We currently have support for Bitcoin, Monero, Litecoin, Ethereum, NEO and Ethereum ERC-20 tokens such as Docademic (MTC), EOS, ENG, OMG, etc. We are pleased to report that Bitfi wallet is the world's first hardware wallet to support Monero, a true, full privacy cryptocurrency with very complex math. Our patent pending technology future-proofs your device and as additional cryptocurrencies and crypto assets are added they will automatically appear in your wallet (you do not have to download or install anything for new assets to appear in your wallet). Please see image below of all the currently supported assets. More are coming soon.
Our team is working continuously to add support for as many crypto currencies and crypto assets as possible and they will automatically appear in your device via push updates from our super node. Our focus is primarily on adding assets that we believe are valuable and we avoid adding assets that we feel add no value to blockchain. You never have to download or do anything at all to make sure that all the latest features are working in your wallet.
This is perhaps the most important feature of the Bitfi wallet - we do not encrypt the private key because your device never stores the private key in the first place, there is nothing to encrypt. Encryption is a technology that is used to protect data that is being transmitted or stored but in this case there is no data (private keys) to transmit or store. This in turn offers unparalleled security.
Before the Bitfi wallet became available, paper wallets and other cold storage (like a dedicated computer that is never connected to the internet or “air-gapped” computer) in general were perhaps the most secure way to store crypto assets. But this type of storage still has numerous vulnerabilities. For example, your paper wallet can be lost or stolen, it can be destroyed in a fire or flood, and most importantly the process of creating a paper wallet requires following precise instructions and the ultimate security of this wallet depends almost entirely on whether or not these instructions were followed. This level of sophistication is not appropriate for most people and at best it will cause a significant amount of anxiety and frustration. Even if you followed all the proper steps, you then need to make sure that the file that you sent to the printer was not stored in the printers local memory (and someone can later access these files) and that the computer that was used to create the cold storage does not have any malware (assuming that this computer is ever re-connected to the internet). These security vulnerabilities are clearly significant. In addition, even if you do have a properly set-up “air-gapped” computer that has never been connected to internet, if there is a break-in at the location where computer is stored, all the funds can be stolen from the machine. The Bitfi wallet completely eliminates these vulnerabilities. You never create anything on a computer connected to the internet so your wallet information cannot be stolen by malware or a hacker. The private key is never stored on the device itself and is never transmitted anywhere so there is no risk that someone can obtain information through forced entry. Finally, all of your assets and crypto net worth is backed-up and stored by a single secret phrase and you therefore have the option not to write anything down. The end result is that there are no possible security vulnerabilities and you can have 100% peace of mind storing an unlimited amount of digital assets with no risk. Whether for personal or business use, this is the final answer for security and convenience.
This is the most critical step in setting up your Bitfi hardware wallet and as such you should give this section the most attention. The phrase that you set for your wallet is what controls all your money and assets and if you do this properly the phrase will offer impenetrable protection (better than any other form of cold storage) and simultaneously give you the option to commit this phrase to memory so that there are no long term security weaknesses. If you give this some thought and effort, you can easily store millions of dollars with greater security than any bank account or vault on earth. To put this in perspective, the security of a properly set secret phrase as required by the Bitfi hardware wallet is approximately one billion times greater than the encryption offered by SSL encryption, which is the most commonly used technology for websites to securely transmit data from browser to server. First, let’s get some tech stuff out of the way. The primary factors that drive brute force attack by powerful computers are 1.) A key derivation function which requires 2s cryptographic operations to compute, the cost of performing a brute-force attack against passwords with t bits of entropy is raised from 2t to 2s+t operations and 2.) A memory-hard algorithm on a Random Access Machine is an algorithm which uses S(n) space and T(n) operations, where S(n) ∈ Ω T (n)1-ǫ). For those who are not interested in the math, these equations among other considerations govern the cost that an attacker would incur in order to achieve brute-force entry. Just as with the blockchain itself, it is simply not practical to pursue for any amount of money or assets currently stored at any address on the Bitcoin blockchain. Minimum requirements for setting your secret phrase If you desire the absolute most secure method that exists then we recommend using the Diceware method. It is a simple method but makes truly impenetrable secret phrases (for example, an attacker who has computer equipment capable of one trillion guesses per second will need 27 million years to guess a 7 word passphrase that was set using Diceware). Add to this the additional anchor phrase that is required by your wallet (phone number, social security number, email