Bitfi wallet is unhackable.


So how does it work?

When you activate the Bitfi device for the first time, you will be asked to create a memorable phrase and an additional piece of information (salt) unique to yourself, such as an email address or the name of your first school (this prevents others from having the same phrase as you).



Here are a few examples:

SheSellsSeaShellsByTheSeashore + 8383577004


I love hawaiian pizza its my guilty secret + support@bitfi.com


I am totally going to buy a BitFi wallet after reading this + 25/06/1970



It's all up to you, you get to decide what your phrase is and how strong or weak you want it to be.

Whatever phrase+salt combo you choose, the Bitfi wallet empowers you with an easy to remember, but hard to guess phrase you can hideaway in your memory safe from hackers, thieves and the government.

For highest entropy, Bitfi recommends using the Diceware method. The device comes with a casino die and a Diceware word list which lets you randomly select words by rolling the die. 7 words selected through Diceware results in much higher entropy than the 24 word list used by other wallets.


Now

This phrase+salt combo is used to create your private key. The private key is then used to give you access to the blockchain and your crypto wallets.

So, whenever you want to access funds in your wallet you'll be asked to input your memorable phrase+salt combo.

When you are asked for your phrase+salt by the Bitfi device, it uses that information to calculate a private key, you get access to the funds and then, here's the cool part, the Bitfi wallet instantly deletes the private key.

This whole process takes less than 1,000th of a second!

This is what puts the Bitfi wallet above Ledger's and Trezor's hardware wallets, simply put you cannot steal something that does not exist.




Bitfi, the world's safest cryptocurrency wallet




Responses


RE: Bitfi - The Wallet That Isn't a Wallet

by @siddartha

Is it the same wallet which was endorsed by McAfee?