BC Vault One Review 2021
BC Vault was developed over several years by an independent development team and now describes itself as the hardware wallet with the most user-friendly design. You can find out if the hardware wallet keeps what it promises in the following review.
Buy BC Vault One
Like most hardware wallets, the BC Vault is primarily available online. In the official BC Vault Online Shop, the device currently costs 159,99 € (click here to check the current price). The shipping takes place worldwide, whereby this is still connected with additional costs.
There are also many official resellers who sell the hardware wallet .
Hardware Wallets should preferably be ordered directly from the manufacturer or official resellers if possible. Dubious stores or private sellers on platforms like ebay or amazon could manipulate the devices for their own purposes or trick the buyer. This way, the thieves can steal all the coins from your hardware wallet at a later time. Unfortunately there have been cases like this in the past.
What’s in the box?
The BC Vault One comes in a small box under the slogan “Wallets are for pocket money, Vaults are for safe keeping.” Both the box and the USB-C connector of the hardware wallet are protected with seals to easily find out if the hardware wallet has been tampered with. In addition to the BC Vault hardware wallet, there are four stickers in the package, a short guide, a 1GB Micro SD card and a USB C cable.
The device is 100x57x10mm tall and weighs 42 grams. At 55×27.5mm, the OLED display is rather large among the hardware wallet and has a resolution of 128×64 pixels. Next to the display are the D-Pad for navigating and selecting. On the left is the slot for a microSD card and the USB-C connector.
Setting up the BC Vault One
Never use a hardware wallet that is already set up. You must choose your own PIN code or password and do the backup yourself. This is not given by anyone!
The quick start guide reveals how to set up the hardware wallet. First, the seal at the USB-C port must be removed and then the device must be connected to the computer with the supplied cable. Now you shake the BC Vault to initialize and secure the random number generator.
The software can then be downloaded from www.bc-vault.com/first and be installed. After installation and execution, a login screen will appear. If it doesn’t happen automatically, you can first log in here with an empty password. Finally, you are asked to set a global password for the software as well as a global PIN for the device. The latter is a combination of the four directional buttons, for example UP, DOWN, LEFT, LEFT.
If you forget the global password or PIN, the BC Vault is useless and all cryptocurrencies are not accessible cryptocurrencies . So be careful to remember them or write them down and keep them in a safe place!
The device is now ready to be set up and ready for use. Unlike other hardware wallets, the BC Vault does not work with hierarchical deterministic wallets and thus generates a new backup for each account created.
Handling the BC Vault
In order to work with the hardware wallet now, new wallets can be created via the software.
All cryptocurrencies can be used at the same time at any time, no apps need to be installed.
Once a new wallet has been created, it is advisable to create a new backup. This can be spent using the settings on the SD card or by QR code.
Supported cryptocurrencies and devices
Currently, the hardware wallet can only be used with a computer. However, a smartphone integration is already planned. The following platforms are currently supported:
The BC Vault supports the following cryptocurrencies:
- Bitcoin Cash
- Ethereum Classic
- ERC-20 Tokens
- Bitcoin Gold
- BINANCE COIN
- Dynamic Trading Rights
Here at Inivty you can see all Bitcoin and Altcoin prices from many exchanges in real time, compare rates and buy instantly. You can then easily send the purchased cryptocurrencies to your hardware wallet: compare prices here.
A complete list of all supported cryptocurrencies can be found here: BC Vault cryptocurrencies. In addition to the cryptocurrencies, the following services are supported:
Documentation and Support
The BC Vault is limited to help articles and e-mail support. Phone support is not currently available.
Safety aspects of the BC Vault
Each wallet on the BC Vault is encrypted individually with a combination of a password entered on the computer and a PIN entered through the BC Vault. In addition, a global PIN and password that give your BC Vault an extra layer of security further protects the device. This means that overall there are the following passwords and PIN:
- Global Password: Used to unlock access to BC Vault along with the device’s global PIN. Is entered in the application.
- Global PIN: Is used to unlock access to BC Vault along with the device’s global password. Is entered on the device.
- Wallet Password: Used to ship currencies from individual wallets along with the Wallet PIN. Is entered in the application
- Wallet PIN: Used to send currencies from individual wallets along with the wallet password. Is entered on the device.
BC Vault encryption is based on the combined entropy of the global PIN (device input) and the global password (PC input). Each encryption step requires both components, and there are currently two encryption:
- Global encryption (used to disclose the public keys of each wallet on the device).
- Encryption per wallet (is used to allow the device to decrypt the private keys stored in the FeRAM).
Global encryption is one level above encryption per wallet. In the event of an attack, the attacker must defeat both layers before the private keys are visible to him.
