It is it is highly advised to all the day traders to store their cryptocurrency funds in an external wallet but does not leave them on the exchange, as it is highly susceptible to frauds and scams. Security has been a major concern these days, as the number of hacks is ever increasing in the domain. A number of wallet providers have come forward, in order to let the users store their cryptocurrency in their wallets. However, the web-based wallet is not as much secure as the hardware wallets. Although the cryptocurrency market is well known to spur overnight millionaires due to its price volatility, it is not free from restrictions and risks of vulnerability. Here’s when Bitfi comes in!
Bitfi is accelerating the whole cryptocurrency world, through its impenetrable hardware wallet. The team members and the company claim that this is the world’s first unhackable device which powers the decentralized storage system. It even provides a simple and easy to use interface, similar to how the cryptocurrencies where inherently designed to be.
The Bitfi service is as easy as using Gmail to send a particular message. Bitfi has incorporated the levels of encryption like no other cryptocurrency wallet provider service has adopted. Users would be surprised to know that the Bitfi hardware wallet doesn’t store the private keys in it, at first place itself hence it is impossible to hack it.
Advantages over cold storages
We have been even advised to use the computer cold storage facility but this hardware wallet possesses some advantages over them. Using a cold storage wallet implies the user to have the technical knowledge and if the protocols are not followed in a proper manner, it might lead to the losses of funds, but in case of Bitfi, the process is completely hassle-free.
In any case, if the user loses the Bitfi hardware wallet, then by using the original security phrase, the customers still can access their hardware wallet. But this is not the case, for the cold storage, where if the computer is stolen or damaged, it less likely to recover back funds. One might think that we could back up our funds on another device, but this backing up, in turn, increases vulnerability, based on the device used to backup them on.
The secret phrase
1. A secret phrase is associated with the Bitfi hardware wallet which can be used at any point of time in life even if the hardware wallet is lost, but the traditional cold storage systems must constantly be under supervision and maintenance. If we have a look at the paper wallets, different paper wallets need to be created for each different kind of cryptocurrency, which is a cumbersome process. But with Bitfi, only one phrase is enough to access all the crypt assets.
2. The open source nature of the Bitfi hardware wallet can be made use of by any developer around the world. Its amazing algorithm is basically similar to storing all the cryptocurrency funds in our memory and just a simple secret phrase can unlock millions of dollars.
3. The Bitfi hardware wallet is available for as affordable as 120 USD. It is the first hardware wallet to support privacy based Monero along with Bitcoin, Litecoin, Ethereum, NEO and Ethereum ERC20 tokens such as Docademic (MTC), EOS, ENG, OMG, etc.
Remember the phrase
The point is worth mentioning that if the secret phrase is forgotten, by the user then there is absolutely no way to redeem the funds back. Hence one must remember the phrase properly, as with great power comes great responsibility. Even the members of Bitfi have no clue about the secret phrase. This is nothing but the foundation of the decentralized blockchain technology.
The bounty program
The team members are so confident about their security, that they have opened up a bounty program, to challenge all the hackers around the world to break into their wallet. A $100,000 reward would be awarded to the person that empties a specified Bitfi wallet. The users need to deposit $50 to participate in the contest, then they would receive a pre-filled wallet, which they need to crack, to obtain the funds. The most famous Crypto supporter John McAfee has also endorsed the product.