Crypto payment specialists, Bitfi have announced the release of a new crypto wallet, which backer John McAfee claims is unhackable. So confident is Mr McAfee that his new piece of kit is completely fool-proof, he’s promised a £100,000 bounty to anybody that manages to prove him wrong.
According to the Bitfi website, the new wallet is secured by ‘breakthrough technology that’s superior to all existing kinds of cold storage. It’s also very easy to use by all accounts – indeed simplicity seems to be one of its USPs.
It seems that much of the ‘breakthrough technology’ employed by this new device relates to the storage of private keys. Currently, private keys are saved within the file systems of crypto wallets, which of course make them vulnerable to attack. However, the Bitfi wallet doesn’t do this.
Single Password Access
Normally, crypto wallets require a pin code, password as well as a mnemonic seed for backups which can be a real hassle. However, Bitfi’s version requires just a single ‘secret phrase’ .
The secret phrase also provides continued access to the wallet’s dashboard, even if it gets stolen or misplaced. The wallet is also written in open-source code which means that funds can be recovered, even if the company goes out of business.
John McAfee is certainly no stranger to controversy, and his latest proclamation should be of little surprise. With that said, Bitfi are certainly taking a fresh approach when it comes to wallet management and security. So it should be very interesting to see who follows suit.
The Bitfi wallet is compatible with a variety of cryptocurrencies including Bitcoin, Monero, Litecoin, Ethereum, NEO and Ethereum. It’s currently priced at $120.
Visit the Bitfi website for more information.