Hardware wallet

Video: Securing Bitcoin With Zach Herbert Of Foundation Devices

24/11/2020 by Idelto Editor

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On this episode of the Bitcoin Magazine Podcast, host Christian Keroles and Zach Herbert, the CEO and co-founder of Foundation Devices, sit down to discuss the company’s launch and its first product, the Passport hardware wallet.

During the conversation, Keroles and Herbert dive into the design editions for the Passport as well as Herbert’s ideas about multisig, hardware wallets in general, Bitcoin mass adoption, user safety and more.

Topics discussed in this episode include:

Foundation devices’ outlook
The timeline for Passport
Geeking out over Bitcoin multisig security
The use of QR codes vs. Micro SD cards
Why the specific design choices for Foundation Devices were made
What it’s going to take to get Grandma comfortable with using multisig
Ledger email hacks
Why Herbert hates seed phrases

The post Video: Securing Bitcoin With Zach Herbert Of Foundation Devices appeared first on Bitcoin Magazine.

Foundation Devices Enters The Sovereign Hardware Game With Passport Bitcoin Wallet

28/07/2020 by Idelto Editor

A new hardware provider is entering the Bitcoin fray with the launch of a cold storage wallet and some ambitious plans to serve Bitcoiners with a full stack of sovereignty tools.

The Boston-based Foundation Devices announced today its new Passport hardware wallet, an air-gapped device that sports a camera for scanning QR codes, a physical keypad, open-source software and a screen with circuitry etched into the glass — all in the name of creating the most secure solution on the market that is also easy for newbies to use.

“Hardware wallets are the most established consumer hardware market in the Bitcoin space, with an assortment of companies competing for market share,” Zach Herbert, the CEO of Foundation Devices, told Bitcoin Magazine. “But in our opinion, none of these incumbents have made a product that, one: strikes the right balance between security and design and, two: makes it easy for new Bitcoiners to self-custody their coins.”

On the security front, perhaps the most notable feature is the Passport’s complete lack of USB or wireless communication, minimizing the attack vectors through which malicious actors might try and access the device. The only ways that data breaches the wallet is through its built-in camera or via a microSD card. This puts the Passport in the same league as the Cobo Vault, which is also air gapped.

On the usability front, the Passport does not ask users to maintain a 12- or 24-word recovery seed in case they need to recover their wallet. Foundation instead stores the recovery seed on a microSD card and encrypts this with a password. This means that users can more easily recover their bitcoin, by simply inserting the card and entering the password, but that this recovery is still relatively secure, as an attacker would need to access both the card and the password to steal funds. Foundation Devices includes two microSD cards with every wallet.

“We believe that the recovery seed is a challenging concept for new Bitcoiners and also represents a significant attack vector — no matter how secure a user’s hardware wallet, if an attacker finds the recovery seed, then it is game over,” Herbert explained. “We feel strongly that this will enable a better user experience and reduce user error.”

But Foundation Devices doesn’t want to stop at offering an intuitive and secure hardware wallet. Herbert envisions the company as a full stack provider for those who hope to achieve sovereignty through technology that protects their privacy. He said that he hopes to add phones and computers to its roster by the end of this decade, but will be focusing on more Bitcoin-specific hardware next.

“Our next product will be a Bitcoin full node that’s elegant, easy to use and more functional than existing offerings,” he said. “We are also interested in open-source security chips and meshnet hardware.”

As it continues down this path toward a suite of hardware offerings, the Foundation Devices team emphasizes its domestic manufacturing. Not only does this mean the company can maintain tighter control over its supply chain, but this makes it fairly unique in the hardware wallet space and Herbert pointed out that users may leverage that fact to gain a new level of multisig security.

“Multisig users may want to protect against supply chain risk by purchasing hardware wallets made in different geographic locations,” he said. “For example, a Coldcard made in Canada, a Trezor made in Europe and a Passport made in the U.S.A. could make for a more secure multisig setup.”

Foundation Devices is offering the first 1,000 unit run of Passport wallets for reserve on its website. It expects to launch the device for preorder in August and to ship them by the upcoming holiday season.

The post Foundation Devices Enters The Sovereign Hardware Game With Passport Bitcoin Wallet appeared first on Bitcoin Magazine.

HTC Unveils Privacy Protecting 5G Router, Pundi X Finalizes Blockchain Phone Prototype

06/03/2020 by Idelto Editor

Product announcements in the mobile and internet communications sector have indicated that cryptocurrency-related features are going to become more common. A 5G router with a Bitcoin node that provides secure connectivity, a new blockchain phone you can customize, and a flagship’s hardware wallet from a smartphone giant now available in more markets are the latest steps in that direction.

