#Canada #Bitcoin #Toronto #Coinkite #COLDCARD

Coinkite's Latest Innovations in Bitcoin Security

In a bold move to enhance Bitcoin security, Coinkite has rolled out a significant firmware update for its COLDCARD hardware wallets. This update introduces Spending Policies, which allow users to define precise rules governing their Bitcoin transactions. By providing users with control over how and where their Bitcoin can be spent, Coinkite aims to bring a new level of security and convenience to digital currency management.

Revolutionary Spending Policies

The core of this update is the Spending Policies feature, which lets users customize their transaction limits according to their preferences. This encompasses several options:

• - Per-transaction limits: Users can set the maximum amount of Bitcoin that can be spent in a single transaction.
• - Velocity limits: This feature controls how rapidly transactions can be made, providing an added layer of security against rapid or unauthorized spending.
• - Address whitelist: Users can create lists of allowed addresses, ensuring that their Bitcoin funds can only be sent to pre-approved wallets.
• - Two-factor authentication enforcement: For those transactions that require extra security, users can enforce multi-factor authentication.

The necessity for personal security in the digital age has never been so crucial, and with these features, the COLDCARD operates effectively as a hardware security module (HSM), safeguarding users against unwanted transactions.

Enhanced Two-Factor Authentication

In another industry first, Coinkite has integrated two-factor authentication (2FA) support, which utilizes time-based one-time passwords (TOTP). This allows users to require a six-digit code for sensitive transactions, creating a dual-layer of protection with what the user knows (their PIN) and what the user has (the authentication code).

By incorporating this functionality, even in situations without a hardware clock or internet access, COLDCARD verifies codes through apps like Google Authenticator. This advancement marks a pivotal leap in transaction-level defense for Bitcoin wallets.

Additional Features

The firmware update is not limited to Spending Policies and 2FA. Several other powerful features have been introduced:

• - NFC PushTX: Users can now broadcast signed Bitcoin transactions by simply tapping their COLDCARD wallet to an NFC-enabled phone, eliminating the need for apps or cables.
• - Smart PIN AutoBrick: This function develops a self-destruct mechanism for multiple failed PIN entry attempts, further protecting the device.
• - USB Multisig Address Registration: This streamlines multisig setups, ensuring secure wallet exports.
• - SeedXOR: A feature that permits users to split their seed words into distributable parts, enhancing security during transit and storage.
• - Enhanced PSBT Workflows: Users can now export signed results in multiple formats (QR, NFC, SD), offering unmatched flexibility regardless of input method.

The Importance of These Upgrades

As cryptocurrency adoption rises, the need for robust security measures is paramount. Coinkite's Spending Policies enable users—be it individuals, institutions, or influencers—to engage in programmable self-custody. This ensures that funds remain protected by predefined rules, offering peace of mind even in cases of theft or misuse of the device.

Organizations can now implement HSM-like controls without the need for intermediaries, while individual users benefit from convenience balanced with enhanced security. The willingness of Coinkite to innovate in such a vital area underscores their commitment to advancing the security protocols essential in the world of Bitcoin.

Learn More About Coinkite

Coinkite, the developer of the esteemed COLDCARD hardware wallet, is dedicated to promoting security and self-custody in the Bitcoin ecosystem. Users can explore these new advancements and stay informed about further developments by visiting their official website and blog.

For more details on these groundbreaking features, users can watch informative videos and read more at Coinkite's Blog.