This article is sponsored by Satochip. Satochip values free media and supports independent journalism.
A Belgian hardware wallet manufacturer is looking to combine the convenience and feel of a credit card with the power of Bitcoin. The chipcard allows users to gift, store, and secure bitcoin.
A Closer Look at the Satochip hardware wallet
The young startup is already offering three different products. The Satochip, the Satodime and the Seedkeeper. The Satochip card, which stands for “secure anonymous trustless and open chip” is a hardware wallet based on a smart card similar to a bank card.
The Satochip hardware wallet will allow you to gift, store, and secure your Satoshis
Hardware wallets allow for “cold storage” of one’s bitcoin private keys. In comparison, a “hot wallet” such as your bitcoin wallet on your phone, is located on a device that is constantly online. This makes it more vulnerable, since the constant connection to the internet also comes with exposure to certain attacks and threats.
A hardware wallet keeps your private keys offline and safely stored within a secure element. In other words, a hardware wallet is considered a more sage solution to secure your Bitcoin.
Hardware wallets are designed with a focus on security while still maintaining a level of convenience to withdraw funds, make payments and sign transaction.
In its FAQ the company explains:
First, you have to unseal the corresponding keyslot to be able to export the private key (in plaintext or WIF format). Import the private key using your favorite software wallet such Electrum or MyEtherWallet.
The goal here is not to make daily transfers, although this is still possible with Satochip, but rather to keep a certain amount of bitcoin or satoshis safe that a user doesn’t plan to access for several months or even years.
It is therefore not an alternative, but a complementary solution to secure sats. To access the information on the chip, a user will need a card reader or an NFC reader. A compatible smart card reader is found on the Satochip’s webshop, but any reader will be compatible.
Open source and community driven
The company manufactures the cards in Belgium with parts from coming from around the world. The Satochip applet, the micro-code loaded on the chip is 100% open source and geared towards the Bitcoin community. This means that you can check the code by yourself and understand how it works. Don’t trust, verify!
The Satochip hardware wallet is integrated (natively or not) with several well-known software clients such Electrum, Electron Cash, MyEtherWallet or Metamask. Thanks to this wide range of software wallets that are compatible, the cards are very easy to use. These are software versions optimized by the Satochip team to be compatible with the Satochip card.
Open source nature allows you to build the software from the sources or even benefit from improvements made by the community of developers around the world.
You can get more information about how to use your hardware wallet by reading the Satochip Start page.
A reliable solution at an affordable price
The emphasis has been put on security which allowed Satochip to attain certification under EAL6 an international security evaluation standard.
However, the simplicity in design and use of materials also makes the chipcards very affordable. The products start selling from 25 EUR (28 USD) which beats any other hardware wallet on the market in regards to price.
One of the great strengths of the Satochip wallet is that it remains very affordable even for people with low income. It makes it one of the cheapest hardware wallet on the market. Moreover, worldwide delivery is free.
A must have for any bitcoiner
In conclusion, Satochip takes a new and innovative approach to securing bitcoin keys. The small size make the satodime an ideal gift for a wedding or newborn. And it allows to use bitcoin as a bearer asset by simply handing over a card the same size as a credit card.
Satochip Information Links