Also read: HTC Adds Native Bitcoin Cash Support to Its Flagship Smartphone

HTC Announces ‘World’s Most Private’ Router

HTC, the Taiwanese electronics manufacturer that’s fighting for its place in а space dominated by big tech companies such as Samsung and Apple, has placed its bet on integrating alternative technologies in its devices. After much anticipation and delays, it started shipping its blockchain smartphone last January, loaded with features targeting cryptocurrency enthusiasts around the world. HTC Exodus 1 and later the more affordable Exodus 1s devices have a built-in hardware wallet that stores major coins and tokens.

HTC is now expanding the Exodus lineup with a new product designed with the needs of the crypto community in mind. This week, the company unveiled its Exodus 5G Hub as “the world’s most private router.” According to the announcement, the router will provide users with ultra-secure 5G connectivity for any of their internet-enabled devices. Besides, the Exodus 5G offers “a complete power shift from the status quo” in a key way. HTC promises to protect smartphone owners from the collection of personal data through smart devices like Amazon Alexa, Google Nest, Facebook Portal, and others, stating:

You are now verifying the cloud servers, rather than them verifying you.

Like the Exodus smartphones, the new router has the Zion privacy suit integrated. It lets you run a full Bitcoin node and allows you to store and send BTC, ETH, BNB, LTC, XLM, ERC20 tokens including BAT, and ERC721 collectibles with the Zion Vault. HTC introduced support for BCH by preinstalling the Bitcoin.com wallet on its phones. Other privacy-oriented apps that will be added to all Exodus devices include Proton Mail, a secure email service developed by CERN and MIT scientists, the Brave browser which allows publishers to earn fair revenues with privacy-respecting ads, and Incognito, a decentralized VPN and ad blocker that protects you even from your internet service provider. HTC’s Decentralized Chief Officer Phil Chen commented:

Exodus is the shield against the onslaught of big tech and its assault on the privacy of your home. By using the Exodus 5G Hub, you have more control and ownership of your data than ever before.

HTC’s new router is equipped with a 5-inch display and 7,660 mAh battery. It is powered by Qualcomm Snapdragon 855 octa-core processor, with Snapdragon X50 5G modem. It has 4GB of RAM and 32GB of internal storage which can be extended up to 512GB with a micro SD card. The operating system is Android 9.0 with HTC Sense.

Another Blockchain Phone Coming Out From Pundi X

Concerns about privacy have motivated Pundi X, a startup working to enable cryptocurrency payments across South East Asia where it runs a network of POS terminals, to come up with its own offering in the growing niche of blockchain-based smartphones. Pointing to data scandals with tech companies, its team highlights the need of solutions that work without a centralized service provider, “so that only you as the user have the access and permission to your data.”

Blok on Blok (BOB) is Pundi X’s prototype of a blockchain phone designed to give control over how your data is used and even how your handset looks. The device is powered by the proprietary Function X (FX) blockchain protocol that should allow you to call, text and browse without a provider that can spy on your communications, and keep your data encrypted and secured. Each BOB functions like a node, the creators explain. The FX OS lets you switch between blockchain and traditional Android mode by swiping the home screen.

BOB will be shipped as an assembly kit providing buyers with an opportunity to customize the look and feel of their smartphone. Owners are even encouraged to download the design rendering files, modify them to their taste and 3D-print parts for their BOBs, which originally come with retro-futuristic looks inspired by the sci-fi films and comics of the 80s and 90s. Pundi X plans to deliver the first devices to backers of the project on the Indiegogo crowdfunding platform by early Q2, 2020, although the company admits that the coronavirus epidemic may delay production in China.

The future of any blockchain phone project will be determined by the product’s perceived utility and ultimately by the market. It may not be that obvious but major manufacturers are taking note and beginning to address demand from privacy-conscious users including the crypto community. Samsung, for example, which introduced a hardware wallet with its previous generation of flagship phones to a limited number of markets, the U.S. and a few others, decided to keep the feature in its latest Galaxy S20 series and offer it in seven more countries: Austria, Portugal, Denmark, Sweden, Iceland, Norway, and Finland. Samsung Blockchain Keystore currently supports a few cryptocurrencies like bitcoin core, ethereum, klaytn, tron, and stellar, and the app’s Galaxy Store page promises that more coins will be added in the future.

