Physical Bitcoins: Our Hands-On, End-to-End Review of Opendime Opendime is a tiny USB flash drive that can be loaded with bitcoin by the first user and given to another user, who is, in turn, able to pass it along to a third user and so forth. The private key attached to each Opendime is generated by the device at the time of setup by the user: It is not known by anyone, not even by the first owner or by the Opendime company itself. Opendimes can be passed along multiple times to other users and verified. An Opendime stick can only be redeemed by the last user, who must break the device to access the private key and import it into a bitcoin wallet. A pack of three Opendimes can be ordered for $37.50. Though perhaps too technically demanding for casual Bitcoin users and arguably too expensive for transferring small values (the device is useless after getting the funds out), Opendimes are certainly usable as physical bitcoins. “Opendime transactions are a little different from blockchain transactions,” notes the Opendime FAQ. “Whenever two people meet and trade goods or services for an Opendime, you could say a transaction has occurred, and yet there is nothing recorded on the blockchain. This is different from a normal bitcoin wallet which makes blockchain records continuously and can create a complex web of connections, which can later be explored by anyone.” In other words, Opendimes can be used as totally anonymous, untraceable bitcoin cash. It is possible to do something similar with a paper wallet by printing a bitcoin address and its private key and then passing the paper wallet to another user, with no trace of the transaction recorded on the blockchain. “It is much more private because there is no subsequent blockchain transactions to track,” confirmed Opendime developer Rodolfo Novak in conversation with Bitcoin Magazine. But the problem with using paper wallets in this way is that, somewhere along the transaction trail, someone could copy the private key and take the funds at any point after passing the paper wallet to the next user. Opendime solves this problem by hiding the private key, only revealing it to the last user who must break the device to take funds out. Users of Opendime sticks can choose to pass their stick along to different owners only a few times before being emptied and destroyed, or they can treat their stick like physical cash, allowing it to change hands many times over years or decades. Novak confirmed that, according to user feedback, both scenarios are well used. With bitcoin exchanges under increasing regulatory pressure, it seems likely that face-to-face exchanges like LocalBitcoins could become more popular, which could boost the adoption of Opendime. Novak confirmed that, indeed, users are pre-loading Opendimes and using them to sell bitcoin via LocalBitcoins. According to Novak, Opendime is not vulnerable to regulatory actions because “the devices are ‘point solutions’ without any central service to be regulatory ‘captured.’” Legally, Opendime is a trademark/product of Coinkite Inc., a company founded by Novak and Peter Gray and based in Toronto, Canada. Novak is skeptical of the possibility that Canadian regulators could order Coinkite to stop producing and selling Opendimes. “We and our lawyers don’t believe that’s a possible scenario,” he said. Opendime documentation claims the sticks will last for decades under normal usage conditions; however, Opendime hasn’t been around for decades, so there’s no way to know for sure. But, as Novak explained, the microchip used in each Opendime is rated for 25-100 years, as per the data sheet (page 816) linked in the FAQ. “A few users have put it through a lot of abuse, washing machines, freezing, water, etc. and it survived,” said Novak Novak also stated that it’s not practically possible to make a counterfeit because the device has a high security chip with a factory key just for that reason. “They would have to break our private key, which is practically impossible,” said Novak. “Not even with a few tens of millions of dollars could they peel the chip and try to use an electron microscope to get our key because our chip choice also protects against peeling. So maybe a hundred million dollars could make that happen. If that happens the next batch would have a new key and they would have to spend the money again.” The possibility remains, however, that malicious parties could make fake Opendimes, with an identical look and user interface, which claim a fake balance confirmed by a fake verification process. Therefore, it’s important to check the provenance of the device. Novak explained that there are a few ways for users to check an Opendime signature to verify it’s not counterfeit, including a Chrome extension, the Samourai Wallet, which supports Opendime natively, Electrum (coming soon) and an open-source script. Gray added that each Opendime ships with Python code for