As the price of bitcoin continues to rise, cold storage solutions like hardware and paper wallets are becoming more popular every day. One bitcoin proponent from Japan, Joel De Jesus, the founder of E-Flamingo GK has built a plug-in-play cold storage solution called the “K-7” which aims to make offline paper wallet creation more accessible for ordinary people.
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Paper Wallet Printer K-7 Aims to Offer Financial Independence
Longtime bitcoin enthusiast Joel De Jesus from Mikasa, Japan wants people to create offline bitcoin paper wallet storage from home. De Jesus explains the K-7 printer was designed to enable people to generate bitcoin paper wallets in a more simplified fashion. The creator noticed when working in an office setting that his co-workers were very comfortable using copy machines, fax machines, and printers. Observing this relationship with devices, De Jesus wanted to create a tool that could work more fluidly with offline bitcoin paper wallet generation; so he designed the K-7.
The creator of the K-7 claims the device never connects to the internet offering a far safer way to handle bitcoin. According to the developer, data only moves in and out of the K-7 via QR codes. Users simply create a root password which enables the generation of both a “checking and savings account” paper wallets.
“The K-7 aims to give people the means of financial independence with no banks, no third parties — Control your money your way,” explains De Jesus’s K-7 Indiegogo campaign. “After the 2008 financial crisis, many people have learned that counting on banks, the stock market, or governments for help is not good enough.”
The Ability to Store Bitcoin at Home Like Gold or Jewelry
The machine’s creator details the device currently has a warranty for products shipped to the U.S. or Japan. The offline paper wallet software also includes a custom bitcoin testnet and faucet so users can experiment with the machine without using real funds. De Jesus’s Github repository is available for public view, and the device prototypes have been developed and trialed since 2014. The developer details the device software is centered around the single board computer Raspberry Pi and contains a “heavily modified Raspbian Jessie” operating system. In the future, De Jesus plans to add Monero and Bitcoin Cash support to the K-7 operating system as well.
“The problem up till recently has been the dearth of options available to beginners to actually buy bitcoin, withdraw it from an exchange, and store it at home as one would do for gold or jewelry,” explains De Jesus’s campaign.
Instead of fiddling around with private keys, seeds, or thumb drives; the user just scans some QR codes back and forth between the K-7 and a complementary Android phone app to spend money out of “Savings”. “Checking” money can be spent from a smart phone app (i.e. Breadwallet), for convenience.
A Portable Bitcoin ATM and the K-7’s Competition
The latest K-7 prototype was launched last month, and the creator has created a variety Youtube tutorials and descriptions. Additionally, the K-7’s user interface has a multi-lingual touch screen, and the device also comes with a full-color manual with procedure instructions. Lastly, the machine can be used to create a bitcoin ATM business if the user’s country allows this type of money transmission.
The K-7 also has a competitor, as there already is a bitcoin paper wallet device on the market called Piper. Similarly to De Jesus’s machine, the Piper wallet also claims to generate secure private keys offline, and the plug-in-play device is also customizable.
What do you think about the K-7 paper wallet home printer? Let us know in the comments below.
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Images via Shutterstock, Linkedin, E-Flamingo GK, and Indiegogo.