The Opendime Bitcoin Wallet is also a hardware wallet, but it works differently than the classic models like the Ledger Nano S or the Trezor One. Nevertheless, it offers comprehensive protection as long as the wallet is not stolen and thus “physically” falls into the hands of another person.
Due to a special feature the Hardware Wallet can be passed on like a banknote, gold bar or coin without writing transactions in the blockchain. How this works exactly and what the Hardware Wallet can do, we show you in this test report.
Opendime Bitcoin Wallet – purchase and scope of supply
The Bitcoin Credit Stick can either be purchased directly from the manufacturer at a price of 44.97 USD in a 3-pack (in version 4.0) or on Amazon for 35.00 Euro. There you will also get in 3 pieces. Alternatively you can buy a single Opendime Stick for 15,45 Euro.
We bought our stick on Amazon. The wallet was right in our mailbox the next day. If you are looking forward to receiving your package, please do not forget to check the packaging and the stick for any damage. Make sure that the packaging is closed and that no part is broken out of the stick. Also check that the seal on the packaging is closed:
The following is included in the scope of delivery (depending on the package size ordered):
- 1, 3, 6 or more Opendime Bitcoin Credit Sticks
- A sticker/card on which 3 work steps stand
The scope of delivery is relatively clear, but with the very small range of functions this is not too big a surprise.
Setting up the Opendime Stick and supported crypto currencies
To set up the stick, simply follow the steps marked on the small card (supplied). These are:
- You need to connect a USB stick to a laptop.
- On the stick itself there is a file called index.htm.
- As soon as you start the file, you get more detailed information
After we have connected our Opendime Bitcoin Stick to the laptop, a green light flashes and a red light flashes every second.
Now we open in the Windows Explorer the mentioned file which is located on the Credit Stick: “index.htm”. Then we get to an overview which gives us further instructions. We are told that the stick has never been used before and that we have some steps to take to get our private key. By using the stick, we also automatically agree to the manufacturer’s terms and conditions.
In the first step we have to upload any image from our PC that has at least a size of 256 KByte. Even if it sounds funny. This step is necessary to obtain the Private Key. You have to go to the directory /Volumes/OPENDIME in your explorer and upload a photo exactly at this place, it doesn’t matter which photo it is. The stick randomly creates a private key from the data of the uploaded photo.
The stick then works briefly and after a few seconds no longer flashes red, but is now permanently green. The subsequent system warning can be completely ignored.
The next step is to reload the page “index.htm”. If you still see the following page, you will need to upload more images to the stick until you reach the limit of 256 KByte. Normally, this process works. If this step was successful, you can now check your Bitcoin address and account balance.
If you click on the “Check Balance” button, you will be taken to a browser window where Opendime will display your current balance. Since we haven’t paid anything yet, the account balance is 0 for the time being.
IMPORTANT: To save or download your Private Key, click on “Private Key in WIF Format”. Now your Private Key will be saved as a file.
Keep this file in a safe place where it cannot be stolen and where there is no Internet access. Often, WIF files are popular targets of hacker attacks. The Wallet Import Format (WIF) is a method for encrypting a private ECDSA key to simplify copying. In simple terms, your private key is encoded into a format that makes it easy to copy and paste for future use.
Send and receive Bitcoin
Once you have successfully set up your wallet, you can now make your first deposit. To do this you must either buy Bitcoin on an Exchange or send it from another wallet to the receiving address of your Opendime stick. If you want to buy Bitcoin, take a closer look at our Buy Bitcoin guide. There we will explain how you can buy Bitcoin quickly and easily by credit card, SEPA bank transfer and IMMEDIATE bank transfer.
We have had very good experiences with the Bitcoin Litebit exchange because the customer service is really fantastic and the user interface is very simple and clear.
If you want to deposit Bitcoin, you have to copy the “Bitcoin Payment Address” and paste it as the receiving address on the exchange or your other external wallet. Once you have sent the transaction, processing usually takes only a few hours, depending on the load on the Bitcoin blockchain.
We did the test with 0.008 BTC and the Bitcoin units arrived or were visible on the wallet after almost 30 minutes. So it worked very simply and reliably.
If you want to send Bitcoin from the wallet to another Bitcoin address, you have to click on “Send to any Address”.
Now you have to insert the receiving address to which Bitcoins must be sent. Then simply click on “Send”. Within a few minutes the payment was completed and the Bitcoin was successfully sent to our Electrum Bitcoin Wallet.
This also worked perfectly – without any problems. If you connect your stick to another laptop or PC, you simply have to open the file “index.htm” again and you get to the usual user interface.
Use of the Opendime Bitcoin Hardware Wallet in practice
As already described to input, the Opendime Stick can be passed like a bank note or a piece of gold that carries a value, depending on how many bitcoins are on the address of the wallet.
This allows Bitcoin to be transferred “physically” without having to write a transaction into the blockchain. This can be a big advantage, especially if you want to transfer your bitcoins in this way instead of doing a transaction. Always keep in mind that a third person who gains access to your Bitcoin Stick, for example through a theft, also has immediate access to your account.
If you want to destroy the stick or make it unusable, there is a small hole on the back of the stick with a white border. If you stab into this hole with a drawing pin, your Private Keys will be released and the stick will become unusable.
If you now connect the stick to your laptop or PC, you will receive the following warning message:
In addition, the stick now flashes alternately red and green. This tells you that the stick is unusable.
There is no PIN or password to protect your credit. These security features are only available with other hardware wallets like the Ledger Nano X or the Trezor Model T (of course also with the predecessor models!). Furthermore, there is no Recovery Seed to recover your account if you lose your stick or if it is stolen. If these points are not a knockout criterion for you, then the Opendime Stick is perfect for you.
Advantages and disadvantages of the Opendime Bitcoin Wallet
The advantages of the Credit Stick are:
✅ Private keys are stored on the Opendime Bitcoin Wallet, as long as your stick is not stolen, your Bitcoin is safe.
✅ Very simple setup and clearly arranged software
✅ A good way to easily and quickly transfer large assets without having to write a transaction into the blockchain.
✅ Very reasonable price
Conclusion on the Opendime Hardware Wallet
We find the Opendime concept as unique as it is unusual. In practice, the wallet can simply be handed over from hand to hand as a value storage device, without the need for private keys, passwords or PINs. This fact brings with it the advantages already described, but at the same time it also involves major security gaps in the event of theft or loss. If you are using the wallet, you should be 100% aware that if your wallet is stolen, your balance will be lost.
The operation as well as the user interface of Opendime is very simple and clearly arranged. Furthermore, the mini software works error-free and the setup is very easy with the help of the manual.
Even if the opendime at first seems a bit funny and unusual: The stick works perfectly and fulfils its (unusual) purpose very well.
Opendime Bitcoin Wallet Alternativen
Opendime Bitcoin Wallet Alternatives
If you are looking for a hardware wallet that offers greater security and supports more crypto currencies, check out our other hardware wallet reviews:
- Ledger Nano X Test
- Ledger Nano S Test
- Trezor One
- Trezor Model T
- ELLIPAL Test
- Bitbox 01 Test
If you have any questions about the usage, please leave us a comment, we will be happy to help you![ratings]