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BC Vault Review (2020) | Most “Unique” Hardware Wallet Approach In A While
In this review, I am going to do a deep dive into the BC Vault hardware wallet. How does it stack up against the Ledger Nano X or the Trezor Model T? Does it have more coins supported? How much does it cost? What about the security of the device?
Luckily, we are going to address all of these questions and more in this article, so stay tuned and find out what makes this hardware wallet truly unique from the rest. I have reviewed a handful of new hardware wallets recently and can honestly say that this wallet is much different than the last 10 I’ve ripped into.
If you want to check the most recent review I’ve done, it’s for an entry level hardware wallet made by Binance’s team and it also has a unique twist as well called the Safepal S1. You can find that review HERE for comparison.
Now, let’s take a look at the BC Vault details below. You won’t regret it!
BC Vault – What Makes It Unique?
Unlike most other popular cryptocurrency hardware wallets, like Ledger Nano X and Trezor Model T, you do not set up a recovery seed card before you initialize the device. In fact, there is a gyro sensor for you to randomly generate private keys by physically shaking the device (seriously).
You can also hold more than 2000 unique wallets within the web app, and can granularly set specific passwords for each one and setup multiple PIN’s to not only make it more secure, but also allows for an easy way to share the device and use Multi-Sig. In fact, this is the first device that natively allows you to use Multi-Sig on a per wallet basis and set multiple PIN’s.
This wallet does not use HD wallets, so each wallet has its own unique backup. This does make it more secure, however, if you lose or forget the global PIN and global password for the device, your funds are locked inside forever. They do have an encrypted QR code backup for each individual wallet, or you can create a backup on the included micro SD card that comes in the box.
What’s In The Box?
This is everything that comes in the box of the device. I have also posted an unboxing video below with a tutorial and setup guide video coming soon. Here’s what you’ll find inside:
- BC Vault Hardware Wallet Device
- Multiple Stickers “Wallets are for pocket money, Vaults are for safe keeping.”
- USB C to USB-A Nylon Cable
- Getting Started Guide
- Welcome Note From CEO
- 1 GB Micro SD Card
You have everything you need to get started right out of the box. Once you remove all the security tape and plastic screen protectors, you are now ready to connect your device through the web app to set your global PIN
Features & Price
This wallet has some pretty unique features I will admit, and it’s pretty refreshing. For example, you can use multiple cryptocurrencies at once. There are no “apps” you need to install or fear or worry of running out of space that most wallets have when upgrading the firmware.
Additionally, the amount of coins and wallets that can be used/stored simultaneously is astounding. As mentioned above, you can have up to 2000 unique wallets and can interchange multiple cryptos in multiple wallets.
The storage is reliable. The BC Vault’s private keys have complete encryption and they are stored in the FRAM device. The FRAM is fully tamper-resistant and thanks to the reversible USB 3.0 Type-C connector any damage occurring from mechanical error is fully prevented.
In addition to the secure FeRAM that is securely encrypted, and the large display which is useful when confirming transactions, you have peace of mind not having to worry about anyone locating or using a recovery seed phrase to render your funds useless.
You can also import any private keys you have elsewhere via the SD card as well, so you can easily interchange private keys from other wallets if you have them in the correct format.
The cost is this wallet is 155 Euros, which is approximately $170 USD at the time of this writing. This isn’t a bad price, considering the features and amount of crypto you can store and use on this device.
Coins Supported
This is usually one of the most important factors when deciding on a hardware wallet (with the exception of security). If the wallet doesn’t currently support the coins you need to store offline, you can’t really take it too seriously as a deciding factor for purchase. Regardless of whether or not they claim to add more coins in the future.
Needless to say, they have some unique choices for coin support here, including:
Bitcoin
Ethereum
Litecoin
Dogecoin
Dash
Bitcoin Cash
Ripple
Stellar
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
You can also find a complete list of currencies that are supported by clicking HERE. That will link you directly to BC VAULT’s website, which will always be up to date at the time you are reading this.