Would you use any of the products mentioned in the article? Do you agree that crypto and blockchain technologies can be utilized to significantly improve data security and privacy in communications?

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock, HTC, Pundi X.

Do you need a reliable bitcoin mobile wallet to send, receive, and store your coins? Download one for free from us and then head to our Purchase Bitcoin page where you can quickly buy bitcoin with a credit card.

The post HTC Unveils Privacy Protecting 5G Router, Pundi X Finalizes Blockchain Phone Prototype appeared first on Bitcoin News.

Belgium Startup Launches Smart Chip Hardware Wallet for SLP-Based Tokens

03/03/2020 by Idelto Editor

On March 1, the Simple Ledger Protocol (SLP) developers’ Twitter account revealed a new hardware wallet card for SLP tokens created by the Belgium-based company Satoshichip. The newly designed product is the first SLP token hardware wallet on the market and it works natively with the Electron Cash SLP wallet.

Also read: 13 Crypto Debit Cards You Can Use Right Now

A Bitcoin Cash Hardware Wallet With a Secure Chip and Low Form Factor

The Bitcoin Cash (BCH) community was pleased to hear about a new Simple Ledger Protocol (SLP) hardware wallet manufactured by satochip.io. The products developed by Satochip are hardware wallets that hold various cryptos like BTC, LTC, and BCH and they are shaped and sized like a traditional credit card. Since launching, the company has published auditable and open source code and the card’s app offers 2-factor authentication. In December 2019, a few BCH proponents wrote about the company’s Bitcoin Cash Hardware Wallet on Twitter and Reddit forums. “Works smoothly with Electron Cash,” Corentin Mercier tweeted two months ago.

Belgium Startup Satochip Launches Hardware Wallet for SLP-Based Tokens — BCH-based Satochip wallets can also be purchased at the Bitcoin.com Store.

The first edition Bitcoin Cash hardware wallet designed by Satochip is a limited series edition which contains three different designs. Moreover, the Satochip team explained that the BCH hardware wallet card is an “achievement of a year of hard work” for the developers. The startup’s name ‘Satochip’ stands for Secure Anonymous Trustless and Open Chip. And just like your traditional bank card or credit card, the Satoship BCH card uses a javacard applet. By leveraging a smart chip, the developers claim that it “encrypts information to increase data security when making transactions and storing keys.” The cards are weather-resistant and have a low form factor which the Satochip developers describe as:

Open and scalable standards that’s easy to customize, carry, load and share with crypto-friends.

Satochip Unveils the First SLP Token Hardware Wallet

After releasing the BCH-based card, on March 1, 2020, the Simple Ledger Protocol (SLP) development team revealed an SLP-based Satochip card. “Thanks to Satochip for creating the new hardware wallet design for the SLP community,” the developers tweeted. “We can’t wait to receive our first order.” The company’s web shop dedicated to the new SLP hardware wallet explains that the wallet is the “very first Bitcoin Cash SLP token hardware wallet.”

Thanks to @SatochipWallet for creating the new hardware wallet design for the SLP community! We can’t wait to receive our first order.https://t.co/pC21LkLtNk pic.twitter.com/0Qf9DzbTdH

— Simple Ledger Protocol (@SimpleLedger) March 1, 2020

This particular version works with the Electron Cash (EC) wallet as well but utilizes the SLP version of EC. “The design was made by the SLP community. You can now safely store your Spice, Honk, Sour and preferred SLP tokens in a safe place,” explains the Satoship website. Just like Satoship’s other card products, the SLP hardware wallet card is €25 per unit. The SLP card also includes a secure chip contact but users need to obtain the chip card reader in order to use the chip.

The BCH community on Twitter and Reddit discussed the new card and one user asked if the firm could release a demo of the card in action. Satochip does have a video on Youtube which has an explainer but the video is not quite a demonstration of the card. A number of Bitcoin Cash-based SLP tokens have gathered real-world value and a hardware wallet for SLP tokens would probably come in handy to a few SLP whales.

For instance, according to Markets.Bitcoin.com’s token section, configured to show SLP tokens only, seven different SLP tokens have exchange value. The Coinflex token FLEX has a $27 million market valuation and the market cap for Gocrypto’s GOC token is $10.6 million today. The community-based SPICE has a $604,000 market cap and many other SLP tokens like HONK, ACD, SAI, and USDH can be traded on a number of exchanges. Satochip’s new SLP hardware wallet aims to keep these tokens safe up until the moment someone wants to sell their SLP stash on an exchange.