address, etc) and this adds millions of additional years to access your wallet. For more information on this method, please see PASSPHRASES THAT YOU CAN MEMORIZE - BUT THAT EVEN THE NSA CAN’T GUESS. The only drawback to using this method is that the phrase set using Diceware is not as easy to memorize as a phrase that you can create yourself using unique words and you may have to write it down somewhere which is a security threat, especially in some environments. Remember: the most powerful passphrase ever created will completely fail if someone finds a document with that phrase written on it. Therefore in some circumstances it may be better to settle for a phrase that can be guessed by a sophisticated attacker in only 10 million years but without writing down anything. If you do it this way, there is no trace of your secret phrase anywhere. Therefore please consider the type of environment you are in and whether it makes more sense to create a completely unique password that you can remember and never need to write down or if its safe enough to write down a back-up and use the Diceware method. (In all examples above, it should be noted that even if an attacker had computer hardware capable of one trillion guesses per second, he/she would also have to match those attempts against an associated public address and so we can realistically say that brute-force entry is impossible even if computers become significantly faster.) Recommendations When you are setting your phrase, you will be required to enter a minimum of 30 characters (we also recommend that you use special characters such as: $, #, ^, %, etc.). Here are some examples of acceptable phrases: MyHubandIsAUn^cornAndLoves$ushi??? !Why Is Dan So Crazy About Monero and Mustard? What you should NOT do If you will not use the Diceware method, you need to take some time and invest some effort into creating your secret phrase. This single phrase will control all your money and assets and will give you access into all blockchains that are supported by the Bitfi hardware wallet and ones that will be added to the wallet in the future. It is very important that you consider the information provided in this section.
Your device requires by default that you select a phrase using a minimum number of characters. At this length, the probability that someone can select the same phrase is close to zero. However, the wallet also requires that you set a second anchor phrase or “salt” which is normally your phone number, social security number, or email address. The combination of the salt and your secret phrase makes it physically impossible that your phrase is ever the same as that of another user.
Bitfi will comply fully with any properly served subpoena and provide all records that are within the scope of the request. However, it should be noted that Bitfi does not have private information about any user and does not have access and has no ability to obtain private keys for any wallet. All the information that is displayed on any wallet dashboard is simply the most updated scan of public blockchains and whatever information that is stored on any nodes operated by Bitfi is already public and can be accessed by anyone, at anytime. We do not have any information that is private in nature and any information that is supplied under a subpoena is not likely to be of value in a law enforcement investigation.
Bitfi operates state-of-the-art nodes that run a complete copy of every blockchain to give users rapid access to information regarding their funds and to dramatically improve users experience. However, blockchains are decentralized and there are hundreds of other nodes running the same blockchain data in the event that nodes operated by Bitfi are attacked. In the worst case scenario that Bitfi nodes were to go down, users will still have access to everything on the blockchain and may simply experience slightly slower service until Bitfi nodes go back online. It is impossible to fully lose access to blockchain data unless the entire internet went down, worldwide.
The first and foremost objective of the Bitfi wallet is to provide 100% unassailable security. Regardless of the updates that the device receives, the wallet portion of the device is hard coded to not have any access to the internet and more importantly our patent pending technology insures that the private key is never stored by the device, or anywhere else. There is no local memory where you could find the private key since the Bitfi wallet is a computing device with a powerful CPU that calculates the private key every time you enter your secret phrase (it does not act as a storage device like other hardware wallets). Updates are only done to add support for additional cryptocurrencies and crypto assets and so the base functionality is not affected by updates. The technology that allows automatic updates is in itself a major security enhancement because rather than users in the field updating their own devices (the average person is at risk whenever they are required to download and install software or firmware) the update is done natively by Bitfi, the manufacturer of the device. Updates therefore occur flawlessly rather than subject customers to the risks that come from downloading and installing updates themselves. Furthermore, the device is hard coded to only connect to a few specific assigned nodes and so if the update is being pushed to the device from any other location it would not be possible to establish a connection. Once a connection with the assigned node is established, the software that is being pushed to the device must have a specific digital signature in order to install. So even if someone somehow got access to the Bitfi node, it would be impossible to push updates to devices in the field because a corrupt or rogue update would not have the required digital signature and so it would be rejected by your device.
