Setting Up

Bitfi Hardware Wallet DMA3 v114
Summary of Bitfi features below:

Private Keys never permanently stored
The Bitfi Hardware Wallet does not permanently store your private keys. Ever. Your digital assets are stored on the Blockchains, when you want to make a transaction with your assets (move them, sell them, etc.) you simply enter your 6-character (minimum) SALT and your 30-character (minimum) PASSPHRASE into your Bitfi device which will then calculate your private key for any given token “on-demand” and then immediately expunge that private key.

Your private keys are never stored on the Bitfi, never left on the Bitfi, and are never sent in a transmission from the Bitfi device to the Blockchain to control your assets.

The process looks like this:
  1. User wants to move/sell their Bitcoin
  2. In the Bitfi wallet interface, users choose SEND and inputs a sending (public key) address in their Bitcoin wallet
  3. A signing request is sent to the Bitfi device
  4. User inputs their SALT and PASSPHRASE into their Bitfi device
  5. The Bitfi device calculates the private key, and sends an “okay” to the blockchain to release Bitcoin to desired (sending to) public address
Auto-Updates
We can all agree that no matter how secure a hardware wallet is, it is user error that can be the biggest cause of lost or stolen funds. Through an extensive security process, we have cut that anxiety producing risk factor out of the equation. The Bitfi Hardware Wallet updates itself. You heard us, it updates itself! There is no need to download and install firmware or bridges, or delete and add token apps in order to keep your device up to date. All you have to do is turn on the device and make sure it is connected to a Wifi network, the device does the rest!

Not only is this a flawless experience for the user, it is also secure. Our software is sent through discreet nodes the devices are hard coded into, and contain private key signatures that require a multi-verification process for any Bitfi device to connect to and eventually accept. Corrupt or rogue updates/malware do not have the required digital signatures and are quickly rejected by your device.
WiFi enabled
Although the Bitfi was designed to secure your legacy of wealth lifetime after lifetime after lifetime… the Wifi connection makes it incredibly convenient to control your digital assets through a discreet and secure mini computer in your hands.

Because Wifi networks themselves are not very secure, we designed the Bitfi Hardware Wallet as a calculation tool, not a storage device. The device only transmits approvals (not private keys) to the blockchain for transaction, and the Bitfi wallet interface can be viewed by any IoT device (mobile, tablet, desktop, laptop).
Single-User Interface
The Bitfi ecosystem features a single-user interface that does not require any other third-party plugins or software to be used or installed. All tokens are added automatically by our engineering team and the user can interact with any token the Bitfi Hardware Wallet secures through the native Bitfi Wallet interface.
Unlimited Wallets
Your entire family can secure their crypto investments from a single Bitfi device. Every Wallet you create is controlled and accessed by your own custom 6-character SALT and 30-character PASSPHRASE. Create as many Wallets as you need (just remember to back up all your SALT/PASSPHRASES for each Wallet created).
Device specifications
Device specifications are as follows:

Dimensions: 6.7cm (2.64” in.) wide x 11.5cm (4.53” in.) tall x 0.8cm (0.32” in.) deep

Display: 3.95″ Touch Screen (narrow viewing angle for enhanced security)

Battery: Will charge fully within 1 hour and last approximately 10 days in standby.

Other: Quad-Core CPU & 2.4G WiFi

The Bitfi hardware wallet is a breakthrough technology that offers a rare combination of the most advanced security (better than any form of cold storage) for private and enterprise use and is remarkably simple to use requiring no tech knowledge at all.

Setting up and using the Bitfi wallet is as easy as 1, 2, and 3:

STEP 1

Go to https://www.bitfi.com/knox to set up your Dashboard (you can do this on a computer or smartphone). Submit a valid email and password and continue. Bitfi will send you an email to verify your email.

Click on the verification link to be taken to the Bitfi wallet login page.

STEP 2

Log in to the wallet interface with the credentials you registered with. Sync your device with the online wallet by inputting the WALLET ID from your device. Click the SYNC button.

Once you have input the Wallet ID successfully, your online wallet will ask you to set-up a SALT and PASSPHRASE.