verification. “You can use a known-good Opendime to verify an unknown one,” he said. “No internet is required, and self-contained python code is used — just one command to be typed, which takes just seconds.” How It Works Anytime the stick is plugged into a computer, flickering green and red lights indicate its status. Only green means that the device is active; red indicates either that the device hasn’t been activated or that it has already been unsealed (broken) and can’t be used anymore. The lights work correctly even without a computer, with the stick connected to a USB charger or power pack. A file named index.htm on the stick provides all status information. Bitcoin Magazine tested an Opendime stick end-to-end. When we plugged the Opendime stick into a computer for the first time, the red light flickered. The index file warned, “Your Opendime is new and unused. Follow these steps to pick a private key,” and gave us detailed instructions. Following the instructions, we copied a few small files onto the device to seed a random number generator, which gets random bits from random.org. Once the private key was generated, the index file showed the stick’s Bitcoin address and a corresponding QR code. Besides the index file and two folders with programs and utilities, there are four files on the stick: Address.txt, Private-key.txt, Qrcode.jpg and README.txt. The address and Qrcode files show the stick’s bitcoin address in both formats. The private-key file reads: “SEALED — See README.txt for details.” The README gives detailed instructions on how to use the Opendime stick, including how to verify that the device is authentic and how to get funds out. The index file shows two status check buttons: “Check Balance” and “Verify.” Pressing the Verify button resulted in the status message “VERIFIED: Your Opendime does have control over the secret private key corresponding to Bitcoin payment address.” The balance was zero, of course, because we hadn’t yet sent funds to the stick. We sent funds to the stick in multiple transactions from different users, physical locations and bitcoin wallets. After all the transactions were confirmed, the correct balance and previous transactions were displayed in the index file. Now our Opendime stick was active, loaded and ready to be passed along to other owners. If the stick has been loaded with, say, 10,000 bits (0.01 BTC, about $120 at the current exchange rate), the stick could be used as a physical coin carrying that value. At this point in the process, anyone in the ownership chain could decide to empty the stick and transfer the funds to their bitcoin wallet. To do that, the user must unseal the device by pushing a pin through a little circle marked on the back of the device. When this is done, the red light flickers and the index file displays a warning: “UNSEALED DO NOT send more funds to this address or accept this hardware as payment.” Clicking both status check buttons results in a further warning: “Bitcoin was spent from this address. If this is an Opendime address, this means it has been UNSEALED.” The private key is now shown in the index file. The Opendime team recommends using the Samourai wallet. However, we decided to experiment and create a new wallet on blockchain.info. We imported our Opendime private key (Settings – Addresses) and transfered the funds to the blockchain.info wallet, and then to an exchange. In summary, the Opendime stick passed our end-to-end test with flying colors. One caveat: At $13 a piece, Opendime sticks struck us as rather expensive for storing/transferring small amounts and may be better suited to large amounts of over $1,000 or so. “But $13 is actually very cheap as it’s amortized by multiple exchanges of the same unit,” Novak suggested. “Also, Bitcoin transactions are very often more than that.” This is a fair point, since the chain ownership transfer could go on for a very long time, with the stick potentially changing hands many times, just like physical cash. Novak also added that improvements and new features are in the works. Disclaimer: Opendime provided Bitcoin Magazine with free samples to use for the purposes of testing their product for review. This article originally appeared on Bitcoin Magazine. from My Bitconnect Journey https://bitcoinmagazine.com/articles/physical-bitcoins-our-hands-end-end-review-opendime/ via Bitcoin News https://s3.amazonaws.com/fs.bitcoinmagazine.com/img/images/opendreview.width-800.jpg REGISTER HERE: http://bit.ly/goN4bcc

