Coinkite working on future of verified cheque with bitcoin-storing USB device

coinkite

With all the hype around bitcoin and cryptocurrency, the question remains about how to leverage bitcoin on a daily basis for the everyday customer that isn’t necessarily tech-savvy.

During the blockchain special of The Disruptors, Coinkite, a bitcoin hardware and software company, pitched on the show about how it was working on a solution that brings digital bitcoins to the physical world. Coinkite lets users deposit bitcoin currency in a USB device — called OpenDime — that can simply be handed to its recipient. OpenDime’s private key is generated inside the device and is not known to any human — not even the owner. In the future, the company sees anyone who needs to transact digital money in-person using the platform.

“You are able to trust that the value is in that device just like a verified cheque. Whoever holds the verified cheque is the owner of the value,” said Rodolfo Novak, co-founder of Coinkite. “It enables you to use Bitcoin physically, just like cash.”

Co-host Amber Kanwar said that the existence of a device like this acknowledges that, while we live in a digital-first world, there is still value in hardware. “There’s still a physical world where people go out and buy things. Just because you bought into a digital currency, it doesn’t mean you should be shut out of that.”

Watch the whole pitch below:

BetaKit is a production partner on The Disruptors. Tune in to BNN every Thursday night at 7pm for full episodes!