BC VAULT — Winning the Crypto Hardware Race – ALTCOIN MAGAZINE
According to many leading cryptocurrency news portals and some Youtubers, BC VAULT is viewed by tech decision-makers as the most secure device option for cold storage on the market today
The use of crypto hardware wallets is becoming more and more popular and also must-have if you are investing in Bitcoins and other cryptocurrencies. BC VAULT is a new solution that was built on frustration dealing with first solutions on the market with the goal to make it safer and more functional for the average user. Trezor and Ledger are already some time on the market and have the leading positions, but the perception of how the vendors fare on security clearly leans in BC VAULT’s favor.
2018 hack reviews opened many questions about the danger of keeping your crypto on exchanges and software wallets
The amount of stolen cryptocurrency from exchanges in 2018 has increased 13 times compared to the previous year. 2.7 million USD in crypto assets are being stolen every day. 2018 was a record-breaking year. From the number of cryptocurrency exchange hacks to the number of assets that were stolen, to the largest exchange hack of all-time, crypto set a lot of records. With a massive number of new investors came to an increased interest from hackers, and because the markets grew so quickly, exchanges didn’t have the time to secure their networks properly. This is also the main reason why crypto exchanges suffer from systemic risk.
$1.1 billion worth of cryptocurrency was stolen in the first half of 2018, and it’s relatively easy to do, according to cybersecurity company Carbon Black.
“It’s surprising just how easy it is without any tech skill to commit cybercrimes like ransomware,”
— Carbon Black Security strategist Rick McElroy says.
The necessary malware, which even occasionally comes with customer service, costs an average of $224 and can be as cheap as $1.04 on the “dark web.”
Many leading experts from crypto exchanges, like Jesse Powell, are suggesting investors not to store more coins on an exchange (including Kraken, where Powell is the CEO), than they need to actively trade. Further on, they advise keeping investments in a crypto hardware wallet. Hacks are becoming more and more sophisticated and with the record number of hacks, the need for security is clearer than ever before.
Securing Your Bitcoins, BCH’s, Litecoin’s, Ethereum’s…
Cryptocurrencies continue their march toward becoming a powerful financial alternative. But they are also major security risks if they aren’t managed properly. We look at the latest wisdom and best practices for securing the crypto investment.
What are the options for securing the assets for the investors?
Forget about exchanges, soft wallets or paper backup when considering long-term storage and controlled strong protection. A hardware wallet is the most optimal solution to keep cryptocurrencies secure and not expose your investments to online threats. Ledger Nano S and Trezor are pioneers among cold-storage devices, but a new product has recently been launched on the crypto market, the BC Vault, which boasts as the most secure and practical crypto hardware wallet currently available. In comparing some key features of the most popular devices we can see what the future of cold storage looks like.
The most important crypto wallet features to have
BC Vault generates independent anonymous wallets by randomly shaking the device for true random number generation. Competing hardware devices have mathematically linked wallets that are all connected to the recovery seed, so if anyone gets ahold of your seed, they have access to all your wallets (currently in use and future).
BC Vault also gives you an option to set up Wallet Pin and Wallet Password for your every individual wallet. This provides an extra layer of security. With any combination of the above, you actually have the complete ability to simply customize the security and make it more secure. For instance, you can either just use a Global pin and no Global Password or vice versa or even use no Global Pin at all (however, it is highly recommended to never do it).
There is no doubt that Ledger Nano S and Trezor provides convenience to the users to trace any number of wallets to the same recovery seed, but there is a risk involved in it and this is where BC Vault decided to not compromise on security. Another feature of BC Vault that touts for superior security is that it does not contain a unique serial number. So, it won’t be wrong to say that BC Vault definitely takes an edge over its competitors with its features to enhance the security.
Why BC VAULT is winning the race?
