Satodime is a product made by Satochip. Based on a smart card, it can be used to safely generate crypto vaults while private keys remain sealed in the secure chip. It’s called a bearer crypto card.

FAQs Archive - Page 2 of 5

Q: 3. Hot wallet vs Cold wallet, what to choose?

There are two types of wallets: hot and cold. The hot wallet is a software application installed on your computer or smartphone and connected to the Internet. Most often free of charge, this type of wallet is ideal for everyday handling. It's convenient, mobile and easy to use. But the threat is real! Your private keys are stored locally on your equipment, accessible to viruses and other Internet threats. Your cold wallet, on the other hand, is a dedicated, offline device. Your private keys are isolated in a specially designed piece of hardware, called the Secure Element. Satochip is a cold wallet, also known as a hardware wallet. The chip acts as a secure element, protecting your private keys from online threats.

Q: 4. Do I need a hardware wallet?

You've probably heard this " not your keys, not your coins ". Indeed, as long as you're not the sole custodian of your private keys, your cryptocurrencies probably don't belong to you. When you leave your cryptocurrencies on an exchange platform, you're delegating your wealth to that platform. It can, at any time and arbitrarily, cut off access to your account, depriving you of your assets. When you use a hot wallet, such as a web extension, your private keys are stored on your computer. They are therefore vulnerable to Internet threats. So yes, if you value your cryptocurrencies, use a hardware wallet to store your private keys offline, in dedicated equipment.

Q: 5. Why open source matters?

There are many phrases you'll come across on your Bitcoin journey, one of them is " Don't trust, verify! ". Bitcoin is open source. The open source nature of a solution gives power and independence back to people. Satochip is driven by this noble mission and offers fully open source solutions. Everyone is welcome to study and verify the content. Open source matters! Don't trust, verify!

Q: For what purpose? (1/2)

You can see it as a physical #crypto bill and exchange it for fiat, goods or services. You can buy a #Tesla for a 1 #BTC pre-loaded Satodime. The dealer does no need to trust you as the private key of the wallet is safely store within the secure chip.

Q: For what purpose? (2/2)

You can see it as a way to physically gift #Bitcoin Load some Satodime with various denominations of #Bitcoin and keep them in a safe for long term storage or to gift. No need to care about a PIN code or a seedphrase. Seal it, load it and forget it.

Q: Can I pay at the grocery?

Your Satodime looks like a bank card but it’s not. You cannot use it to pay at the grocery. But if the grocery store accept #cryptocurrency, maybe you can give it a Satodime loaded with some #crypto.

Q: Can I store data on it?

No, you can’t. But as you can provide part of the entropy used for the key generation, you can store a hidden text message. This message will be revealed when the keyslot is unsealed, along with the private key and the chip-generated entropy.

Q: Can I store my favorite #NFT?

Yes, Satodime can handle your #NFT (#ERC721, #ERC1155 and #XCP).

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