A system with a high level of security must be simple to use. If it requires a high level of technical skill, even if the underlying technology is secure, this would be a security breach because funds could be lost due to user error. Countless people every day lose crypto assets because they pressed the wrong button or didn't understand the feature they were using. Therefore at Bitfi we view impenetrable security as an inseparable duality of a robust design and user friendliness. If it is too complicated to use, then even the most secure system will eventually fail to protect the user.
For this reason we re-thought the function and the design of a hardware wallet from the ground up and took a completely blank slate approach to design. Using the Bitfi wallet requires absolutely no technical skill and in fact you never have to download or install any applications on your computer or hardware device - ever. Your device automatically has all of the latest updates and features because it receives updates directly from our node in real time. This completely eliminates the possibility that the user can download corrupt software or accidentally download an update from the wrong location.
The result is that:
At all times your wallet has all of the latest features without ever having to look for and update software.
Eliminates any possibility of phishing attacks or corrupt software.
We are continuously adding support for more cryptocurrencies and crypto assets and as they become available they will automatically appear in your wallet. You never have to check any website for updates or download anything. This also means that a single purchase of a Bitfi wallet will continue to have the latest technology and your device is never outdated or obsolete. This is a great long term investment and Bitfi will continue to make sure that your wallet contains the latest cutting edge security and protection.
Virtually all available wallets require a back-up of the wallet with a 24-word mnemonic seed. The user is asked to write down the 24 random words and then store them in a safe place to be used in the future in the event a wallet is lost and requires recovery. This is a flawed approach and constitutes a potential security breach.
Anyone who is in possession of these 24 words is in control of the funds stored in the wallet. Any time that you write down these words and store them somewhere there is exposure to risk. No matter how secure the location or hiding place there is a possibility that someone can find the seed phrase and take over the funds stored in the wallet. There is also the possibility of fire, theft, water damage, decay and many other events that can trigger a total loss of funds stored in a wallet.
A truly secure cryptocurrency wallet allows the user to store an unlimited amount of funds without any risk or possibility of loss. To increase security to this level, the Bitfi wallet is controlled and backed-up using a single secret phrase which gives users the option to commit the phrase to memory without the need to write anything down.
The result is that:
The wallet is controlled and backed-up using a single phrase (there is no separate password or pin-code and mnemonic seed to keep track of).
The phrase is user created in such a way that it is impossible to guess but is also easy to commit to memory. For example, a possible phrase can be “10 Scary Things My Doctor Is Not Telling Me” or “WhyDoesShakespeareLoveMonero”.
The wallet asks that you also enter a second anchor such as a phone number, social security number, or email address or “salt”. This ensures that no two users can ever end up with the same phrase.
If a wallet is ever lost of stolen or even if Bitfi is no longer in business, you can easily recover your funds using our open-source.
Of course the user still has the option to write down and store their secret phrase if desired and in some environments or situations this may be appropriate. However, many users will enjoy the highest level of security knowing that their funds are stored without any potential security flaws. While these situations are rare; if you are a victim of theft, fire, or some other emergency your funds are always secure without any possibility of loss. No matter what happens, your entire net worth is safely stored in your secret phrase.
Conventional hardware wallets store the private key (and this is what controls all the funds in your wallet) on a device outside the computer. The device is then connected to a computer with a cable so that the device can approve transactions without the private key entering the computer environment where it can be stolen by hackers or malware. While this is an improvement over digital wallets that store the private key on your computer or smart phone, the private key is nevertheless stored on the device. This creates yet another security breach that leaves your crypto assets vulnerable. If your device is stolen or seized, it is possible for an attacker to obtain your private key with forced entry using sophisticated tools available in modern labs.