WiFi networks are not secure at all. However, this is irrelevant to the safety and security of the Bitfi wallet because the device is only transmitting the approval that you signed with your private key but is never transmitting the private key itself. So if someone captures transmissions over a WiFi network where the Bitfi wallet is being used, the data that is captured would be of no use.
It is outside the scope of this section to provide guidance on wills and other legal structures that stipulate the distribution of assets in the event of death. However, in all cases where you wish to transfer assets to certain persons you can either provide them with the secret phrase that controls your Bitfi wallet directly by asking them to memorize the phrase or write it down and store in a secure place that only you and the desired persons have access to. Otherwise, you can structure a will with a certain legal structure that will reveal your secret phrase in the event of death in accordance with your wishes. Your spouse or beneficiaries can easily access all your crypto assets as long as they have the secret phrase that you used to configure your wallet.
There is nothing that Bitfi or anyone else can do to recover the money or assets in your wallet if you forget or lose your secret phrase. The very same state-of-the-art technology that keeps your digital assets safe also makes it impossible for anyone other than the person in possession of the secret phrase to gain access. The very foundation of blockchain technology is that it eliminates the need to rely on or trust third parties with your money and allows you to have complete control, the highest possible security, and privacy. Great power and freedom comes with greater responsibility. Please take great care to properly secure or memorize your secret phrase.
Your secret phrase is permanently tied to all the addresses and assets in your wallet. If you feel that your secret phrase got compromised and you need to change it, then you will need to create a new Dashboard account and then transfer all your assets from your old wallet to the newly created wallet.
We originally disclosed that "there is no risk to losing funds due to counterfeit devices". Our ongoing research and development revealed that we need to investigate this claim further before any assurances can be made. Our engineers are actively engaged in discovering new threats. In this case, please return to this FAQ in the near future for an update on this matter.
While you may add unlimited addresses for currencies like Bitcoin or Litecoin, for Monero you can only have one address. This is so for two reasons: 1) Monero features complete privacy and it is 100% untraceable and therefore most users simply don’t need to have multiple Monero addresses in the wallet and 2) Monero has an extremely complex algorithm and if we allowed unlimited addresses as we do for Bitcoin, it would slow down the device when you are approving transactions. Therefore to improve your experience and to gain maximum benefit from Monero we have designed it as the most elegant, secure, and easy to use Monero wallet on the planet (and at the time of this writing it remains the ONLY hardware wallet for Monero). However, if you feel that you need more than one Monero address, you can have multiple Bitfi wallets that are controlled by the same Bitfi hardware device.
While you may add unlimited addresses for currencies like Bitcoin or Litecoin, your Ethereum address also holds many other ERC-20 currencies like EOS, Tron, Golem, TenX, etc. Allowing users to add unlimited Ethereum addresses would create a less elegant wallet that would be cluttered and messy. However, if you still feel that you need more than one Ethereum addresses you can create multiple Bitfi wallets that are controlled by the same Bitfi hardware device.
Device specifications are as follows:Dimensions : 6.7cm (2.64” in.) wide x 11.5cm (4.53” in.) tall x 0.8cm (0.32” in.) deep
restoringa wallet. You can even borrow a device from a friend and use it exactly as you would have used your lost device (after you sync it with Dashboard). Losing a Bitfi device is simply not something that should cause any stress or concern. Since the device has no storage, whoever takes possession of the lost or stolen device can’t get anything out of it that would compromise your security. There is simply nothing on the device as it acts as a computer that generates private keys. Without your secret phrase the device is completely useless.
It’s important to understand that the Bitfi wallet is not device dependent. The device does not store anything, instead it uses a deterministic algorithm to calculate your private key at the moment of transaction. Therefore you should think of the salt & phrase as the wallet. Since the salt & phrase is effectively the wallet, you cannot change it.
