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BC Vault Wallet Full Review! 2020 Ledger killer?

In this article, we will review the BC Vault wallet, a cryptocurrency hardware wallet with many unique features currently unavailable on other devices! We will explore everything that the BC Vault wallet offers and compare it with other devices like the Ledger Nano X, Ledger Nano S, Trezor One, and Trezor Model T.

 

Image showing the features of the BC Vault wallet

 

About BC Vault wallet

BC Vault was created by a company based in Slovenia called REAL security that specializes in cybersecurity products and services to support the growing cryptocurrency market. REAL security set out to create not just another hardware wallet, but a truly secure easy to use cryptocurrency vault.

 

Display and directional pad

Let’s check out BC Vault’s display and directional pad. Many people face significant challenges, particularly beginners while managing cryptocurrencies is unknowingly making a simple irreversible mistake, like sending cryptocurrency to the incorrect address!

Most of the hardware wallets on the market have small screens that don’t show the user a lot of information. The team at REAL security realized that many of these mistakes could be avoided by providing all of the information to the user on a larger screen. So the BC vault wallet features a 2,42-inch OLED 128×64 pixel display that shows all of the important transaction details on the screen to protect the user from errors. The display shows the full sender and recipient addresses, the wallet name, amount of cryptocurrency, and fees, including warnings about unusually high transfer fees. BC vault wallet also features a 4-way directional pad that enables easy navigation and improved response for users.

 

Proprietary tech over open source

Unlike many of its competitors, the  BC Vault wallet does not use open source policies. Instead, they use their own proprietary technology. Ledger and trezor wallets have open source policies, and hackers have exploited their vulnerabilities by creating fake clones and other malicious activities. The REAL security team believes that open source is overrated and means exploitation will be discovered sooner or later and usually not by hackers trying to improve or help the technology.

 

One app to rule them all

Probably one of the best features of this wallet, if you have a wide variety of cryptocurrencies, is that the BC Vault wallet offers native support for all of its supported cryptocurrencies in one single application. At the same time, ledger and trezor rely heavily on third-party software applications for most of the cryptocurrencies they support.

BC Vault supports all of its cryptos in one software application and is the first device to support native storage for all ERC-20 tokens, of which more than 200,000 exist today. This also includes seamless use of Segwit and legacy addresses within each Bitcoin wallet. The Bitcoin cash wallet can switch between the legacy address format and the new CASHADDR format as well.

 

Private key storage

BC Vaults private keys are stored in FRAM. FRAM stands for “ferroelectric random access memory” it basically functions the same as flash memory but has a thousand times faster throughput while consuming 250 times less power than flash. The chip BC Vault uses prevents the wallet from exposure to potential malware on connected devices, like your computer. It also guarantees reliable data storage for over 200 years at 35 degrees Celsius or 95 degrees Fahrenheit.

 

Complete Anonymity

Like we discussed previously, all of the different cryptocurrency wallets on most mainstream hardware devices like Ledger Nano X or Trezor hardware wallet can be traced back to one seed phrase and the companies that sell these devices can track and link users to their devices.

Most hardware wallet companies also have the capacity to track devices due to the unique private key sent to their hardware security module every time the device is used. Also, secure chips in most hardware wallets have serial numbers that are used to check the authenticity of the devices, which could also be linked to users by their shipping address when ordering the device.

BC vault combats these issues by complete anonymity, the device has no serial number, and the company doesn’t track any data that would link a device to its owner.

 

Encrypted seed backups

Most cryptocurrency Hardware wallets encrypt the private keys and protect the private keys with a password. However, the same hardware wallets generate an unencrypted seed recovery phrase for the user to store on a few pieces of paper.

Even though the private keys that access your cryptocurrency are encrypted, the seed or recovery phrase used to gain access to all of your private keys on a new device is not encrypted.

It doesn’t make much sense; besides, the 24-word recovery phrase is only written on a few paper sheets without detailed instructions on where or how to store them to prevent accidental loss or destruction.

There are solutions on the market like crypto steel that engrave your recovery phrases on element resistant metal plates that can withstand water and fire. However, many cryptocurrency Hardware wallet companies don’t tell you that the expense doubles when acquiring a separate device for safe seed storage!

Trezor offers crypto steel at a reduced price in a bundle with their wallet devices. Many other companies just provide paper to store your seed; even so, the fact remains that the seed or recovery phrase itself is still unencrypted!

With the BC vault wallet, your backups are encrypted by default. At the time of this article, the BC vault wallet is the only available long-term storage device that allows users to encrypt backups. Rather than having a single unencrypted recovery seed, every wallet can be backed up independently on an infinite number of secure memory cards or printed QR codes. Each BC vault device comes with a one-gigabyte microSD card for backups. The best part since the backups are encrypted you can print out as many backups as you want and give them to your family and friends.

 

Pins and passwords

When using a device like ledger, there’s a password to access the computer application, a pin code to unlock your device, and if you have any cryptocurrency that uses third-party software, that likely requires a password as well. That’s it. With that, you would be able to transfer all of your cryptocurrencies whenever you want.

Now let’s check out BC Vault, the computer application allows for a password, and this password can be an unlimited number of characters. Next, the device allows for a pin entered on the device’s directional pad and can be in any directional sequence. For example, up down right left would be four different directions.

Once the device is unlocked, it’s just that unlocked. When you navigate to any of the cryptocurrency wallets on the device, the computer application allows for a password per wallet, and the device allows for a pin code for each wallet. If you enable all of BC Vaults password capabilities, you would need to input up to four different codes to authorize a transaction.

This allows a single BC Vault device to be used among family and friends, where all users know the computer application password and device pin while having their own separate wallet passwords and pin codes to access individually.

BC Vault can generate more than 2,000 wallets so each user can have their different codes to access their private wallets; this is a conceptual multi-signature feature. Other real multi-signature solutions include buying a device per friend or family members which would be very expensive! Or, if you would rather live life on the edge, you can choose not to use any passwords. That means BC Vault offers the possibility of having anything from zero to four codes to confirm transactions, and each wallet can be configured differently.

 

Bounty wallet

One of our favorite things about this wallet is every BC Vault device comes pre-loaded with a private key that corresponds to a public address containing a little over one whole Bitcoin, which at the time of this article is worth about $11,000. The REAL security team calls this a bounty wallet, and they encourage users to perform black-box security testing on BC Vault wallet devices. Anyone who can breach their bulletproof encryption can take the Bitcoin as a prize, so far no one’s been able to do it!

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