What do you think about the SLP hardware wallet created by the startup Satochip? Let us know what you think about this product in the comments section below.

Disclaimer: This article is for informational purposes only. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images credits: Shutterstock, Satochip, Simple Ledger Protocol, Bitcoin.com, Fair Use, Wiki Commons, Markets.Bitcoin.com token section, and Pixabay.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post Belgium Startup Launches Smart Chip Hardware Wallet for SLP-Based Tokens appeared first on Bitcoin News.

How to Recover Your Funds If You Lose Your Bitcoin Wallet

13/02/2020 by Idelto Editor

Losing a phone or hardware wallet containing cryptocurrency is inconvenient, but it shouldn’t be fatal. Provided you’ve backed up your private key, recovering your coins is a simple exercise. Should you find yourself in such a predicament, however, there’s a few things you should know before reaching for your wallet recovery phrase.

Also read: Zengo Is a Keyless Yet Noncustodial Bitcoin Wallet

Recover Your Wallet the Right Way

If you’re smart enough to store your bitcoin in a noncustodial wallet, you’re smart enough to make a backup. Whether you’re using a desktop, mobile, or hardware wallet, the process is much the same: look out the seed phrase you’ve stashed in a safe place for this very scenario and enter it into your replacement wallet. All going to plan, you’ll see your balance restored and your coins reappear in your wallet within seconds of importing your seed.

There are a few exceptions to this rule, however, as not all wallets rely on a seed phrase to restore access. Hashwallet generates a unique recovery key and recovery seed during setup of the smartcard device. When combined, these components can be used to regain access to the funds stored on the wallet, and must be stored separately for security reasons. Once the recovery key and recovery seed have been securely stored, they are permanently deleted from the smartcard.

In the event of wallet loss, the user can retrieve and combine these security elements, whereupon their new Hashwallet will generate the keys required to access the funds. Zengo is another wallet that deploys a keyless design. For the remainder of this guide, though, we’ll focus on conventional noncustodial wallets that utilize a seed phrase.

Sweeping vs Importing – What’s the Difference?

If your phone or hardware wallet have been lost or stolen, a third party may be able to access the private key. If so, importing it into your new wallet won’t prevent them from draining it at the earliest opportunity using the original device. To prevent that from happening, you’ll want to sweep your private key.

A private key is mathematically related to all public keys (i.e. addresses) generated for a particular bitcoin wallet and can be represented as a string of letters and numbers like the following example:

5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF

It can also be represented as a seed phrase like the following example:

witch collapse practice feed shame open despair creek road again ice least.

When you import a private key into a new wallet, it’s usually done by entering the more memorable seed phrase. All previous versions of that wallet – such as on a lost mobile, hardware, or paper wallet – still exist however. This presents a risk of the older wallet being discovered by a third party and the funds drained.

To prevent this, it is safer to sweep your private key into a new public address in your newly created wallet. This entails creating a transaction that empties the balance of the old wallet and sends the funds to a newly created private/public key pair that is known only to you. Most noncustodial wallets, including Ledger, Trezor, Exodus, Electrum, Samourai, and Metamask enable you to sweep a wallet, draining it and aggregating its balance into a new one.

How to Import Your Private Key Into a New Wallet

If you’re certain that your old wallet isn’t recoverable by a third party (the software has been deleted, for example, or your paper wallet has been destroyed), you can simply import your private key into your new wallet. When you do so using the Bitcoin.com Wallet, you’ll see the following option:

If you’re importing a private key into a hardware wallet such as a Ledger, there’s an additional step involved. First, you’ll need to import the private key into a wallet such as Electrum, after which you can send the coins to your Ledger address.

Finally, if you’re importing your seed phrase into a different brand of wallet – say, from Exodus to BRD – there’s one final thing to be aware of: derivation path. HD wallets create a master seed based on BIP 32, from which all subsequent keys are derived. The derivation path used can differ between wallets, and must be set correctly when importing. Walletsrecovery.org, which is still in beta, provides information on the derivation paths used by the main hardware and software wallet developers.

To summarize, then, if you lose your bitcoin wallet, sweep your private key into a new wallet, if possible, and check the derivation path if you’re switching to a different brand of wallet. The cost of replacing a lost hardware wallet or smartphone is considerable, but the main thing is that your funds are safe. Keep your wallet seed in a safe place and you’ll be protected in the event of acts of god, man, and unfortunate boating accidents.

What bitcoin wallet do you recommend? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post How to Recover Your Funds If You Lose Your Bitcoin Wallet appeared first on Bitcoin News.