Welcome to mitrobe network, In today’s review episode, I will be reviewing the popular Bitfi Wallet , as well as explaining How to Set it Up and Activate the Bitfi Hardware Wallet without much stress.
BitFi is a worldwide company concerned with payments technology and its aim is to draw people’s interest to the digital currency ecosystem. With its headquarters in North Carolina, United States, BitFi seems to have made its name among reputable providers of hardware wallets.
Interestingly, BitFi’s hardware wallet (precisely the BitFi Knox Hardware wallet) has been described as an innovative wallet. On one hand, the hardware has brought a new dimension to the guild of hardware wallets and on the other hand, it is a pretty safe and “difficult to hack” device for storing cryptocurrencies.
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Reading this article further, you’ll find out how to easily set up your BitFi hardware wallet as well as the security benefits you stand to derive from using the wallet.
Easy Steps for Setting up and Activating Your BitFi Wallet
Following the purchase of your BitFi Knox crypto hardware wallet, you should follow the steps below to set it up:
- Visit the official BitFi website using the link here
- On the website, you’ll have to open a user account by supplying your email address (for verification) and by creating a secure password
- Enter your email inbox to see the verification link sent to you
- Click the link so that you’re directed to the BitFi login page
- Input your BitFi wallet’s 6-digit code and then create a unique SALT. This SALT may be viewed as a kind of user id/passcode easy for you to remember but difficult for others to guess. Also, you’ll have to set a passphrase which could be a 9-word phrase devoid of special characters OR a 7-word phrase containing multiple characters. For enhanced security, you’re allowed to extend your passphrase to contain as many as 15 words. Also, BitFi lets you adopt its Diceware for getting a passphrase with advanced security
- After creating a secure passphrase, switch on your BitFi hardware wallet (device) –make sure your smartphone/PC and the hardware wallet are on the same WiFi
- Subsequently, establish a connection between your BitFi hardware device and the website account (which you just created) by tapping the Sync You’ll find this Sync on your user dashboard
- You should now login to your BitFi hardware wallet by providing your SALT (which you created earlier) and your passphrase
- With the above steps successfully completed, your BitFi hardware wallet should now be active
What Are the Security Benefits of BitFi?
BitFi boasts a number of beneficial security features, making it a reliable hardware wallet. Below are some of the security features:
Absence of storage for private keys –BitFi doesn’t hold any cold offline storage for its users’ private keys.
Zero risk of counterfeits –BitFi’s firmware is equipped with the Trusted Execution Environment which is a specialized fingerprint that secures the firmware against counterfeits.
Locked bootloader –BitFi runs a locked firmware as a way of preventing foreign instructions/programmes from gaining entry into it. Moreover, this lends credence to the claim that BitFi’s wallet cannot be tampered with.
Comparing BitFi with Regular Hardware Wallets
|BitFi Hardware Wallet
|Regular Hardware Wallets|
|1. Absolutely difficult to hack as it doesn’t support the storage of users’ private keys. Advantageously, this makes it impossible to steal/retrieve users’ private keys||Support the storage of users’ private keys, making it possible for such private keys to be retrieved (by third parties) when the wallets are stolen|
|2. Fails to create a backup for users’ funds. Security-wise, this prevents users from losing their funds in the instance of wallet theft, damage or loss. Meanwhile, a user can regain quick access to their funds after purchasing a new BitFi wallet||Let users backup their funds. However in the failure of a backup for their funds, a user can lose all of the funds when the wallet gets destroyed or stolen|
|3. Does not come with any technical usage direction. Hence, making errors while operating the wallet doesn’t pose the risk of fund loss||Often appear somewhat difficult to operate. Consequently, users might run the risk of fund loss if they fail to comply with strict usage protocols|
We hope this article has given you great insight into the BitFi hardware wallet. Advisably, you should consider it if you’re craving a hardware wallet very likely to perform better than regular hardware wallets.
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