I will point out that some of these coins cannot be found natively on any other hardware wallet, such as InsurePal and Iconomi, and even Xaurum. These are definitely some interesting choices, but it appears to work well for very specialized camps.
BC Vault – Conclusion
The bottom line is, the BC Vault is far different than the last handful of hardware wallets I’ve used. From the unboxing to the entirely different recovery process, to the highly secure wallet formatting has made this a true contender for the most secure hardware wallet on the market. If you want to “HODL” your coins safely and not have to worry about securing a recovery seed phrase, this might be the only hardware wallet you will ever need.
What do you think? Is there a more secure wallet out there? Let us know down in the comments!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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SafePal vs Ledger Nano S (2020) | Which Entry Level Hardware Wallet Is Better?
SafePal vs Ledger Nano S! In this comparison, we are going to do a head-to-head of two of the most competitive and popular new cryptocurrency hardware wallets in this edition of the hardware wallet roundups.
I am going to dive into which of these entry-level hardware wallets is better and more secure. How big is your portfolio? Do you need mobile OR desktop support? Do you use any 3rd party wallets for integration? Do you need web-based access instead of a required download?
These are all questions you will need to consider when deciding which of these wallets will be best for you. At the end of the day, the coin support is one of the most important factors (besides security) when deciding which hardware wallet is best for you.
Ultimately, if it doesn’t support the coins you want to store offline, it won’t work for your particular situation. So keep that in mind as we dive into what I consider to be the most important factors when making such an important decision, such as choosing a cryptocurrency hardware wallet.
Ledger Nano S: Overview
The Ledger Nano S is a very compact, sleek, and secure device that allows you to store over 1,100 cryptocurrencies at the time of this writing. This is crucial as more altcoins gain acceptance and you need a wide portfolio to protect longer term. Ledger takes their security very seriously and for good reason. There have been a number of exchange hacks and reports of people losing or having their wallets hacked by nefarious individuals throughout history. This is why having this device is so crucial.
Ledger Nano S is a device that is upgraded frequently with new features and firmware upgrades to ensure that it has the latest security protections and new assets being added every single month. Not to mention, it is currently the cheapest among the 3 best-known hardware wallet companies, starting at only $59 USD!
Ledger Nano S: Security
The Ledger Nano S has an A-grade security setup which sets it apart from the competition. It uses a secure element which holds and stores the private keys in a separate and secure environment from the rest of the operating system. This ensures that if for any reason the rest of the device is somehow compromised, you precious private keys are safe.
It also supports the standards BIP-39 protocol that requires you to setup a recovery seed phrase of 24 words during the initial setup, that allows you to restore your coins to any other wallet in the event you have broken, lost, or somehow cannot gain access to the device itself, so you have a fail safe.
Ledger Nano S: User Experience (UX)
I will keep this section short and sweet, as I addressed above, this is a sleek and compact device, which makes it very stable and durable. It has a small OLED screen and 2 physical buttons. This is used for navigating apps, verifying your pin to access to the device, confirming a transaction, and generating the recovery seed words upon first time setup.
When entering in your PIN on the device, the right button will function as the “Up” arrow, and the left button the “Down” arrow for scrolling through your selections, then pressing both at the same time will confirm your selection, so it’s pretty intuitive. It has a one port which is micro USB that connects to a cable to a standard USB port that can be used on a MAC or PC.
Ledger Nano S: Coin Support
Technically, this device supports over 1,000 different coins, with a few caveats below. I will also leave a link for the full list of supported coins HERE.
– You can really only hold 3 or 4 apps on the device at once. I originally only kept 3 apps on the device, as those were the only coins I needed to add at the time. However, when I went to add a 4th, it told me I needed to remove an existing app to make room. The RAM or space is on the device is very limited, so it’s good if you have only 2-3 coins you want to manage at once.
