There have been numerous attacks on cryptocurrency exchanges and investors recently. Many people in the crypto industry started to wonder what would happen if they had an unhackable device for security.
Last month, John McAfee said Bitfi was the first “unhackable device”. He even offered anyone willing to breach its security a $100 000 reward.
Over the course of almost two months, there have been numerous claims questioning the device’s authenticity. Many argue that the device isn’t “unhackable”, but so far all claims are dismissed by McAfee. There are rumors that the reward is made up and is nothing more than a “cheap” PR propaganda.
Is the world’s first Unhackable Device truly unhackable?
So what exactly is Bitfi and how is the first “unhackable” device. It’s a physical device or essentially a “hardware wallet”, which costs $120 and has the ability to support an unlimited amount of cryptocurrencies.
Talks about the project started in July and involved McAfee, who is known for his controversial statements about bitcoin. He stated that Bitfi is the “Colt 45 of the crypto world”. This is where the $100 000 reward was promised to the first person able ot hack it.
My BitFi wallet: why you need it. Why it will become the Colt 45 of the Crypto World. pic.twitter.com/ds5xSn9oPa
— John McAfee (@officialmcafee) July 16, 2018
While it’s questionable to many, Bitfi doesn’t put a strong emphasis on private keys. This is unusual to say the least, since other hardware wallets are quite the opposite. Bitfi’s system is based around the owner’s secret password-phrase. Allegedly the password-phrase can be memorized instead of the long 24-word mnemonic seed, which needs way bigger attention.
According to the developers, one if not the biggest strengths of Bitfi is that it’s “entirely open-source”. This means that the owner can control his crypto in every scenario as long as he remembers the password-phrase. That supposedly leaves no room for human error, since updates are automatically done by Wi-Fi. With such updates, there is no software downloaded manually.
This design has great potential since a potential language barrier can give hackers/thieves a run for their money.
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