Sunday, February 23, 2020

New Tech Turns Peoples’ Hands into a Bitcoin Wallet

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

You can store Bitcoin on an online exchange, offline wallet, or a smartphone wallet. If you’ll like to take it one step further, there’s an option that’ll enable you to implant a rice-grain-sized wallet in your skin. Why opt for such? We’ll base our reason to that of those who have gotten one of these and it is to make their Bitcoin accessible anywhere and everywhere.

Editor at Cryptocurrency Website Gets Bitcoin Wallet Implant

If you’re wondering, is a crypto wallet implant even possible? then Bailey Reutzel, Coindesk’s editor recently got one and in her experience, it was almost a pain-free process which left her with a chip that can hold Bitcoin.

Likewise, the trend of implanting crypto chips in the skin is not a new one. An instance is the case of Martijn Wismeijer, a Bitcoin entrepreneur in 2014 who decided to install a microchip in his skin in order to assess his crypto funds. In this case, two NFC (near-field communication) chips were implanted at the back of his hand.

BiChip, a Danish firm launched its crypto wallet microchip implant in January. The company also intends to enable people to make cryptocurrency payments with the wave of their hands on a reader. In the same vein, other tech companies have been using this feature to allow NFC-enabled doors or machines to be opened with just the wave of the hand.

Perks of Installing Cryptocurrency Wallet Chip

What exactly are the perks of installing a chip underneath the skin in order to store virtual assets? A possible reason is to have these assets close to the owner and as such, it holds a promise of making payments easier. Moreover, these devices cannot be detected even at the airport using full-body scanners and that’s how private they can be.

Nevertheless, as with anything that has an advantage, there’s always a downside to it. For starters, having the public know you’ve just gotten an implant which holds your funds could draw unwanted attention. It could attract friends, foe and even criminals. Other possible risks that may occur is the body rejecting the object or infection occurring.

A crypto wallet implant might not really get a widespread adoption in the community. But then, cryptocurrency enthusiasts like to be the first to adopt technologies and as such, there may still be people out there willing to give it a go. Hal Finney, for instance, one of the pioneers of Bitcoin has decided to cryogenically freeze his body in order to revive it decades from now.

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