In the BC Vault, the private keys are not stored in a security chip, but heavily encrypted in the FeRAM. Thanks to FeRAM technology (as opposed to normal Flash), the data is stored securely in the BC Vault without data loss, over 200 years for 35°C or 10 years for 85°C. In addition, the storage cells used in FeRAM can be used for 10 ^ 13 read/writing operations per byte, a significant improvement over the number of read and write operations supported by flash memory.
Each BC Vault contains the private keys of an address with 1 BTC that is encrypted with exactly this scheme. It is intended to show how much trust the developers have in their hardware wallet .
FAQ 7Ask your own question
That is not a problem. You can restore your accounts to a new hardware wallet using the recovery key you wrote down when you set it up.
Most wallets support more than just one cryptocurrency, but only generate one backup. Nevertheless, this one backup is sufficient to restore all cryptocurrencies as all private keys of the different wallets result from the seed that is backed up as a backup during setup.
Hardware Wallets such as the Ledger Nano X, TREZOR Model T, BitBox02 or KeepKey all work according to the same principle. They are a special form of a so-called wallet, which is used to manage cryptocurrencies. A hardware wallet is a physical device that securely and inisolationly generates the private keys to the cryptocurrencies. Due to the extra hardware, they have some advantages over software wallets:
- Private keys are often stored in a protected area of a microcontroller and cannot be transferred out of the device in clear text.
- Hardware wallets are immune to computer viruses that steal from software wallets.
- They can be used securely and interactively, private keys never need to come into contact with potentially vulnerable software.
- The software is in most cases open source, so that the user or professionals can validate the entire operation of the device.
However, it is important to understand that hardware wallets are an attractive target for attackers and depend on several assumptions to maintain security. They are not a miracle weapon, and there are several realistic ways to hack a hardware wallet Especially if someone has physical access to the device.
A new cryptocurrency is rarely supported directly by a hardware wallet at the beginning. However, most providers such as Ledger or TREZOR are constantly working to support new cryptocurrencies. Therefore, it is often worth waiting until the desired currency is supported by your hardware wallet.
I would like to give a hardware wallet as a birth gift. Do I need this every time I want to deposit coins or is there another way?
No, you don’t need the hardware wallet every time you want to make a deposit. It is only necessary to set up the hardware wallet and generate an address of the corresponding cryptocurrency.
Cryptocurrency can now be sent to this address on the desired cycle on a regular basis without the need for the hardware wallet. The address does not expire.
Are my cryptocurrencies stored in the hardware wallet, or where exactly are they? This is a very good question because the answer defines what your wallet actually needs to protect.
Cryptocurrencies are so named because they are secured by cryptography. For this you need a set of digital keys, for example your (very secret) private key. With this key you can encrypt and digitally sign things.
Let’s take Bitcoin as an example (other cryptocurrencies work in a similar way). The entire Bitcoin network is kept up to date by a common data structure called the blockchain. It contains records of all transactions ever made and is publicly accessible online, so anyone can read it. When you receive some bitcoins, say 0.1 BTC, you see them in your bitcoin wallet, listed under a bitcoin address.
At the same time, the bitcoins are not actually stored in the wallet, they are just an entry in the public blockchain. What the wallet stores is your secret private key that belongs to that address. Since you control that private key, you can spend those Bitcoins again: that’s how “Bitcoin ownership” is defined. Anyone can see these bitcoins, but only you can spend it, so they are yours. But that also means that *anyone* with the right private key can spend those bitcoins. Therefore, it is very important to keep this key secret.
What stops the manufacturer of your hardware from using a backdoor and simply stealing your cryptocurrencies? How much do you have to trust hardware wallet manufacturers?
While a completely “trustless” solution is probably not possible, manufacturers are doing everything they can to minimize the need to trust them.
Most of the software code of many hardware waller manufacturers is open source, i.e. publicly available. Anyone can check how the device works and how secrets are handled. Of course, not everyone has the ability to review code: that’s why independent researchers are often encouraged to analyze, and are often rewarded by bug bounty programs when they find something. This does not limit their ability to publish a full independent report without permission.
The essentials to go: A wallet manages your secret private keys and requires full access to them. You can and should demand full transparency about how a wallet works and ensure that independent public audits are encouraged.
Ask your question about the product. The question will be published here together with the answer after a few days. You will be notified by e-mail.
|Cryptocurrencies||Bitcoin, Ethereum, Litecoin, Dogecoin, Dash, Bitcoin Cash, Ethereum Classic, ERC-20 Tokens, Bitcoin Gold, Tron, Vechain, Icon, OmiseGO, 0x, BINANCE COIN, WaltonChain, Polymath, Salt, Cindicator, Dynamic Trading Rights, Iconomi, OriginTrail, Viberate, CargoX, InsurePal, Xaurum|
|Platform||Windows, Linux, Mac|
|FIDO U2F Authenticator|
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