Topic: World's First Physical Bitcoin wallet - page 2. (Read 2404 times)
There's always pro's and cons with anything. In this case what if it gets lost, I lost count on how many USB data storage that I lost or misplaced but this will be great for those who knows how to keep everything secured in a nice place and have no trouble in remembering where they last placed this item.
Coinbase i think was the first Physical Bitcoin wallet
It's a pity Coinkite cancelled their web wallet for customers but this new project of theirs seems very interesting and promising. The skinny on this Opendime thing is that it's going to be a disposable hardware wallet that you can preload with funds and gift to someone or pay for services and items. According to the details it will be better than a paper wallet because the private keys will be protected inside the device until it's 'broken' and then you can transfer the coins out of the device. You will still need a dedicated Bitcoin wallet to receive the coins into.
If i understand it correctly, it's safer because neither the sender nor the receiver know the private key. So the one paying the coins can not steal the coins after he physically gives the stick to the receiver.
However, if he loses the stick (or gets robbed), the thief can just transfer the coins onto his wallet without any problems.
If you look at paper wallets, it's just the other way around: you need to sweep the paper wallet as soon as you receive it, because the sender can still have the private key, and steal your coins after he gave you the paper wallet... BUT: if you BIP38 encrypted the private key and get robbed: the thief cannot access your coins because your Private key in encrypted.
I still like the device, but i would not give $8 for such a stick if you have to break it to receive the private key...
It's a pity Coinkite cancelled their web wallet for customers but this new project of theirs seems very interesting and promising. The skinny on this Opendime thing is that it's going to be a disposable hardware wallet that you can preload with funds and gift to someone or pay for services and items. According to the details it will be better than a paper wallet because the private keys will be protected inside the device until it's 'broken' and then you can transfer the coins out of the device. You will still need a dedicated Bitcoin wallet to receive the coins into.
What do you think about this guys http://opendime.com/ ? It seems like it's a project by Coinkite .
They posted about it when they announced about closing their services here : http://blog.coinkite.com/post/141836920461/time-to-be-your-own-bank
we all know coinkite no more give service bitcoin wallet,so it seem like coinkite next project,same as bitcoin phyisical wallet,opendime have good security and nice price about $30 exclude shipping cost. They posted about it when they announced about closing their services here : http://blog.coinkite.com/post/141836920461/time-to-be-your-own-bank
It's a funny concept, but if i understand it correctly, you physically have to break the key in order for it to generate the private key... So every time you use one, you're wasting $8...
Your title is plain wrong, you know that right? Physical Bitcoin wallets have been around for a long time now. Either as paper wallet, coins, token, hardware wallets, etc. The title is also never mentioned in the article itself, so I don't know why you picked it.
It's mentioned as you can see on the Title of the page on the browser also I never knew about those "physical coins"
Your title is plain wrong, you know that right? Physical Bitcoin wallets have been around for a long time now. Either as paper wallet, coins, token, hardware wallets, etc. The title is also never mentioned in the article itself, so I don't know why you picked it.
The website title and source code calls it "OPENDIME - World's First Physical Bitcoin Wallet",
but you are correct, it does not exist in the body of the site nor explains the terminology of World's First Physical.
Obviously there have been other physical bitcoin wallets (ex. ledger).
It should probably really be called the "World's First Zero-Trust Physical Bitcoin Wallet".
It has a display or the public address is printed on the device? If not i don't see how you can know how many bitcoins are loaded.
As you can see from the picture,there is no display as such.You just have to plug in the device to your machine and maybe the device driver along with in build software program like their own wallet will be used to deal with addresses.Something like Connect your Usb to your Pc : Open up their wallet,transfer coins into it.Hand over the USB to other guy who can connect it to his PC and retrieve those coins.I see it like an amazon gift card (loaded with bitcoins), and i think that is expensive. Its more secure but the main problem that i see is the price, and that the person that accept your payment need to plug to a computer to see how many bitcoins it has.
Your title is plain wrong, you know that right? Physical Bitcoin wallets have been around for a long time now. Either as paper wallet, coins, token, hardware wallets, etc. The title is also never mentioned in the article itself, so I don't know why you picked it.
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PIGGY-BANK ECONOMICS
You must destroy it to spend the funds.
This is sounds interesting, never heard something about this before. You must destroy it to spend the funds.
It has a display or the public address is printed on the device? If not i don't see how you can know how many bitcoins are loaded.
As you can see from the picture,there is no display as such.You just have to plug in the device to your machine and maybe the device driver along with in build software program like their own wallet will be used to deal with addresses.Something like Connect your Usb to your Pc : Open up their wallet,transfer coins into it.Hand over the USB to other guy who can connect it to his PC and retrieve those coins.
It has a display or the public address is printed on the device? If not i don't see how you can know how many bitcoins are loaded.
