When you set up a Bit Wand NFC coin or card, 256 bits of data are written to the memory on the open source hardware device from your phone.

This data is used by the app to regenerate your private key when you login or sign a transaction.

Your private keys are never stored in long-term memory, and we never have access to them. They only exist for the micro seconds necessary to login and sign transactions, and are immediately deleted from the memory on your phone after they are used to ensure true self-custody and security.

Bit Wand sits in between security and convenience. We call it the Goldilocks wallet - not too hot, not too cold.

Your private keys only exist at the exact moment you log in and sign a transaction with the Bit Wand App, meaning they are never stored in long-term computer memory anywhere.

This means if a hacker remotely exploits your phone while you are sleeping, they will not be able to access your private keys or remotely authorize a transaction from your account.

Yes!

We never have access to your private keys, and after your NFC card is setup it is the only method of regenerating your keys. This means only you have access to your private keys, and we cannot help you recover them if your card/coin is lost.

We are the only hardware key management storage solution (we know of) that uses off-the-shelf, consumer-grade, open source hardware for our hardware storage technology, which can be viewed here: (https://www.nxp.com/docs/en/data-sheet/NTAG213_215_216.pdf)

What does this mean?

Decentralized distribution - we are the only hardware key management tool that you do not need to purchase directly from us to use safely with our application, and this hardware is safely reprogrammable if you decide to change the key connected to a card you receive as a gift or payment.

The 256 bits of data used to create your keys are generated on your phone and stored to these devices, meaning you don’t need to trust that our supply chain or manufacturer have not installed bad seed generation devices on your hardware wallet that could be used to access your keys after they have been sold to you.

As we progress, we plan to open source our application code as well to ensure that you can access your private keys even if you can’t access our application for any reason.

If your card is lost or stolen, so are the assets attached to that account.

In addition, if a hacker steals the data stored on your card by using high power NFC readers while they stand next to you, they can also access your account.

This hack is done the same way as is possible to steal your debit/credit card information or your car’s NFC key, so if you are worried about that, learn how to protect your card from these high tech hackers here: https://www.youtube.com/watch?v=Qt2Gn2CoJ74

We recommend limiting the amount you store using this system to less than $1,000, or whatever amount you are comfortable keeping stored on a hot software wallet on your phone. This amount will vary based on your preference, but please do not store your life savings using Bit Wand.

Look into great hardware wallet solutions like Ledger and Trezor for this use case (we do not have an affiliate agreement with either company)