Physical Bitcoins: Our Hands-On, End-to-End Review of Opendime Opendime is a tiny USB flash drive that can be loaded with bitcoin by the first user and given to another user, who is, in turn, able to pass it along to a third user and so forth. The private key attached to each Opendime is generated by the device at the time of setup by the user: It is not known by anyone, not even by the first owner or by the Opendime company itself. Opendimes can be passed along multiple times to other users and verified. An Opendime stick can only be redeemed by the last user, who must break the device to access the private key and import it into a bitcoin wallet. A pack of three Opendimes can be ordered for $37.50. Though perhaps too technically demanding for casual Bitcoin users and arguably too expensive for transferring small values (the device is useless after getting the funds out), Opendimes are certainly usable as physical bitcoins. “Opendime transactions are a little different from blockchain transactions,” notes the Opendime FAQ. “Whenever two people meet and trade goods or services for an Opendime, you could say a transaction has occurred, and yet there is nothing recorded on the blockchain. This is different from a normal bitcoin wallet which makes blockchain records continuously and can create a complex web of connections, which can later be explored by anyone.” In other words, Opendimes can be used as totally anonymous, untraceable bitcoin cash. It is possible to do something similar with a paper wallet by printing a bitcoin address and its private key and then passing the paper wallet to another user, with no trace of the transaction recorded on the blockchain. “It is much more private because there is no subsequent blockchain transactions to track,” confirmed Opendime developer Rodolfo Novak in conversation with Bitcoin Magazine. But the problem with using paper wallets in this way is that, somewhere along the transaction trail, someone could copy the private key and take the funds at any point after passing the paper wallet to the next user. Opendime solves this problem by hiding the private key, only revealing it to the last user who must break the device to take funds out. Users of Opendime sticks can choose to pass their stick along to different owners only a few times before being emptied and destroyed, or they can treat their stick like physical cash, allowing it to change hands many times over years or decades. Novak confirmed that, according to user feedback, both scenarios are well used. With bitcoin exchanges under increasing regulatory pressure, it seems likely that face-to-face exchanges like LocalBitcoins could become more popular, which could boost the adoption of Opendime. Novak confirmed that, indeed, users are pre-loading Opendimes and using them to sell bitcoin via LocalBitcoins. According to Novak, Opendime is not vulnerable to regulatory actions because “the devices are ‘point solutions’ without any central service to be regulatory ‘captured.’” Legally, Opendime is a trademark/product of Coinkite Inc., a company founded by Novak and Peter Gray and based in Toronto, Canada. Novak is skeptical of the possibility that Canadian regulators could order Coinkite to stop producing and selling Opendimes. “We and our lawyers don’t believe that’s a possible scenario,” he said. Opendime documentation claims the sticks will last for decades under normal usage conditions; however, Opendime hasn’t been around for decades, so there’s no way to know for sure. But, as Novak explained, the microchip used in each Opendime is rated for 25-100 years, as per the data sheet (page 816) linked in the FAQ. “A few users have put it through a lot of abuse, washing machines, freezing, water, etc. and it survived,” said Novak Novak also stated that it’s not practically possible to make a counterfeit because the device has a high security chip with a factory key just for that reason. “They would have to break our private key, which is practically impossible,” said Novak. “Not even with a few tens of millions of dollars could they peel the chip and try to use an electron microscope to get our key because our chip choice also protects against peeling. So maybe a hundred million dollars could make that happen. If that happens the next batch would have a new key and they would have to spend the money again.” The possibility remains, however, that malicious parties could make fake Opendimes, with an identical look and user interface, which claim a fake balance confirmed by a fake verification process. Therefore, it’s important to check the provenance of the device. Novak explained that there are a few ways for users to check an Opendime signature to verify it’s not counterfeit, including a Chrome extension, the Samourai Wallet, which supports Opendime natively, Electrum (coming soon) and an open-source script. Gray added that each Opendime ships with Python code for verification. “You can use a known-good Opendime to verify an unknown one,” he said. “No internet is required, and self-contained python code is used — just one command to be typed, which takes just seconds.” How It Works Anytime the stick is plugged into a computer, flickering green and red lights indicate its status. Only green means that the device is active; red indicates either that the device hasn’t been activated