STEP 3

Set your SALT (min. 6-characters) and PASSPHRASE (min. 30 characters). The instructions for setting your secret phrase can be seen below:

How do I set a proper security phrase for my Bitfi wallet?
This is the most critical step in setting up your Bitfi hardware wallet and as such you should give this section the most attention. The phrase that you set for your wallet is what controls all your money and assets and if you do this properly the phrase will offer impenetrable protection (better than any other form of cold storage) and simultaneously give you the option to commit this phrase to memory so that there are no long term security weaknesses. If you give this some thought and effort, you can easily store millions of dollars with greater security than any bank account or vault on earth. To put this in perspective, the security of a properly set secret phrase as required by the Bitfi hardware wallet is approximately one billion times greater than the encryption offered by SSL encryption, which is the most commonly used technology for websites to securely transmit data from browser to server.

First, let’s get some tech stuff out of the way. The primary factors that drive brute force attack by powerful computers are:

1.) A key derivation function which requires 2s cryptographic operations to compute, the cost of performing a brute-force attack against passwords with t bits of entropy is raised from 2t to 2s+t operations and;
2.) A memory-hard algorithm on a Random Access Machine is an algorithm which uses S(n) space and T(n) operations, where S(n) ∈ Ω T (n)1-ǫ).

For those who are not interested in the math, these equations among other considerations govern the cost that an attacker would incur in order to achieve brute-force entry. Just as with the blockchain itself, it is simply not practical to pursue for any amount of money or assets currently stored at any address on the Bitcoin blockchain.

Minimum requirements for setting your secret phrase
If you desire the absolute most secure method that exists then we recommend using the Diceware method. It is a simple method but makes truly impenetrable secret phrases (for example, an attacker who has computer equipment capable of one trillion guesses per second will need 27 million years to guess a 7 word passphrase that was set using Diceware). Add to this the additional anchor phrase (SALT) that is required by your wallet (phone number, social security number, email address, etc) and this adds millions of additional years to access your wallet.

For more information on this method, please see PASSPHRASES THAT YOU CAN MEMORIZE – BUT THAT EVEN THE NSA CAN’T GUESS. The only drawback to using this method is that the phrase set using Diceware is not as easy to memorize as a phrase that you can create yourself using unique words and you may have to write it down somewhere which is a security threat, especially in some environments.

Remember: the most powerful passphrase ever created will completely fail if someone finds a document with that phrase written on it. Therefore, in some circumstances it may be better to settle for a phrase that can be guessed by a sophisticated attacker in only 10 million years but without writing down anything. If you do it this way, there is no trace of your secret phrase anywhere.

No thyself; Please consider the type of environment you are in and whether it makes more sense to create a completely unique password that you can remember and never need to write down or if its safe enough to write down a back-up and use the Diceware method.

(In all examples above, it should be noted that even if an attacker had computer hardware capable of one trillion guesses per second, he/she would also have to match those attempts against an associated public address and so we can realistically say that brute-force entry is impossible even if computers become significantly faster.)

Recommendations
When you are setting your phrase, you will be required to enter a minimum of 34 characters which includes a minimum of 3 special characters (such as: $, #, ^, %, etc.) or a phrase with at least 45 characters if you wish to not use special characters.

Here are some examples of acceptable phrases:

MyHubandIsAUn^cornAndLoves$ushi???
!Why Is Dan So Crazy About Monero and Mustard?
What you should NOT do
If you are not using the Diceware method, you need to take some time and invest some effort into creating your secret phrase. This single phrase will control all your money and assets and will give you access into all blockchains that are supported by the Bitfi hardware wallet and ones that will be added to the wallet in the future. It is very important that you consider the information provided in this section.

Do not use any common or popular phrases (for example, you should not use a phrase like “Oh the best part of waking up is Folgers in your cup”)

  • Do not use any lyrics from songs
  • Do not use any quotes from movie scripts or literature
  • Do not use any common expressions or idioms
Using the Wallet
Once you have properly set your anchor phrase and secret phrase, you can start using your wallet right away. However, we recommend that you first get acquainted with using the wallet and are comfortable that you have properly secured or memorized your secret phrase by starting with small balances. Once you are comfortable with the way it works you can then transfer everything over. Moving forward you will enjoy absolute peace of mind and ease of use.

STEP 4

After initially setting up your SALT/PASSPHRASE, you will be required to repeat the submission to ensure you have entered all characters correctly.

STEP 5

Once you have completed the SALT/PASSPHRASE step, your Bitfi wallet has been created.

Once you have finished the SALT/PASSPHRASE set-up, you have created your Bitfi wallet. Feel free to make as many Bitfi wallets as you need, each with their own SALT/PASSPHRASE.

***Please back up your SALT/PASSPHRASE, you need them both.***


Reach out to us at any time, we are real people, doing real work:

Twitter: @thebitfi

email: support@bitfi.com

Phone: 1+ (828) 357-7004