A different kind of wallet
Usually, we review your typical hardware wallet, which aren’t particularly varied in terms of features and usually share a lot of common things. The Opendime however, is not your typical wallet, and we think this product is worth exploring as it offers something that is meant for a different type of audience.
So stick around with us for this short review, even if you don’t intend to buy it, you might find the Opendime to be quite interesting.
What is it supposed to do?
What makes the Opendime attractive, or rather, interesting, is the fact that it’s not a wallet meant for personal use. It’s something less personal, meant to be passed on to several times.
Naturally, this makes you wonder how this kind of wallet can be secure at all, and rather than giving out a drawn-out explanation, we’ll let its features speak for themselves:
- It’s a read only USB dongle that contains a QR image and text files with all relevant information (i.e. Bitcoin address).
- The private key is generated by the device itself.
- It uses non HD bitcoin payment addresses and private keys are in WIF format.
Essentially, Opendime intends to bring a product that acts as a physical form of Bitcoin: You pass it on to someone and now it’s theirs. If they wish to receive the funds, they have to “unseal” the Opendime, which means breaking it so that it reveals the private key, which is where the disposable part of the wallet comes into play.
This makes the Opendime a purely P2P affair that is fully anonymous, with no confirmation delays and no fees. Everything is off-blockchain.
What does the community think of it?
Seeing that their intent is to make something unique that goes straight to the point, it won’t come off as a surprise that the Opendime is generally seen as a great product that is as secure as your typical hardware wallet, meaning it’s still ideal for storing large amounts of Bitcoin. Add the fact that is probably the option with the highest degree of anonymity so far and you can see why users would like it.
Some complaints have naturally shown up due to the pricing (which we’ll discuss in the next section), which isn’t fair given that it isn’t expensive at all for what it provides; it just serves a different purpose.
Coinkite currently offers their Opendime in 3-packs, meaning that if you’re looking for an individual device you’re out of luck. But then again, if you’re interested in the product and understand how it’s meant to be used, chances are you’re looking to buy more than one.
Pricing for the 3-packs starts at $37.50 (£27.65), and their website allows you to order up to 32 3-packs. If your order goes beyond that, you can contact them personally for pricing.
Pros & Cons
- Reasonably priced for what it is.
2. As secure as any other wallet.
3. Extremely easy to use. Straight to the point.
- The way it’s marketed can confuse some users that are new to cryptocurrency wallets.
Summing things up
Opendime is a different kind of product, and a really interesting one at that. It’s not a conventional wallet but has all the security benefits of one, it’s easy to use, and more importantly: It does what it’s supposed to exceptionally well.
About the Opendime
Developed by Canada based company Coinkite, founded by Novak and Peter Gray, the Opendime is a hardware wallet that aims to simplify the process of using Bitcoin , essentially allowing you to use the small USB dongle the same way you’d use a dollar bill. This means that the Opendime is something you’d call a disposable hardware wallet, but since that’s not an attractive way to call it, you can think of it as the first Bitcoin bearer bond.