The Bitfi does not permanently store your private keys. Rather than storing your private keys on a device (where it would be available for extraction and confiscation) you simply enter a SALT and SECRET PASSPHRASE (both created by you) into your Bitfi device which will calculate the private key for any currency at time of transaction.
Bitfi’s memory management process guarantees that anything that is typed into the device or calculated by the device is instantly wiped and over-written in RAM or anywhere else where memory fragments might occur. This is extremely advantageous from a security perspective because your Bitfi.2 device is always in the same state as it was before you even took it out of the box. This makes Bitfi.2 the only hardware wallet that protects your digital assets from physical attacks like loss, confiscation, or seizure. Your device also never transmits any sensitive data because it is not needed by blockchains. (In order to perform an operation on the blockchain, there is no need for a private key; the blockchain only needs a signature performed with your key. The device transmits this signature which has no value to attackers).
The process looks like this:
User wants to send their Bitcoin
In the Bitfi Dashboard, user clicks SEND and enters a Bitcoin address
Bitfi.2 device receives instant pop-up (signing request)
User types in SALT and PASSPHRASE into device
The device calculates the private key, signs with key (the key is then instantly wiped and over-written) and sends signature to blockchain to release Bitcoin to desired address
Easy firmware updates
With conventional hardware wallets, users are asked to download firmware from a website to their computer and then perform installation of this downloaded firmware to device. This process comes with many risks (particularly for inexperienced users). This includes downloading corrupt firmware from the wrong source and installing firmware (even if genuine) from a computer that may have malware. This process is also extremely prone to user error (and can result in lost or stolen funds). Through an extensive security process, Bitfi.2 eliminates these risks and all the anxiety associated with performing firmware updates. There is no need to manually download and install firmware or delete and add token apps in order to keep your device up to date. (The firmware update process, all the firmware open source code along with emulator, and other resources can be found on Bitfi.dev)
Not only is this a seamless experience for the user, it is also much more secure. Firmware is sent through discreet nodes the devices are hard coded into, and contain private key signatures that require a multi-verification process for any Bitfi device to connect to and eventually accept. Corrupt or rogue updates/malware do not have the required digital signatures and are rejected by your device.
The Wifi connection makes it incredibly convenient to control your digital assets through a discreet and secure mini computer in your hands. WiFi is the ideal method to transmit approvals to the blockchain because the device is never transmitting private keys (or any other sensitive information) and therefore even if the transmission is intercepted, it is useless to an attacker.
There is no need to connect your Bitfi.2 device to a computer with a cable. Wherever you are, your device always works wirelessly. Bitfi is designed as a wireless device to completely isolate the most critical functions from the computer so that there is no possibility of exposure to malware.
The Dashboard can be viewed by any IoT device (mobile, tablet, desktop, laptop).
The Wifi connection makes it incredibly convenient to control your digital assets through a discreet and secure mini computer in your hands. WiFi is the ideal method to transmit approvals to the blockchain because the device is never transmitting private keys (or any other sensitive information) and therefore even if the transmission is intercepted, it is useless to an attacker. There is no need to connect your Bitfi.2 device to a computer with a cable. Wherever you are, your device always works wirelessly. Bitfi is designed as a wireless device to completely isolate the most critical functions from the computer so that there is no possibility of exposure to malware. The Dashboard can be viewed by any IoT device (mobile, tablet, desktop, laptop).
With the design of the Bitfi.2 device, any physical access (USB Data/ Access to the device internal components, etc.) is futile without those attempts visibly and irrevocably destroying the device or making it obvious it was tampered with. This was accomplished through a series of modifications for the original design. It is sealed and filled with a thermal shedding, heat resistant resin filler which bonds to the circuit board after provisioning. USB/JTAG/UART/SPI are inaccessible without completely destroying the device. The resin has chemical and thermal properties that were meant to withstand incredibly harsh environments without breaking down. One of the properties of this resin is its high thermal resistance. This means that the case and screen have a lower melting point than the resin so anyone attempting to access the device via a heat gun or hotplate would end up turning it into soup before they got to the internal components. This raises security to unprecedented levels. Although the original Bitfi device shocked the world with an entirely new mechanism of securing digital assets with no private keys ever present for extraction (if a previously used device is seized, stolen, or confiscated there would be no way for any attacker, no matter how well funded, to take funds as there is nothing to take), the original Bitfi was suscpetible to tampering allowing an attacker to modify the device before you unknowingly used it (meaning that it was impossible to attack a previously used device [which covers the vast majority of physical seizures] but it was possible to attack a device before you used it and the user would have no way of knowing that the device has been modified). With the introduction of Bitfi.2, you simply never need to be cocnerned if your device was tampered with while en route to you in shipping, if you have been away from it for an extended period of time, or if it was left behind in a hostile environment. There is simply no way to modify the hardware or to inject the device with malicious code.
The Bitfi ecosystem features a single-user interface that does not require any other third-party plugins or software to be used or installed. 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. 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.
Multiple users can share a single Bitfi device. Every Wallet you create is controlled and accessed by your own SALT and PASSPHRASE.
Your Bitfi is fast, really fast. As part of our ongoing program to support our users we provide services via our Dashboard and bring together the best technical resources. 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 fast and seamless.
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.2 will support all currencies without any changes or limitations. 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. As firmware is updated, your device will calculate private keys for any other assets that are added in the future.
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. Bitfi is entirely Open Source and these resources are regularly reviewed by a community of developers. 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 emergency recovery tool 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).
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 Battery: Will charge fully within 1 hour and last approximately 10 days in standby. CPU: Quad-Core CPU WIFI: 2.4G Display: 3.95″ Touch Screen (narrow viewing angle for enhanced security) Display manufacturer specs: