BitFi is an Open-source connected hardware device that stores multiple cryptocurrencies and assets. The Bitfi wallet costs $120 and requires no technical skills. Users don´t have to download or install any applications on their computer or hardware device. Instead, the BitFi device automatically adds all the latest updates and features by receiving updates directly from their node in real time.
Unlike other conventional hardware wallets where private keys are stored on a device outside the computer, the Bitfi wallet calculates private keys using an algorithm every time the user types in their secret phrase. Once a transaction is approved, the private key is not stored anywhere. The private key does not exist on the device until you type in your secret phrase again. Therefore if a user´s device is stolen or seized, there is no way to gain access to the private key without the pin.