As a crypto holder or investor, your primary concern should be the safety of your crypto assets. Of course, we are talking about wallets, and, when it comes to crypto wallets, it’s obvious that hardware is the best possible solution for securely storing your private keys.
For a very long time, the market has been dominated by two big products, namely Ledger Nano S and Trezor. During the last few years, new competitors have entered the market in a legit attempt to change the status quo. These are KeepKey, a very stylish, business-like hardware wallet, and CoolWallet S, a wallet whose name makes it justice.
However, there’s a relatively new contender that aims to challenge the kinds of the crypto hardware wallet industry, and it goes by the name of BitFi.
The new kid on the block
BitFi markets itself as an “unhackable” hardware wallet, as it allegedly provides protection for online and offline security threats. It’s a completely open source that supports a plethora of cryptocurrencies and crypto assets (it also comes with native support for ERC-20 tokens, and it’s the first wallet to have official support for Monero), and quite affordable (usually, the price revolves around the $100-110 mark).
One of the main selling points of this interesting product is its incredible philosophy for simplicity and accessibility. The fact that BitFi was designed to appeal to even the most novice of users becomes apparent straight from the first few seconds of usage. Another advantage is the fact that the wallet allows users to manage all their coins from one dashboard.
With BitFi, users are not required to back up. If the wallet is either damaged, lost, or stolen, users can simply buy another device to instantly gain access to their funds. To access his or her funds, a user is only required to have a security phrase. Of course, this passphrase can be easily forgotten, that is exactly why we recommend to store it securely.
The wallet operates wirelessly, without necessarily requiring connections to third-party computers or mobile devices. BitFi is available for purchase on the official website and can be bought with all sorts of cryptos, including Bitcoin. This means that BitFi can be bought without having to provide details such as name, just the simple address for shipment purposes.
Getting started with BitFi hardware wallet
For beginners, it’s worth mentioning that BitFi comes in a box that includes the BitFi wallet itself, a case, a USB charger, a quick start guide, and, of course, a warranty card. The first thing users will probably notice after the unboxing is just how similar BitFi looks to a regular tablet.
After getting the device, users need to enter the Wi-fi information via the touchscreen. Only after the device connects to the Internet, they can start loading information about their crypto funds and private keys. The process of setting up a BitFi hardware wallet is relatively easy, as mentioned before.
For starters, users are required to visit https://www.bitfi.com/knox in order to set up their Dashboards using either their computer or a mobile device. The Dashboard is the place where users can see all their crypto assets, as well as the adjacent activity. The second step implies connecting the BitFi device to the Wi-Fi network and pressing “SYNC THIS WALLET ID” on the device. Users are provided with the unique device code, after which they have to click “sync wallet” on the bottom left-hand corner of the Dashboard and enter the unique code from before in the pop-up.
The next step involves users having to set their secret phrase. Further instructions can be found on the official BitFi Guide. Please note that the secret phrase is needed to approve all outgoing transactions.
At first glance, it seems that BitFi is nothing short of a revolutionary hardware wallet, one that aims to change the public perception, not about the security of cryptocurrency hardware wallets in general, but in regards to their accessibility.
It’s a unique device that looks like a modern day tablet, that allows users to store infinite amounts of crypto assets and view all the balances at once from a single, central place. The device also offers a very good option when it comes to recovering your funds, however, this implies that users don’t forget their passphrase.