Bitfy SuperApp de CriptomoedasGoogle Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
Bitfy is a Brazilian app that claims to have a:
All-in-one digital wallet ensures that users are the only ones who have access to private keys.
Translated using Google Translate, it explicitly states its self-custodial nature
We are a non-custodant portfolio, we do not have access to your keys.
On the surface, it may seem that the app has many of the characteristics for ‘good’ self-custodial bitcoin wallet. But we proceeded to investigate further by looking at the reviews and downloaded the app.
One of the more indicting reviews on Google Play was this:
Luiz Sahb Druziani
★☆☆☆☆ May 28, 2020
Do not use this wallet. The seed provided by them works only in the bitfy app, that is, if the app disappears, your money goes with it.
To verify this, we proceeded to download the app on a Samsung Phone.
They ask for your email address and mobile phone number. After filling in some personal details, you are asked to verify.
Then you are asked to create an app password and a pin. The pin is used for a variety of things including payments and the provision of the 12 seed words which are then sent via email after creating a wallet. The only way to open the PDF that contains the seed words is through the 6-digit pin.
However, this is potentially poor protection for a wallet backup. They have 100k downloads and send mnemonics from their servers with a 6 digit pin “password protection”. The app claims to be self-custodial but it is possible for them to access the mnemonics.
Even if they delete the mnemonic after sending it to the user (which cannot be proven), now the user’s email provider and a bunch of other servers have a copy, too. 6 digits only protects against manual, not automated brute force.
The seed words are non-standard mnemonics. They are not found in the BIP39 list. Specifically, the Portuguese mnemonics.
Unfortunately as of this writing, we were not able to import a wallet created using Bitfy using Electrum. Perhaps, more tests are warranted.
While keeping all this in mind this app is still classifiable as a non-custodial wallet. However, with no source in sight, we do not have the means to verify this wallet.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.