Opendime is a small USB stick that lets you spend bitcoin as easily as you would spend a dollar bill. Read our review today to find out how Opendime works.
What Is OpenDime?
Opendime, found online at Opendime.com, is a USB device that works as a bitcoin credit stick. The stick is described as the first bitcoin bearer bond. It’s based 100% off chain and can pass credit along multiple times. It removes the need for transaction fees, long transaction times, and other bitcoin disadvantages.
How does Opendime solve these problems? Basically, you get a USB stick that works as a promise of bitcoin. You can break that USB stick at any time to claim that bitcoin. Or, you can continue passing it along to other individuals.
You know how fiat currencies were originally based on the value of gold? We transferred US dollar bills to each other because we knew it was a representation of gold. We didn’t have to physically give each other gold nuggets. We transferred US dollar bills for greater convenience. Opendime wants to work in a similar way – but the value is based on the bitcoin network instead of gold.
You can connect Opendime to any USB port to check your balance. Unseal the stick anytime to spend the balance online.
Today, we’re on version 3.0 of Opendime. You get 3 Opendimes in a bag priced at around $40 per bag.
How Does OpenDime Work?
Opendime can be spent as easily as you would spend a dollar bill. It’s an industry standard for the physical exchange of BTC. Each stick offers unlimited, free in-person transactions until it’s unsealed. It’s ultra-secure with no trust required.
Your transactions leave no trace: it’s based entirely off-chain.
Essentially, Opendime is just a USB stick that has value. That value isn’t “unlocked” until you break the seal, at which point you can convert Opendime into bitcoin by connecting it to any device. That means you can transfer Opendime to another person as a form of payment – even if nobody breaks the seal, that device always has value. The value of the device is backed by the unopened seal.
That’s where the novel idea of Opendime takes effect: you can transfer the device as many times as you want. As long as the seal is unbroken, the value of the device remains intact. Transfers are as easy as giving the device to someone else. There’s even a key ring hole on the Opendime stick to allow you to easily carry it with you at all times.
Opendime acts like a read-only USB flash drive. It works with any computer, laptop, or phone. The files include a QR image and text files containing the bitcoin address and other helpful information.
Private keys are generated inside Opendime and are never known to any human – not even the holder of Opendime.
Opendime is built on the fundamental bitcoin features that haven’t changed in years. It’s as compatible as bitcoin.
You can give an Opendime to anyone without needing to trust anyone. There’s no risk of someone taking back the funds later because the private key is in the device itself.
Free To Use:
There are no fees to using Opendime. Obviously, you’re just handing a physical thumb stick to another person, in person. There are no transaction costs and the transaction takes place off-chain, so there are no bitcoin fees, no miner fees, and no confirmation delays.
Opendime uses bitcoin message signing, normal (non HD) bitcoin payment addresses, and private keys in WIF format. All of these are open standards for maximum transparency.
There’s an Opendime Chrome plugin you can use to easily verify the value of each Opendime stick.
“Like a Piggy Bank”:
Just like a piggy bank, you’ll need to destroy Opendime to spend your funds. That may seem expensive and wasteful, but it’s also a key part of the security of Opendime. You can trust a sealed Opendime, and it’s obvious when a device has been compromised.
Who Created OpenDime?
Opendime is made by a company named Coinkite. The founders also created a successful bitcoin web wallet and API provider. They’ve watched the growth of both physical bitcoin “coins” and hardware wallets – although neither was an ideal solution for seamless peer-to-peer transactions. These founders created a whole new category of disposable hardware wallets meant to be used like cash.
A 3 pack of Opendime 3.0 is priced at $37.50 USD.
Your purchase comes in the form of three small USB sticks. At the time of writing (August 2017), the sticks were out of stock on the official website.
Opendime is a unique hardware device designed to function as a type of bitcoin cash. Each USB stick contains a verifiable amount of bitcoin. You can transfer that stick between parties. It works like a type of cash.
You know how the USD used to be based on the value of gold? We transferred pieces of paper to each other because we knew each dollar was linked to the value of gold – even though we weren’t actually exchanging gold with each transaction. Opendime is a similar concept – but instead of gold, the value of the device is based on the bitcoin network. We’re not actually transacting bitcoin on the bitcoin network, but we’re transferring a promise of bitcoin. You can claim your Opendime bitcoin at any time by breaking the device – just like you would break a piggy bank.
Opendime is a unique concept that could change the way we transact bitcoin. It removes problems like transaction times and miner fees while still depending on cryptographic security and other bitcoin advantages. You can learn more about Opendime, or buy USB sticks for yourself today, from Opendime.com.