-They require you go through the process of removing and uninstalling all apps and then going in and reinstalling them for EVERY firmware update. This is tedious and really obnoxious for the serious hardware wallet user. I understand you need to have backups and be careful with every upgrade but c’mon, this is the only device I have this issue with.
SafePal: Overview
This device was originally created by Binance Labs division and wanted to have a unique approach to a hardware wallet that was cheap enough for the average user, but also supported the Binance chain and added support for their internal projects. This really is a unique entry level hardware wallet, that greatly differs in terms of design, functionality, and overall user experience.
SafePal: Security
This can be considered one of the most attractive features of the device as it’s only $39.99 for this hardware wallet. Yes, you read that right. But why is it so cheap? Well, even though it looks like a very sleek and expensive device, its is made of plastic coating and a very small camera module that is used to transact at a very low resolution.l It’s obvious that they built this as cheaply as they could, while still remaining secure.
This is not necessarily a bad thing, but you also get what you pay for. One of the key features that sets this device apart from most other competing hardware wallets is the fact that there is NO:
- NFC
- BLUETOOTH
- USB
- CELLULAR
- EXTERNAL DEVICE CONNECTIONS
This gives it extra security, but it also makes it easier to use, as there are no extra devices necessary for this to operate, other than your smartphone. All you need right out of the box is a charger that supports USB-A to charge the device and a smartphone to download the SafePal App to setup and initialize the device.
SafePal: User Experience (UX)
This is the cheapest completely wireless hardware wallet on the market. It interacts only with your smartphone and the camera embedded into the device that allows you to transmit encrypted data via the QR code. This is truly a unique device.
This is a pretty solid introductory hardware wallet. It’s unique from its direct competitors and its simple and easy to use. As mentioned above, it has no connection weaknesses and cannot be hacked by any radio frequency or directly connected internet device. It’s truly a unique wireless hardware wallet that can be used on the go and is one of only a few hardware wallets that are “truly wireless” with no dependence on other devices. Oh, and did I mentioned it’s under $50?
SafePal: Coin Support
This is the one weal point of this product is the lack of coin support, as it only supports: Bitcoin, Ether (and ERC-20 Tokens), BNB, Litecoin, Dash, and Bitcoin Cash. However, they have mentioned that there is Ripple (XRP) and Tron (TRX) coming very shortly. They truly are attempting to add more coins, and over time, if they don’t raise their price, this option will be a slam dunk for most users.
Additionally, I will add that the Binance Chain Coins (BEP2) tokens are also supported as this is a Binance hardware wallet after all. Below Is a full list of coins currently supported.
SafePal vs Ledger Nano S: Conclusion
At the end of the day, these are the two most trusted entry level hardware wallets on the market today. They both have an entry point under $60 (which is very cheap considering the competition), and the SafePal is currently on sale for under $40.
On the one hand, the Ledger Nano S has a massive development team and “technically” supports over 1,000 coins, however, as I mentioned above, it really only allows you to hold 3-4 coins on the device at once. The coin selection is a very nice feature, especially if you want to expand and swap out your portfolio. However, even though the SafePal does not hold nearly as many coins (currently), it is VASTLY more secure.
Having no connection to USB, Bluetooth, or any other transmission method other than an encrypted QR code via a camera, is a very attractive selling point. Not to mention the fact that you don’t need a computer and a USB connection to use it, makes it more accessible for a much larger market.
Personally, it really just depends on your current situation. You need to ask yourself: “What coins do I need to store offline?” “Am I ok with having to use a computer to use this device?” “Do I want to hold more than 3 different coins at once on the device?”. If it were me, I would choose the SafePal. This by NO means the Ledger Nano S is a bad device, I just believe the fact that I can use the SafePal with a smartphone and also having no insecurities makes it a very compelling choice. The fact that it’s currently cheaper is just a bonus.
What do you think? Would you choose the SafePal over the Ledger Nano S? SafePal vs Ledger Nano S! Let us know down below in the comments!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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