The Opendime Bitcoin wallet from Coinkite, a Toronto-based Company, is an innovative hardware wallet allowing users to securely store bitcoins on an USB. The idea revolves around “Piggy-Bank Economics” whereby they have to destroy USB stick in order to spend the funds.
By ‘destroyed’ we mean ‘unsealing’ the middle part of the USB which displays the ‘private key’ of the wallet. When it comes to Bitcoin wallets, knowing your private key is essential because you use it to access the wallet. Opendime comes in a form of a read-only USB drive with only the Bitcoin (wallet) address initially revealed. Therefore, if one wishes to access the wallet to spend funds accumulated, he/she needs to unseal the middle part of the USB to obtain the private key.
You can carry it around easily and use it on computers, laptops, tablets, and some mobile devices, as it is a USB flash drive.
The private key to the wallet is physically hidden and generated within the device itself. Nobody can ever know what the private keys are unless they unseal it. The company calls this the ‘golden lock’.
You can now store Bitcoin physically, send as gifts, and hand over as one would do with ‘cash’. The wallet tackles the limits of Bitcoin as a digital currency. Users can now purchase, sell, and exchange bitcoins in person. You can even mail it or use it as an alternative to paper wallets.
Break it to Spend it
As it is based on the concept of ‘piggy-banks’, you have to destroy the wallet to spend the funds accumulated within the device.
Environmentally-friendly? Maybe Not
Once the wallet is unsealed, it basically becomes a ‘waste’ because you need to dispose the USB. This certainly isn’t environmentally friendly.
The size of the USB drive is relatively small and although this certainly helps with mobility, it also contributes to the fact that one could easily lose them.
The Bitcoin address of the wallet is accessible as a file within the USB drive. Simply connect it to a computer, laptop, tablets, or mobile devices which support read-only USB drives and access the initial instruction file available within. You must know that once the USB drive is ‘unsealed’, it will change the contents available within the USB drive (private key will be available as a file ‘private-key.txt’ and as a QR code image) – the main reason why it needs to be ‘disposed’ as there involves risks of theft.
The wallet is however simply an innovative product which nobody tested within the Cryptocurrency industry. It is the first of its kind and many are just starting to realize the potentials of it. Perhaps soon we will be able to see similar piggy-bank-like wallets with pre-loaded currencies on sale. Perhaps Cryptocurrency gift cards in the form of USB drives?
If you are a ‘HODLER’ as they say, this Bitcoin wallet might just yet be the best one out there to securely store your hard-earned bitcoins. For more detailed information about Opendime, visit www.opendime.com