RE: Cryptocurrency payment terminal for high street retailers - "Retailer Mode" in HODLER Wallet
I took a look at your website and i wonder why would I need my hardware wallet to have the following features:
- GPS
- Built in mail client
- Supports SIM Cards and Wifi
In my mind the whole purpose of a hardware wallet is to limit exposure to malware, keystroke loggers and generally more secure. By adding GPS, and a mail client are you not compromising on the security of the said device?
If I have to use a Hardware Wallet that has a SIM why don't I just use my phone with Coinomi a wallet app with a reputation and very many coins?
How are you going to ensure these points of data entry are not compromised?
I am still sitting on the fence on the device having a camera. I have never missed the camera on my TREZOR and could do without it. For times I needed a camera like when using the Bitcoin ATM, I used a software wallet.
As far as I believe the idea behind HODLER it to take step forward and bring cryptocurrency payments to everyday life. If you only use hardware wallet as a storage that is fine. HODLER has got a vision where you can go to any shop and pay securely for your groceries with cryptocurrency of your choice. This would finally allow us to live without the influence of greedy bankers and central banks. Bringing the power back to normal people.
Following that an additional functionality is needed, without compromising security. HODLER is a hardware wallet meaning it is offline most of the time. Only about 1 sec connection is needed when you are sending payment. Your phone on the other hand, is online 24/7 and you have got many apps installed on it, each being a potential threat to your cryptoassets. Many of us are guilty of trying games apps or playing Quizzes on Facebook or similar. All of them require to accept T&C's which no one bothers to read. This is the main reason why your wallet needs to be separate/independent from your phone, or even computer.
I have written an article explaining the gaps in security of hardware wallets that HODLER team addressed: https://steemit.com/cryptocurrency/@alesa/do-you-think-your-hardware-wallet-is-safe
More detailed description of the security features of HODLER can be found on the website and specially in this document: https://hodler.tech/docs/SecurityDescription.pdf
https://hodler.tech
Thanks interesting perspective. I wonder how many people would use a hardware wallet like that. Then again we are all very different.
You are right, we are all very different so we will build the most universal wallet - cheap, secure, easy to pay, with almost all cryptocurrencies supported and with feature for high street retailers. Thank you for your essential opinion.
Thank you for clarifying issues raised. All the best with the project. I'll be watching closely and should get one when its ready. Ho do you determine which coin to put on your hardware wallet?
Alesa thank you for explanation the HODLER idea.
Great answer. I'm going to investigate further. Small shops are screaming out for crypto payments. Especially for things like buying gas/electricity where the customer really notices the fee...
The idea of the HOLDER: Secure payments combined with high functionality. You can't pay with Trezor for high street retailers because your hardware wallet don't have internet and camera to scan QR code. You can pay via Coinomi, but this is not secure if you use closed source wallet (Coinomi do not share their code to review) and using not secured device. Hodler is combining mobile payments with security, it's unique value of the our idea.
Can i just ask you why you use a bitcoin ATM when you can use P2P brokers like me, if you want to remain anonymous. privacy is the only feature of ATM. Online exchanges are cheaper. I charge the same price as ATM in my city. This question is for @nitego
@theaverageman never heard of the term -P2P brokers is that like localBitcoins in person transactions? When i used the ATM privacy was not the issue it was the amount of BTC I could get immediately
All the various exchanges I was on had very low limits. $300, $500 and $750 weekly. Bitcoin at this time was about $2800 to $3000. I needed 2.7 BTC to pay for a miner. The ATM had a limit of $3000 per transaction and I could do the transactions back to back. Tedious expense yes but only option I had then. It's still a good one for volume.
@nitego Peer 2 Peer. I sell bitcoin and other altcoins on line and face to face in my local area. There is no law here that requires us to ask for KYC or any other kind of identification. I charge the same fee or less than the ATM. I do the first transaction for free. It's how it should be, cutting out bankers. If you ever want any alt coins just message me....
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There's my card. Sorry about quality but I'm just getting the hang of things on Steemit..
Thanks great to know. I see you are in UK, I will give you a call when next I need to buy any of the coins you trade.