BC Vault is larger than other wallets. It is almost the size of a credit card. However, the device is not bulky and can easily fit inside the pocket. It has a large OLED screen that displays all important transaction information at the same time, including the full deposit address and amount, which is crucial to minimize the risk of a Man-in-The-Middle attack. What experts also like about the BC Vault is the D-pad, which makes the device easier to use than Ledger or Trezor wallets.
The device and its desktop application have native support for all ERC20 tokens (around 190,000) and a large number of cryptocurrencies, most popular being Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Dash, and many others. You can manage multiple currencies on a single device within a single application, which is not only much more practical, but also safer than using other online services which are being used in the case of Ledger and Trezor.
“BC Vault wallets are non-deterministic — you can encrypt and back them up individually — so if any of your wallets gets compromised, it will never lead to another wallet stored in the BC Vault.”
Encryption is the biggest strength that other hardware wallets lack. Besides having a Global password and PIN for BC Vault, every wallet can be encrypted with an additional password and PIN and backed up on a microSD card or on paper as a QR code.
Backups are encrypted with your passwords/PINs by default, but you can also back up your wallets unencrypted which of course is not recommended. Ledger, Trezor and many other hardware wallets all use the BIP39/44 seed to restore wallets. Seed phrases are not encrypted, so you need to store them somewhere safe. You can use Crypto Steel which also means additional cost of approximately 100 USD for the backup. With this in mind your complete solution is becoming much more expensive as the BC Vault although the initial price of Ledger and Trezor looks cheaper.
BC Vault strengths and additional features
Greater Usability: It is compatible with multiple cryptocurrencies and one can use all cryptocurrencies at the same time. There is absolutely no need to install/uninstall apps and there won’t be any issues related to firmware space warnings.
No Firmware Corruption: BC Vault has dual-bank flash, and this means that there is no chance of firmware corruption to occur even if there is power/connection loss.
Reliable Storage: The BC Vault’s private keys have complete encryption and they are stored in the FRAM device. Competing products use Flash, which compered to FRAM has many disadvantages. FRAM offers several advantages over traditional memory technologies such as flash, including faster write speeds, much higher number of write cycles, retention of data measured in decades, unified memory, low energy writes and there is no need for pre-erasing. These advantages directly translate into real function-level benefits in low-power applications.
USB 3.0: Thanks to the reversible USB 3.0 Type-C connector any connector damage occurring from mechanical error (wrong insertion of cable) is fully prevented.
Ability to Import Private Keys: The BC Vault enables its users to easily import 3rd party private keys should they wish so (that keys are marked as insecure, as they were exposed before).
A Big Display: Now this is where BC Vault came up with the idea of focusing on something its competitors have neglected. Yes, the big display ensures that you can easily see all transactions with ease.
Impeccable Security: As the data is securely encrypted in FRAM, this means that only you can access the data. Without a password, even you cannot access it. The security becomes more unimpeachable because there is no option of creating a recovery seed.
The device features a reversible USB Type-C connector, supports seamless use of Seg Wit and Legacy addresses within each BTC wallet, and can be used as a U2F authentication device.
All in all, the security on BC Vault is without a doubt superior to competing for cold-storage wallets. BC Vault is the only device that lets you lock every generated wallet individually, so you can actually share one device with other trusted relatives or friends. With global and individual wallet login details, you can protect each wallet with up to 4 codes.
BC Vault creators are also confident in their encryption skills, so they pre-loaded each device with a private key corresponding to a bounty wallet with 1 BTC. If you are able to crack it, the reward is yours.
Bottom line: BC VAULTs real halo effect is how experts and reviewers view the company’s devices on security and functionality. BC VAULT is viewed as the safest device choice, and that’s allowing it to gain crypto investors share. It is well-built, easy to use, and the security looks perfect, which makes this wallet more secure. It is a hardware wallet that makes no compromises. It might just be the most affordable cold storage and payment device in one — a multi-crypto wallet that will make the use of cryptocurrencies easy and storage reliable, but not at the expense of lacking in advanced features. So, it is highly recommended.
For more info visit: www.bc-vault.com
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