However, you can create an unlimited number of wallets using the same device. So if you want to create a second wallet, you would simply create a new Dashboard and then set up following the instructions from the beginning, as thought the unit is brand new. When you set up a second Dashboard, you will also need to use a different salt or different phrase. For example, if your secret phrase is MyBitfiWalletIsAmazing for your second wallet it will need to be something different like MyBitfiWalletIsAmazing2. You cannot use the same salt & phrase because the salt & phrase is your wallet. If you use the same salt & phrase for the second Dashboard you will just be accessing the same wallet as the first one that you set-up.
If you believe that your salt & phrase has been compromised and you need to change it, you should set a new wallet (using new salt & phrase) and then move the funds from the first wallet to the second.
Please note that Bitfi works in a very different way than other wallets. Other wallets use a password to access stored private keys and therefore it is possible to change the password. Bitfi does not store anything which is the core component of its extremely high security that exceeds cold storage.
Bitcoin and the underlying blockchain technology is an emerging new tech in early stages that is experiencing rapid growth and adoption. It is therefore expected that there would be significantly more volatility than other currencies.
While there are people who promote this story, this is extremely unlikely to happen. In fact, Bitcoin cannot exist without currencies like USD because its value is expressed in those currencies to begin with. Saying that the value of Bitcoin has increased is the same as saying that now it costs more USD to purchase a Bitcoin. Bitcoin is simply a digital asset that is extraordinarily rare, difficult to create, and has a finite supply which makes it a store of value like gold but it also behaves like a currency because it is very easy and convenient to transmit Bitcoin from one party to another.
Bitcoin functions in a very similar way. Gold and silver have been a store of value for thousands of years for two main reasons: their scarcity and their network effect. But these precious metals have many limitations, are difficult to store, and difficult to transfer from one party to another. Bitcoin is superior to precious metals because the amount of Bitcoin in circulation is precisely known (while someone can discover a large gold mine on the bottom of the ocean or perhaps on an asteroid which would increase the supply by unknown amounts) and one can very securely store unlimited amounts of Bitcoin without physical security concerns.
As described above, without a network effect nothing could function as a store of value or a store of wealth. For this to happen, large numbers of people need to agree that something will perform this function (as they do for gold). Therefore if someone would create a replica of Bitcoin it would not have any value simply because it would not be Bitcoin. Other digital currencies and assets have gained value because they offer certain features that are not served by Bitcoin so they have their own place in the financial ecosystem or have certain features that allow certain decentralized blockchain applications to function (non-financial assets). So no matter how many more digital currencies are created, there will always be one Bitcoin.
Anything that has a dominant presence within any market segment is considered to have a network effect. For example, anyone can create a search engine like Google and a social network like Facebook with identical (or better) features but they will simply not have the value of either Google or Facebook. So if an identical currency as Bitcoin is created, it would also not have any value very simply because Bitcoin has a strong network effect and the copy of it does not. There are also very rare paintings that are equally as rare as Picasso or Pollock but because they have no network effect they may have no value at all while the latter are selling for tens of millions of dollars.
Bitcoin is a digital asset that acts as a store of wealth and a transactional currency. It is no more illegal than baseball cards that can be used for the exact same purpose. You can store all of your wealth in a collection of baseball cards and then use it to purchase goods and services (although it would be a lot less convenient than with Bitcoin).
Bitcoin is stored in a decentralized blockchain using advanced cryptography where your funds are kept at a public address (think of it like an email address) that is only accessible with a private key that consists of 58 randomly generated letters and numbers and the private key itself can be encrypted with a password. To date, not a single Bitcoin public address has been hacked and if you store your Bitcoin on the Bitfi hardware wallet this offers better security than any bank vault. There are several Bitcoin addresses that store in excess of $280m that have been stored for several years. To date, there is no better option to store your wealth than the Bitcoin blockchain. You have a better chance of winning the lottery 100 times in a row than hacking into a Bitcoin address where your funds are stored.
Bitfi wallet is the world's first hardware wallet with support for Monero. Monero offers extraordinary privacy features but until now it required a lot of technical sophistication to use and due to its high privacy cloaking technology made it difficult or impossible to track transaction history or obtain proof of payment. In the Bitfi wallet you can now use and enjoy all of Monero's superb privacy features with the same ease as Bitcoin. Bitfi runs several high performance Monero super nodes so everything runs seamlessly and your wallet keeps track of transaction history. Monero is one of the most important blockchains and we are thrilled to offer such a user friendly and functional platform.