The best solution is to not store the private key anywhere in the first place. On the Bitfi wallet, your private key is calculated using our algorithm every time you type in your secret phrase. Once a transaction is approved, the private key is not stored anywhere in local memory. The private key does not exist on the device until you type in your secret phrase again. Therefore if your device is stolen or seized, there is no way to gain access to the private key because it is not on the device and your funds always remain safe and there is absolutely no reason for alarm or concern if your device is lost of stolen.
Instead of having to access individual folders for each currency, you can view all currencies and control all your digital assets in a single dashboard. This is a natural and intuitive way to interact with your money and to keep track of how much you have. If you have used a hardware wallet before, you probably felt the frustration of viewing your Bitcoin balances but then having to close the wallet because you need to access your Litecoin balance and then having to open a dozen different application and individual wallets to know what your totals are.
Other than offering high security and ease of use, managing your money should be efficient and productive. With the Bitfi wallet you can view all of your balances at a glance and quickly switch from one cryptocurrency to another whether for personal or business use. The intuitive interface allows you to interact with all of your assets in a simple and convenient manner, much like when using an ATM machine or when you log into your bank account, everything is clear and easy to navigate.
If you have used other hardware wallets then you know it can be intimidating and sometimes feel like you need a PhD in computer science. For example, you open one application to view your Ethereum balance but then have to go to MyEtherWallet.com to access your Ethereum tokens. Since ERC20 tokens now account for some of the most valuable and important crypto assets, this is not a commensurate solution and a potential security breach (due to possible user error). There is no need to connect the Bitfi wallet to MyEtherWallet.com to store Ethereum tokens like EOS. Bitfi wallet has native support for Ethereum tokens and they will appear in the dashboard with all other cryptocurrencies.
There is no need to connect your Bitfi wallet to computer with a cable. Wherever you are, your wallet always works wirelessly over any WiFi. No more messy wires.
As part of our ongoing program to support our users we provide ongoing services via our dashboard and bring together the best technical resources without charging any subscription fees. Your wallet dashboard rapidly scans all blockchains to show your balances and is regularly updated so that your experience and interaction with your crypto assets is always flawless and seamless. Indeed this is the way it should be and ushers in the full promise and potential of the emerging crypto economy.
The most important mission of Bitcoin and other crypto-assets is to place the control over money into the hands of the individual and to end the reliance on third parties. Therefore any robust and ultimate wallet must be completely open source so that you continue to have control over your funds even if the manufacturer of the wallet no longer exists. No matter what happens to Bitfi or to your Bitfi wallet, your funds are always safe. You can at any time use your secret phrase to calculate your private keys using the open source resources published on GitHub or by going to the non-profit Bitfi Foundation at btknox.org which shows simple step by step instruction on how to obtain your private keys and access your crypto assets.
Unlike ordinary hardware wallets that can only store a limited number of folders (and then you have to delete them and install new ones in order to view other cryptocurrencies), the Bitfi wallet will support all currencies and assets in a single device, under a single secret phrase. As we add support for additional currencies and assets over time, they will all be supported by your device without the need for you to do anything, download anything, or install anything. Just continue to use your original secret phrase to control any new crypto assets that appear in your Dashboard over time.
Following Bitcoin, Monero (XMR) is perhaps the second most important cryptocurrency. It is the only true and fully decentralized private cryptocurrency with no back doors. However, Monero is built on a remarkably complex mathematical algorithm which is why it has not had any wallet solution despite being such a valuable cryptocurrency. We are very excited to be the first company to manufacture a hardware wallet with full support for Monero with bullet-proof security and ease of use provided by Bitfi wallet. Now anyone can own Monero and enjoy the benefits that it offers from the world’s most secure and user friendly wallet.
You can view all of your balances and activity, including transaction history, on your smart phone or computer anytime even if you don’t have your Bitfi hardware wallet on hand. Your device is only used for transactions that require approval like sending funds out of your wallet or adding a new payment address (basically anything that requires a private key) but public data such as your balances is viewable anytime in your Bitfi Dashboard. This increases productivity and allows you to get more use out of your wallet.