Introduction
Any serious cryptocurrency enthusiast needs a hardware wallet that allows you to make transactions easily. Hardware wallets are safer than online wallets. They help avoid a lot of the security risks one might encounter with online wallets and there are a lot of them. If you’re looking for Bitcoin hardware wallet chances are high you came across Opendime. In this post, we’re going to review Opendime, how it works, and whether it could be a reasonable choice for you.
What is Opendime?
Opendime is a small USB stick that you can load with Bitcoin. Then, you can spend Bitcoin like a dollar bill. Made by Coinkite, a leading Bitcoin security expert and hardware manufacturer, the main concept behind Opendime is to offer something that other hardware wallets do not. The creators of Opendime acknowledge that the existing hardware wallet options fall short of being a useful means to transact everyday business.
In fact, Opendime creates a whole new product category – disposable hardware wallet used as cash. Basically, creators of Opendime describe their product as the new category because it’s different from other hardware wallets. It’s the world’s first credit stick wallet.
Opendime is instant, requires no on-chain transaction, and there is no trace that transaction even happened. What does this mean? Well, Opendime transactions are different from blockchain transactions. When two people trade goods or services for Opendime, the transaction has occurred, but nothing is recorded on the blockchain. On the other hand, a “regular” Bitcoin wallet makes blockchain records that anyone can explore with a block explorer.
How does Opendime work?
The read-only USB stick enables physical, off-chain, person-to-person transactions while providing privacy and security.
While the concept of hardware wallets such as Opendime may seem complicated, its function is simple. Since it’s a USB stick the content cannot be altered in any way. At the same time, Opendime gives Bitcoin cryptocurrency a physical form. It functions just like fiat currency such as the dollar bill.
Opendime can be passed from one person to another as many times as you want, there is no limit. The person-to-person transfer means the transaction doesn’t enter the blockchain. As a result, the miners don’t have to mine it.
The transaction doesn’t reveal private keys. They are safely stored and masked on Opendime. Physical change on the USB stick is necessary to reveal the private keys i.e. the last user must break the device to get the funds out. Bearing in mind the USB stick switches owners while keeping one public address, the transactions are private similarly to cash transactions.
We could easily say Opendime is like a combination of a hardware and paper wallet. Except in this case, the private key is a secret unlike in paper wallets. Even a user who randomly generates the private key doesn’t know it. On the flip side, the public address is known. People can pass along Opendime tons of times without revealing the private key to the owner or receiver unless the permanent physical change is made to the USB stick. With Opendime trust factor in transactions is eliminated. You don’t have to trust anyone, which is perfect because the whole trust factor can be incredibly stressful.
Opendime features
Opendime is abundant in features, such as:
- USB drive – the device acts as a USB flash drive, works with any computer, laptop, or phone. Inside, the QR image and text files contain Bitcoin address and other relevant info
- No trust – the private key is on the device itself, other people don’t have to worry that you can take the funds
- Ultra-secure – private key is never known to anyone
- Free to use – no confirmation delays and miner fees
- Compatibility – built on fundamental Bitcoin features and thereby isn’t affected by changes in the Bitcoin world
- Open standards – Uses Bitcoin message signing, normal Bitcoin payment addresses, and private keys in WIF format
Opendime device appearance
The design of Opendime USB is pretty simple. There’s something geeky about it as it reminds us of those older USB flash drives before a wide range of designs, shapes, and colors were available. The older version of Opendime had somewhat rough edges, but in the new version, they are oval. The openness of the product is what cryptocurrency enthusiasts admire. Opendime is very well-made and although everything is visible and looks fragile, it’s not that easy to break.
Opendime price
The Opendime device is sold in packs of three USB sticks. At the moment of writing this review, the price was $49.94 meaning the price of one Opendime USB equals $16.64. The official website accepts cryptocurrency payments such as Bitcoin and Litecoin.
PROS:
- Acts like a piggy bank
- Allows to pass along Bitcoin like cash
- Compatible with various devices with USB port
- Easy to verify, set up, and use the device
- Geeky design, well-built, durable
- Innovative concept
- No mining fees
- Open-source
- Private key stored safely, unknown to everyone
- Reasonably priced
- Transactions are off-chain and instant
CONS:
- Impossible to back up Bitcoin stored on Opendime
- Not a suitable choice for storing large amounts of Bitcoin
- Not reusable
- The private key needs to be revealed to a PC, which could be a potential security risk
- To use Bitcoin, it’s necessary to destroy the device
Bottom line
Opendime is a reliable hardware wallet for Bitcoin that takes the trust factor out of the process and relies on the ultra-security of the device. The reasonably priced USB stick is easy to set up and use and allows cryptocurrency enthusiasts to store their Bitcoin and use it as cash. While the design of the Opendime device may not appeal to everyone, it has a geeky vibe that true crypto enthusiasts will appreciate.
