World's First Physical Bitcoin wallet

[OmegaStarScream]

What do you think about this guys http://opendime.com/ ? It seems like it's a project by Coinkite .
They posted about it when they announced about  closing their services here : http://blog.coinkite.com/post/141836920461/time-to-be-your-own-bank

[adamstgBit]

you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins

[OmegaStarScream]

you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins

They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .

IS THE PRIVATE KEY UNIQUE AND SECRET?

Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.

This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.

[adamstgBit]

you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins

They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .

IS THE PRIVATE KEY UNIQUE AND SECRET?

Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.

This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.

SOUNDS good

but if i enter the exact same random numbers do i end up with the same private key?
if you know what the random numbers where used to create it, could you figure out what the private key is?

[OmegaStarScream]

you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins

They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .

IS THE PRIVATE KEY UNIQUE AND SECRET?

Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.

This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.

SOUNDS good

but if i enter the exact same random numbers do i end up with the same private key?

Most likely not , I mean if it's case then It would be too easy to crack and take someone else private keys . I suppose it should work like Bitaddress or something like that .

[calkob]

Its hard to beat a simple paper wallet printed from my printer using bitaddress.org or creating a bitcoin vanity address using vanitygen,    put it this way i wont be moving my bitcoin.

[adamstgBit]

you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins

They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .

IS THE PRIVATE KEY UNIQUE AND SECRET?

Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.

This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.

SOUNDS good

but if i enter the exact same random numbers do i end up with the same private key?

Most likely not , I mean if it's case then It would be too easy to crack and take someone else private keys . I suppose it should work like Bitaddress or something like that .

well it wouldn't be easy to figure out some else's pk, but it would mean the creator could know what his pk is without unsealing it.
it sounds interesting.
it makes for a really cool wallet thats forsure.
at the very least its an ultra safe and easy to use paper wallet.

[AgentofCoin]

What do you think about this guys http://opendime.com/ ? It seems like it's a project by Coinkite .
They posted about it when they announced about  closing their services here : http://blog.coinkite.com/post/141836920461/time-to-be-your-own-bank

This is a very important advancement for Bitcoin/bitcoin.

We feel that we've created whole new product category: disposable hardware wallets. We're really excited to see what people will do with this. Maybe we'll see whole new economies based on Opendime spring up! That might be a real godsend in some countries that struggle with limited network infrastructure and corrupt governmental systems.

The private key is generated inside the device, and is never know to any human, not even you!

Yes. It's like a piggy-bank. You must destroy it to spend the funds. At first that seems expensive and wasteful, but it's a key part of our security model: you can trust a sealed Opendime, and it's obvious when it's been opened.

What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!

[Nimbulan]

it seems to be a pretty interesting thing i might even buy it though i will follow the discussion of the people in here

besides that i always thought i need a physical wallet though i have never found the one that would fit me

[unamis76]

This is a funny idea, but not all that useful as far as I can see... And this is definitely not the first physical Bitcoin wallet, lol. It will be something interesting to play with, I guess.

you still have to trust that opendime didnt record the private keys when they created the units.
i dont see the advantages over traditional physical bitcoins

They don't contain any private keys when you first get them and you can also use it offline , you are the one who should create them so It's secure enough If you ask me .

IS THE PRIVATE KEY UNIQUE AND SECRET?

Yes. Opendime is delivered without any private key. You must give it entropy (random numbers) the first time you use it. Once it's gotten enough numbers, it will hash them all together and use that to pick a random number to use as the private key. At that point, the payment address is generated and set in stone.

This whole process is very easy: just copy some files into the USB drive. When it's got enough bits (250k) it will eject itself and come back with its final payment address.

You still have to place trust on how the keys are generated.

We feel that we've created whole new product category: disposable hardware wallets. We're really excited to see what people will do with this. Maybe we'll see whole new economies based on Opendime spring up! That might be a real godsend in some countries that struggle with limited network infrastructure and corrupt governmental systems.

At around 8$ each, excluding shipping and excluding the fact it has to be bought in packs of 3 or more, I definitely do not see this as something disposable.

[adamstgBit]

This is a very important advancement for Bitcoin/bitcoin.

What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!

the Lighting network is a  very important advancement for Bitcoin/bitcoin.

why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO

[AgentofCoin]

This is a funny idea, but not all that useful as far as I can see... And this is definitely not the first physical Bitcoin wallet, lol. It will be something interesting to play with, I guess.

...

We feel that we've created whole new product category: disposable hardware wallets. We're really excited to see what people will do with this. Maybe we'll see whole new economies based on Opendime spring up! That might be a real godsend in some countries that struggle with limited network infrastructure and corrupt governmental systems.

