Satochip Review: Hardware Wallet Like a Bank Card

Description

The Satochip is a new type of bitcoin hardware wallet developed by a Belgian startup, based on smart card technology. The wallet looks like a bank card, but it’s not. The card’s chip is loaded with the Satochip code to provide hardware wallet functionalities. The open source wallet is designed to be more affordable and convenient than traditional hardware wallets, while still providing the same high level of security.

How does the Satochip wallet work?

Satochip hardware wallets store your bitcoin private keys on a secure element chip embedded in the wallet itself. This makes it very difficult for hackers to access your private keys, even if they steal your wallet or compromise your computer.

To use the Satochip hardware wallet card, you will need a chip card reader or an NFC reader and the Satochip software. Connect the card to your computer using the chip card reader, start the Satochip client, and initialize your Satochip hardware wallet.

The hardware wallet card itself does not require any specific drivers. A wide range of card readers on the market have been tested and accept the Satochip hardware wallet, but compatibility cannot be guaranteed. The startup sells its own smart card reader at 15 USD, which has been fully tested with Satochip cards. There is the Satochip Two-Factor Authentication app on Google Play Store that allows you to approve transactions before signing them with a Satochip hardware wallet.

The wallet has the following features:

• The ability to send and receive bitcoin
• The ability to view your bitcoin balances and transaction history
• The ability to create and manage multiple bitcoin wallets
• The ability to back up your bitcoin wallet

The Satochip hardware wallets fully comply with BIP32/BIP39, meaning a new address is generated after each spend. Finally, Satochip’s integration with mobile wallets like Sparrow and Electrum brings added convenience to users.

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How to back up and restore your Satochip wallet

Every Satochip hardware wallet is shipped to the customer uninitialized. During wallet initialization with the official Satochip client, the seed phrase will be displayed on the screen and must be confirmed by the user. This is the only time the seed phrase will be visible to the user, and the only opportunity to back it up! After that, it is no longer possible to export the seed phrase or any private key from the device.

The seed phrase and optionally the PIN code are the information needed to recover the Satochip hardware wallet on another hardware wallet.

Is the Satochip wallet better than other hardware wallets?

The Satochip wallet has several advantages over other hardware wallets on the market. First, it is much more affordable. Most hardware wallets cost several hundred dollars, but the Satochip wallet costs 26 USD. Second, the Satochip wallet is more convenient to use. It is small and lightweight, so you can easily carry it with you wherever you go. Finally, the Satochip wallet is just as secure as other hardware wallets. It uses the same secure element technology that is used in major credit and debit cards.

Satochip cons: What you need to know before buying

We believe you should be aware of the following before you order for one:

• Portability: Satochip is small and lightweight, which makes it portable. However, its small size and lack of a screen make it more susceptible to damage. For example, if you drop it or bend it, it could break.
• Screenless design: Satochip does not have a screen, which means that you need a card reader and a computer to use it. This can be inconvenient, especially if you are trying to use the wallet on the go.
• Not entirely air-gapped: Satochip is not entirely air-gapped, which means that it is possible for malware on your computer to compromise your wallet. This is because Satochip communicates with your computer through a USB cable.
• Few reviews: Satochip is a relatively new hardware wallet, so there are not many customer reviews available yet.

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