or that it has already been unsealed (broken) and can’t be used anymore. The lights work correctly even without a computer, with the stick connected to a USB charger or power pack. A file named index.htm on the stick provides all status information. Bitcoin Magazine tested an Opendime stick end-to-end. When we plugged the Opendime stick into a computer for the first time, the red light flickered. The index file warned, “Your Opendime is new and unused. Follow these steps to pick a private key,” and gave us detailed instructions. Following the instructions, we copied a few small files onto the device to seed a random number generator, which gets random bits from random.org. Once the private key was generated, the index file showed the stick’s Bitcoin address and a corresponding QR code. Besides the index file and two folders with programs and utilities, there are four files on the stick: Address.txt, Private-key.txt, Qrcode.jpg and README.txt. The address and Qrcode files show the stick’s bitcoin address in both formats. The private-key file reads: “SEALED — See README.txt for details.” The README gives detailed instructions on how to use the Opendime stick, including how to verify that the device is authentic and how to get funds out. The index file shows two status check buttons: “Check Balance” and “Verify.” Pressing the Verify button resulted in the status message “VERIFIED: Your Opendime does have control over the secret private key corresponding to Bitcoin payment address.” The balance was zero, of course, because we hadn’t yet sent funds to the stick. We sent funds to the stick in multiple transactions from different users, physical locations and bitcoin wallets. After all the transactions were confirmed, the correct balance and previous transactions were displayed in the index file. Now our Opendime stick was active, loaded and ready to be passed along to other owners. If the stick has been loaded with, say, 10,000 bits (0.01 BTC, about $120 at the current exchange rate), the stick could be used as a physical coin carrying that value. At this point in the process, anyone in the ownership chain could decide to empty the stick and transfer the funds to their bitcoin wallet. To do that, the user must unseal the device by pushing a pin through a little circle marked on the back of the device. When this is done, the red light flickers and the index file displays a warning: “UNSEALED DO NOT send more funds to this address or accept this hardware as payment.” Clicking both status check buttons results in a further warning: “Bitcoin was spent from this address. If this is an Opendime address, this means it has been UNSEALED.” The private key is now shown in the index file. The Opendime team recommends using the Samourai wallet. However, we decided to experiment and create a new wallet on blockchain.info. We imported our Opendime private key (Settings – Addresses) and transfered the funds to the blockchain.info wallet, and then to an exchange. In summary, the Opendime stick passed our end-to-end test with flying colors. One caveat: At $13 a piece, Opendime sticks struck us as rather expensive for storing/transferring small amounts and may be better suited to large amounts of over $1,000 or so. “But $13 is actually very cheap as it’s amortized by multiple exchanges of the same unit,” Novak suggested. “Also, Bitcoin transactions are very often more than that.” This is a fair point, since the chain ownership transfer could go on for a very long time, with the stick potentially changing hands many times, just like physical cash. Novak also added that improvements and new features are in the works. Disclaimer: Opendime provided Bitcoin Magazine with free samples to use for the purposes of testing their product for review. This article originally appeared on Bitcoin Magazine. from My Bitconnect Journey https://bitcoinmagazine.com/articles/physical-bitcoins-our-hands-end-end-review-opendime/ via Bitcoin News https://s3.amazonaws.com/fs.bitcoinmagazine.com/img/images/opendreview.width-800.jpg REGISTER HERE: http://bit.ly/goN4bcc

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Physical Bitcoins: Our Palms-On, End-to-Close Critique of Opendime Opendime is a little USB flash generate that can be loaded with bitcoin by the very first person and supplied to one more person, who is, in turn, ready to go it along to a third person and so forth. The private crucial hooked up to every single Opendime is generated by the system at the time of set up by the user: It is not known by any person, not even by the 1st owner or by the Opendime organization alone. Opendimes can be passed alongside several periods to other people and verified. An Opendime adhere can only be redeemed by the very last person, who ought to crack the unit to accessibility the non-public critical and import it into a bitcoin wallet. A pack of three Opendimes can be purchased for $37.50. Even