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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.

  • Do not use any common or popular phrases (for example, you should not use a phrase like “Oh the best part of waking up is Folgers in your cup” )
  • Do not use any lyrics from songs
  • Do not use any quotes from movie scripts or literature
  • Do not use any common expressions or idioms


Using the wallet

Once you have properly set your anchor phrase and secret phrase, you can start using your wallet right away. However, we recommend that you first get acquainted with using the wallet and are comfortable that you have properly secured or memorized your secret phrase by starting with small balances. Once you are comfortable with the way it works you can then transfer everything over. Moving forward you will enjoy absolute peace of mind and ease of use.

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.

Very simply, there isn’t anything to hack. Our patent pending technology is a giant leap in security because unlike all other existing wallets, your private key is never stored anywhere, ever. It is calculated by the powerful CPU on your Bitfi device at the time that you enter your secret phrase and only exists for a fraction of a second, just long enough to approve and sign a transaction. The powerful CPU is able to calculate even the very complex Monero private key in under 20 seconds. Your device can be seized, lost, or stolen and your funds are forever safe and no amount of technical sophistication would ever allow anyone to access your funds.

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.

There is no risk of losing funds due to counterfeit devices. It is very unlikely that counterfeit devices could appear on the market given the tremendous time and expense that it would require to manufacture this type of computer device. However, when it comes to security nothing has been left to chance. The core CPU of the device is encrypted with a key at the hardware level. This key makes a “hand shake” with our systems in order for the device to sync with the Dashboard. Therefore if you somehow purchased a counterfeit device, it would not work.

Other hardware wallets are prone to a “man-in-the-middle” attack because they can be tampered with if not purchased directly from the manufacturer. However, this is not the case with the Bitfi wallet. It is impossible to tamper with the Bitfi wallet in such a way that would place your money or assets at risk. It is perfectly safe to purchase anywhere and it is likewise completely safe to purchase used and pre-owned units.

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
Display : 3.95" Touch Screen (narrow viewing angle for enhanced security)
Battery : Will charge fully within 1 hour and last approximately 10 days in standby.
Other : Quad-Core CPU & 2.4G WiFi
At this time, the Bitfi wallet is priced at $120 USD (approximately 100 EURO). Even though it is a computing device which is much more expensive to manufacture than a storage device, our goal is to make the device accessible to everyone and therefore to keep it affordably priced as long as possible. We will continue to support adoption until Bitcoin hits $1m USD and beyond.