Even though there are a plethora of Bitcoin wallet solutions on the market, competition is always more than welcome. BitFi Wallet aims to introduce competition by offering a physical product which offers decentralization, security, and convenience rolled into one.
The BitFi Wallet Explained
Various companies offer Bitcoin hardware wallets nowadays. It is always good to see more competition come to market in this regard. BitFi Wallet has allegedly been in development for years in an effort to provide unmatched security and a convenient interface. The team claims its technology is mature, although the public’s opinion on the matter may be very different.
How Does it Work?
There are a few aspects of the BitFi Wallet for users to take into account. Unlike most other hardware wallets, this wallet does not and cannot store one’s private keys, which means it can remain safe from online attacks. BitFi Wallet appears to be very different in this regard, although it may not be a solution for everyone.
This also means losing the wallet is not a big deal, as there is no way for criminals or thieves to access the device’s private keys and cryptocurrency balance. It appears the BitFi Wallet never stores one’s private keys anywhere at any point. That is a bit unconventional in the Bitcoin world, although it seems to make sense to the company at this stage.
It is evident this approach could work out quite well. Relying on secret passphrases without having to use a specific device sounds just fine for most advanced Bitcoin users. Novice Bitcoin investors may not be too keen on this approach at first, although they will see its benefits eventually. The world of Bitcoin wallets is undergoing some big changes, which can only be considered a good thing.
For all the functionality provided by BitFi Wallet, the $120 price tag seems more than fair. It is still a rather steep price for people who have only recently entered the cryptocurrency industry, although securing one’s funds should always be the number one priority. This wallet was also “endorsed” by John McAfee, as he put a $100,000 bounty on the table for the first person to successfully hack this hardware wallet.