My Verdict on OpenDime

About a year ago, my homie @cryptoxbb brought this cyberpunk looking product called OpenDime to my attention. After watching a product review on one of their older models, I visited their website to fish for more information. On the front page, it said "the bitcoin credit stick". I remember thinking "hmm I wonder if these things will take off?" As time went by I completely forgot about the product's existence. Shortly after the holidays had past, that same friend told me that he got himself a pack and really liked it. Playing the FOMO card, I was curious to see what made this product so special. I sent in my order and waited patiently for the package to arrive.

The goods arrived much faster (by four days) than I had predicted, which is always a plus for new customers. The packaging was very minimalist and sexy. After plugging it in and following the instructions on the .htm file, I was impressed to see how quickly I was able to start using the device. All you have to do is drop a few files into the OpenDime's file folder. Once completed, it will generate a new address and then you are ready to go. What I found interesting about the design is that it's similar to a piggy bank; you have to break it (by using a push pin breaking the circuit board) in order to spend from it. The private key that allows you to send the funds are nonexistent, forcing you to treat it as a savings device rather than a offline hardware wallet like Ledger or Trezor.

When comparing it to other Cold Storage solutions such as Mycelium Entropy, this one is a much better choice for giving as gifts to distant relatives or friends. Sending paper wallets through snail mail with exposed private keys is a big no no. Unless you are willing to explain how to move the funds to another location, you are risking the possibility of a third-party stealing them in transit. That is where OpenDime shines. However, using these credit sticks as a way of paying people seems like wishful thinking at this time, but could be a possible reality several years in the future. For now, I would consider it as another option for cold storage that looks cool and works. If you don't have any plans to spend your bitcoin or litecoin and want them on an offline sturdy piece of hardware, then this is absolutely for you. If not, I would recommend putting your crypto assets on a hardware wallet.