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 in itself is a security risk because funds can 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.
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means that a single purchase of a Bitfi wallet will continue to have the latest technology and your device is never outdated or obsolete.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. You are exposed to risk when you write down and store these words. No matter how secure the location or hiding place, there is a possibility that the seed phrase will be discovered resulting in total loss of funds. There is also the possibility of fire, theft, water damage, decay and many other events that can trigger total loss. In addition, anyone with any knowledge of cryptocurrency instantly knows that 24 words mean access to a wallet making this back-up too obvious. If you are using Bitfi and choose to write down your phrase, a custom phrase that doesn't follow any specific format is less likely to be identified as access to a cryptocurrency 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 requires that you also enter a second anchor phrase (salt) such as a phone number, social security number, or email address. This ensures that no two users can end up with the same phrase.
If a wallet is ever lost of stolen or even if Bitfi is no longer operational, you can easily recover your funds using our open-source software (available on www.btknox.org and other sources).
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.
With the exception of Bitfi, all other wallets (both hardware devices and hot wallets) store private keys. Conventional hardware wallets improve security by moving private keys offline to a physical device, in other words, they place private keys into cold storage. 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 this device. This creates yet another security problem 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 tools available in forensic labs. Therefore there are two primary attack vectors in ordinary hardware wallets: 1) Physical access to your device (through loss, theft, or seizure) and 2) Physical (or remote) access to the 24 word mnemonic seed. Other loss occurs when the user loses the device or the device becomes non-operational due to skipped firmware updates and the user cannot find the mnemonic seed.
The best solution is to not store the private key anywhere in the first place. On Bitfi wallet, your private key is calculated using a deterministic algorithm every time you type in your secret phrase. Once a transaction is complete, the private key is not stored in memory. The private key simply does not exist on the device (or anywhere) until you type in your secret phrase again for another transaction. Therefore if your device is lost, stolen, or seized, it is impossible to gain access to the private key because it is not on the device. This raises security well above cold storage methods (this includes paper wallets, hardware wallets, and dedicated air-gapped machines) and makes the wallet independent of any device, making loss or seizure of the device irrelevant. It is important to note that once you secure your assets with Bitfi, you do not need to keep up with advances in technology because no matter how advanced hacking and forensic methods become it will never be possible to extract private keys from a device that never had them in the first place.
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 forced to navigate 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 problem (due to possible user error). There is no need to connect the Bitfi wallet to MyEtherWallet.com to store Ethereum tokens like BAT. Bitfi has native support for ERC20 tokens and they will appear in one place with all your other assets.
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. But the primary reason Bitfi is designed as a wireless device is to completely isolate the most critical functions from the computer so that there is no possibility of exposure to malware.
As part of our ongoing program to support our users we provide 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 blockchain 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 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 forever safe. You can at any time use your secret phrase to calculate your private keys using the Open Source resources published on btknox.org which shows simple step by step instructions on how to obtain your private keys and access your crypto assets in the event of any emergency. (We recommend that all users download and retain a copy of these tools).
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.