This is a very important advancement for Bitcoin/bitcoin.
the Lighting network is a very important advancement for Bitcoin/bitcoin.Quote
What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO
Lightning network is not designed to work outside of the network, it is a speed/capacity layer on top of the network.
This device allows users to transact in a physical form that does not rely on trust.
In theory, if Satoshi had all his 1.5 million coins on these devices,
he could sell them all without the blockchain knowing a transaction occurred.
This is not designed to be a storage device for storage, but storage device to physically transact.
its the best form of a Physical Bitcoin wallet i have seen i'll give you that.
there are some big advantages to Transacting BTC this way like you pointed out.
I know you used to sell physical Bitcoin wallets to store keys in. Would you also sell these new wallets if they let third parties start selling them? Doing transactions with physical Bitcoins is a great concept if the trust issues can be completely resolved. I'd like paying in person with a physical Bitcoin if I trusted the system's security.
Not sure if I should be happy or crying.If you can walk with it around,what difference does it makes from the cash ? You might lose it,you might get robbed .I haven't checked out all the features of the USB drive but they haven't specifically mentioned it will be safer as the private keys lies within the hardware . How would it connect without having a wireless connectivity anyway ?
This is a very important advancement for Bitcoin/bitcoin.
the Lighting network is a very important advancement for Bitcoin/bitcoin.Quote
What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO
Lightning network is not designed to work outside of the network, it is a speed/capacity layer on top of the network.
This device allows users to transact in a physical form that does not rely on trust.
In theory, if Satoshi had all his 1.5 million coins on these devices,
he could sell them all without the blockchain knowing a transaction occurred.
This is not designed to be a storage device for storage, but storage device to physically transact.
its the best form of a Physical Bitcoin wallet i have seen i'll give you that.
there are some big advantages to Transacting BTC this way like you pointed out.
This is a very important advancement for Bitcoin/bitcoin.
the Lighting network is a very important advancement for Bitcoin/bitcoin.Quote
What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO
Lightning network is not designed to work outside of the network, it is a speed/capacity layer on top of the network.
This device allows users to transact in a physical form that does not rely on trust.
In theory, if Satoshi had all his 1.5 million coins on these devices,
he could sell them all without the blockchain knowing a transaction occurred.
This is not designed to be a storage device for storage, but storage device to physically transact.
This is a funny idea, but not all that useful as far as I can see... And this is definitely not the first physical Bitcoin wallet, lol. It will be something interesting to play with, I guess.
...
At around 8$ each, excluding shipping and excluding the fact it has to be bought in packs of 3 or more, I definitely do not see this as something disposable.
...
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We feel that we've created whole new product category: disposable hardware wallets. We're really excited to see what people will do with this. Maybe we'll see whole new economies based on Opendime spring up! That might be a real godsend in some countries that struggle with limited network infrastructure and corrupt governmental systems.
At around 8$ each, excluding shipping and excluding the fact it has to be bought in packs of 3 or more, I definitely do not see this as something disposable.
That may be true, but the Bitcoin/bitcoin community needs a way to transact btc in a physical manner
(without phones/computers) that both parties don't know the private keys to.
In theory, the trust has been removed in this product (as long as private key generation is top notch).
For example, this device does what the Casascius Coins could have done,
but this time, the private keys are truly (or purportedly) unknown to anyone other then when it is spent.
With Casascius or other forms of physical btc, the private key is always known to someone.
If I gave someone a paper wallet, and they never swept it, I could have always taken it back.
With this device, that is not possible.
It may be somewhat expensive now and used by a small group of bitcoiners,
but the device and its use will pave the way for new ideas and innovations that adds to
Bitcoin/bitcoin's value and future potential.
This is a very important advancement for Bitcoin/bitcoin.
the Lighting network is a very important advancement for Bitcoin/bitcoin.Quote
What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!
why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO
This is a funny idea, but not all that useful as far as I can see... And this is definitely not the first physical Bitcoin wallet, lol. It will be something interesting to play with, I guess.
They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .
You still have to place trust on how the keys are generated.
At around 8$ each, excluding shipping and excluding the fact it has to be bought in packs of 3 or more, I definitely do not see this as something disposable.
you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins
i dont see the advantages over traditional physical bitcoins
They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .
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IS THE PRIVATE KEY UNIQUE AND SECRET?
Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.
This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.
Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.
This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.
You still have to place trust on how the keys are generated.
Quote
We feel that we've created whole new product category: disposable hardware wallets. We're really excited to see what people will do with this. Maybe we'll see whole new economies based on Opendime spring up! That might be a real godsend in some countries that struggle with limited network infrastructure and corrupt governmental systems.
At around 8$ each, excluding shipping and excluding the fact it has to be bought in packs of 3 or more, I definitely do not see this as something disposable.
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