though most likely also technically demanding for everyday Bitcoin buyers and arguably much too costly for transferring modest values (the system is useless right after receiving the cash out), Opendimes are surely usable as actual physical bitcoins. “Opendime transactions are a little diverse from blockchain transactions,” notes the Opendime FAQ. “Whenever two men and women meet and trade items or products and services for an Opendime, you could say a transaction has occurred, and however there is absolutely nothing recorded on the blockchain. This is distinctive from a typical bitcoin wallet which helps make blockchain data continually and can develop a intricate internet of connections, which can later on be explored by everyone.” In other phrases, Opendimes can be utilized as fully anonymous, untraceable bitcoin money. It is possible to do some thing very similar with a paper wallet by printing a bitcoin handle and its private key and then passing the paper wallet to a further person, with no trace of the transaction recorded on the blockchain. “It is substantially far more private for the reason that there is no subsequent blockchain transactions to observe,” confirmed Opendime developer Rodolfo Novak in discussion with Bitcoin Magazine. But the issue with utilizing paper wallets in this way is that, somewhere together the transaction path, somebody could duplicate the non-public key and get the funds at any position following passing the paper wallet to the upcoming consumer. Opendime solves this trouble by hiding the personal vital, only revealing it to the final user who ought to crack the system to choose cash out. Consumers of Opendime sticks can decide on to move their adhere alongside to various house owners only a several occasions right before currently being emptied and destroyed, or they can treat their adhere like actual physical dollars, letting it to alter arms quite a few moments above many years or decades. Novak verified that, according to user feedback, both situations are effectively employed. With bitcoin exchanges beneath growing regulatory pressure, it would seem probable that experience-to-experience exchanges like LocalBitcoins could become a lot more preferred, which could boost the adoption of Opendime. Novak verified that, certainly, buyers are pre-loading Opendimes and utilizing them to offer bitcoin by way of LocalBitcoins. According to Novak, Opendime is not susceptible to regulatory steps mainly because “the units are ‘point solutions’ devoid of any central services to be regulatory ‘captured.’” Legally, Opendime is a trademark/item of Coinkite Inc., a corporation started by Novak and Peter Grey and based mostly in Toronto, Canada. Novak is skeptical of the probability that Canadian regulators could order Coinkite to prevent manufacturing and advertising Opendimes. “We and our legal professionals do not believe that that is a probable scenario,” he claimed. Opendime documentation statements the sticks will very last for a long time less than regular use circumstances on the other hand, Opendime hasn’t been all-around for a long time, so there’s no way to know for guaranteed. But, as Novak spelled out, the microchip employed in each individual Opendime is rated for 25-100 decades, as per the facts sheet (webpage 816) linked in the FAQ. “A number of end users have put it through a good deal of abuse, washing machines, freezing, h2o, and so on. and it survived,” claimed Novak Novak also stated that it is not virtually possible to make a counterfeit for the reason that the device has a large security chip with a factory important just for that reason. “They would have to split our private important, which is virtually difficult,” stated Novak. “Not even with a few tens of millions of pounds could they peel the chip and consider to use an electron microscope to get our critical since our chip decision also guards from peeling. So it’s possible a hundred million dollars could make that transpire. If that takes place the subsequent batch would have a new important and they would have to expend the dollars yet again.” The possibility continues to be, having said that, that malicious parties could make pretend Opendimes, with an identical glance and consumer interface, which declare a faux balance confirmed by a pretend verification course of action. Hence, it’s crucial to test the provenance of the unit. Novak spelled out that there are a couple of methods for customers to test an Opendime signature to confirm it is not counterfeit, together with a Chrome extension, the Samourai Wallet, which supports Opendime natively, Electrum (coming quickly) and an open up-resource script. Grey extra that each individual Opendime ships with Python code for verification. “You can use a identified-excellent Opendime to verify an unidentified one,” he stated. “No internet is needed, and self-contained python code is employed — just a