At around 8$ each, excluding shipping and excluding the fact it has to be bought in packs of 3 or more, I definitely do not see this as something disposable.

That may be true, but the Bitcoin/bitcoin community needs a way to transact btc in a physical manner
(without phones/computers) that both parties don't know the private keys to.
In theory, the trust has been removed in this product (as long as private key generation is top notch).

For example, this device does what the Casascius Coins could have done,
but this time, the private keys are truly (or purportedly) unknown to anyone other then when it is spent.
With Casascius or other forms of physical btc, the private key is always known to someone.
If I gave someone a paper wallet, and they never swept it, I could have always taken it back.
With this device, that is not possible.

It may be somewhat expensive now and used by a small group of bitcoiners,
but the device and its use will pave the way for new ideas and innovations that adds to
Bitcoin/bitcoin's value and future potential.

[AgentofCoin]

This is a very important advancement for Bitcoin/bitcoin.

What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!

the Lighting network is a  very important advancement for Bitcoin/bitcoin.

why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO

Lightning network is not designed to work outside of the network, it is a speed/capacity layer on top of the network.

This device allows users to transact in a physical form that does not rely on trust.

In theory, if Satoshi had all his 1.5 million coins on these devices,
he could sell them all without the blockchain knowing a transaction occurred.

This is not designed to be a storage device for storage, but storage device to physically transact.

[adamstgBit]

This is a very important advancement for Bitcoin/bitcoin.

What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!

the Lighting network is a  very important advancement for Bitcoin/bitcoin.

why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO

Lightning network is not designed to work outside of the network, it is a speed/capacity layer on top of the network.

This device allows users to transact in a physical form that does not rely on trust.

In theory, if Satoshi had all his 1.5 million coins on these devices,
he could sell them all without the blockchain knowing a transaction occurred.

This is not designed to be a storage device for storage, but storage device to physically transact.

its seems like an impractical way to Transact BTC ( in my view nothing beats a good old fashion bitcoin blockchain TX, when it comes to payment.)
its the best form of a Physical Bitcoin wallet i have seen i'll give you that.
there are some big advantages to Transacting BTC this way like you pointed out.

[KenR]

Not sure if  I should be happy or crying.If you can walk with it around,what difference does it makes from the cash ? You might lose it,you might get robbed .I haven't checked out all the features of the USB drive but they haven't specifically mentioned it will be safer as the private keys lies within the hardware . How would it connect without having a wireless connectivity anyway ?

[biggus dickus]

This is a very important advancement for Bitcoin/bitcoin.

What would this be used for?
2.Delivery the payment for a car when you go to pick it up. Just put your payment on an Opendime and hand it over when you get the keys. Private key for car keys!

the Lighting network is a  very important advancement for Bitcoin/bitcoin.

why not pay for the car using the blockchain. to me this seems like a round about and pointless form of payment.
this tool is far more compelling as a BTC storage device, not so much a payment solution. IMO

Lightning network is not designed to work outside of the network, it is a speed/capacity layer on top of the network.

This device allows users to transact in a physical form that does not rely on trust.

In theory, if Satoshi had all his 1.5 million coins on these devices,
he could sell them all without the blockchain knowing a transaction occurred.

This is not designed to be a storage device for storage, but storage device to physically transact.

its seems like an impractical way to Transact BTC ( in my view nothing beats a good old fashion bitcoin blockchain TX, when it comes to payment.)
its the best form of a Physical Bitcoin wallet i have seen i'll give you that.
there are some big advantages to Transacting BTC this way like you pointed out.

I know you used to sell physical Bitcoin wallets to store keys in. Would you also sell these new wallets if they let third parties start selling them? Doing transactions with physical Bitcoins is a great concept if the trust issues can be completely resolved. I'd like paying in person with a physical Bitcoin if I trusted the system's security.

[Raimonn]

It has a display or the public address is printed on the device? If not i don't see how you can know how many bitcoins are loaded.

[KenR]

It has a display or the public address is printed on the device? If not i don't see how you can know how many bitcoins are loaded.

As you can see from the picture,there is no display as such.You just have to plug in the device to your machine and maybe the device driver along with in build software program like their own wallet will be used to deal with addresses.Something like Connect your Usb to your Pc : Open up their wallet,transfer coins into it.Hand over the USB to other guy who can connect it to his PC and retrieve those coins.

[Jeremycoin]

PIGGY-BANK ECONOMICS
You must destroy it to spend the funds.

This is sounds interesting, never heard something about this before.

[Mitchell]

Your title is plain wrong, you know that right? Physical Bitcoin wallets have been around for a long time now. Either as paper wallet, coins, token, hardware wallets, etc. The title is also never mentioned in the article itself, so I don't know why you picked it.