person command to be typed, which will take just seconds.” How It Functions Whenever the adhere is plugged into a computer system, flickering environmentally friendly and purple lights reveal its status. Only environmentally friendly usually means that the device is energetic purple signifies both that the unit has not been activated or that it has by now been unsealed (damaged) and can not be used any more. The lights work the right way even devoid of a laptop, with the adhere related to a USB charger or electric power pack. A file named index.htm on the adhere offers all standing information. Bitcoin Magazine analyzed an Opendime stick stop-to-conclusion. When we plugged the Opendime stick into a personal computer for the initial time, the pink gentle flickered. The index file warned, “Your Opendime is new and unused. Comply with these measures to decide on a non-public vital,” and gave us thorough guidance. Following the recommendations, we copied a number of tiny files on to the system to seed a random selection generator, which will get random bits from random.org. The moment the non-public important was created, the index file showed the stick’s Bitcoin deal with and a corresponding QR code. Other than the index file and two folders with systems and utilities, there are 4 files on the adhere: Address.txt, Private-key.txt, Qrcode.jpg and README.txt. The handle and Qrcode files demonstrate the stick’s bitcoin tackle in equally formats. The private-key file reads: “SEALED — See README.txt for facts.” The README offers detailed guidance on how to use the Opendime stick, which include how to validate that the gadget is reliable and how to get money out. The index file demonstrates two standing test buttons: “Check Balance” and “Verify.” Urgent the Validate button resulted in the position concept “VERIFIED: Your Opendime does have control around the key non-public essential corresponding to Bitcoin payment handle.” The equilibrium was zero, of study course, mainly because we hadn’t nevertheless despatched resources to the adhere. We despatched resources to the stick in numerous transactions from distinctive consumers, actual physical destinations and bitcoin wallets. Right after all the transactions were being verified, the correct stability and past transactions had been displayed in the index file. Now our Opendime adhere was energetic, loaded and completely ready to be handed along to other owners. If the adhere has been loaded with, say, 10,000 bits (.01 BTC, about $120 at the present-day exchange amount), the adhere could be employed as a physical coin carrying that benefit. At this point in the method, any one in the ownership chain could come to a decision to empty the stick and transfer the funds to their bitcoin wallet. To do that, the person will have to unseal the machine by pushing a pin via a small circle marked on the back of the product. When this is performed, the pink light sparkles and the index file displays a warning: “UNSEALED DO NOT deliver more resources to this tackle or acknowledge this components as payment.” Clicking both of those standing check out buttons results in a even more warning: “Bitcoin was spent from this handle. If this is an Opendime deal with, this indicates it has been UNSEALED.” The private critical is now shown in the index file. The Opendime team recommends employing the Samourai wallet. On the other hand, we determined to experiment and generate a new wallet on blockchain.info. We imported our Opendime personal vital (Options – Addresses) and transfered the funds to the blockchain.details wallet, and then to an exchange. In summary, the Opendime adhere passed our conclude-to-stop exam with flying shades. A person caveat: At $13 a piece, Opendime sticks struck us as somewhat pricey for storing/transferring tiny quantities and may perhaps be far better suited to massive quantities of above $1,000 or so. “But $13 is essentially really low cost as it is amortized by several exchanges of the similar device,” Novak prompt. “Also, Bitcoin transactions are pretty frequently more than that.” This is a fair level, given that the chain ownership transfer could go on for a incredibly extensive time, with the stick potentially modifying fingers several instances, just like actual physical hard cash. Novak also extra that advancements and new functions are in the works. Disclaimer: Opendime offered Bitcoin Magazine with totally free samples to use for the reasons of testing their product for overview. This short article originally appeared on Bitcoin Magazine. from My Bitconnect Journey https://bitcoinmagazine.com/articles or blog posts/actual physical-bitcoins-our-palms-stop-finish-assessment-opendime/ by means of Bitcoin Information https://s3.amazonaws.com/fs.bitcoinmagazine.com/img/photographs/opendreview.width-800.jpg Sign up Right here: http://bit.ly/goN4bcc

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