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BC VAULT vs Ledger Nano X (2020) | Are These Hardware Wallets Worth It?
BC VAULT vs Ledger Nano X! 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 hardware wallets is better and more secure. How big is your portfolio? Do you need mobile AND 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 X: Overview
The Nano X comes beautifully packaged with the device itself, a USB-C cable, a set of instructions and recovery seed cards. The previous bulky buttons that were on top of the device are now seamlessly integrated on it in a way that’s even a bit hard to notice. All in all a beautiful design. The primary features of this device are the bluetooth connection which allows you to manage this device using your smartphone via the iOS and Android app.
Additionally, you can now hodl, store, or manage up to 100 cryptos simultaneously, all without access to your desktop or laptop computer. This is easily it’s best new features, but aside from the upgraded storage capacity and the wireless connectivity, the device itself is now larger, has an integrated 2-function button, and an overall larger screen for verifying transactions. With a trusted device and a more universal charging cable, this makes it much more compelling to spend the extra money to store more coins and one that you can easily take with you as you travel.
Ledger Nano X: Security
Ledger is at the forefront of developing the industry’s device security. How? And in what ways?
CC EAL5+ SECURE ELEMENT
Only Ledger’s devices can claim the French cybersecurity agency ANSSI’s full certification.
The Nano X and Nano S both feature what is called a ‘secure element’. The chip seen below is the next generation chip that comes in the Nano X:
The secure chip meets the CC EAL5+ certification and run’s Ledger’s proprietary BOLOS operating system.
A Secure Element is a secure chip that…embeds intrinsic countermeasures against many known attacks. This kind of chip is tamper-resistant and protects your device to a range of different attacks.”
Ledger Nano X: User Experience (UX)
Honestly, the user experience is a massive upgrade from the Ledger Nano S. With that said, It has a few usability issues that I find to be quite difficult to overcome. Although this device is physically larger than it’s predecessor, it still has a fairly difficult to use early experience.
For example, the screen is still fairly small and still cannot accommodate a QR code for scanning. This may not seem like a big deal, but after using several hardware wallets, it really does make a big difference. Using a QR code is not only safer (because it removes the chance of error from manually typing in a wallet address), but it is incredibly faster and makes the entire of transacting offline, a much easier experience.
Although this device has stepped up the quality considerably from it’s latest iteration, I still feel that utilizing an all new form factor could have been beneficial and a little more innovative than replicating their 1st generation device with a few small tweaks.
Ledger Nano X Coin Support
The Ledger Nano X utilizes the “Ledger Live” dashboard which is a desktop application that allows you to manage all of your coins, portfolio, and potential trades in an easy to use application. You can use this on both an iOS or Android app as well as a desktop.
This app allows you to manage up to 1,100 coins that are supported by the device. However, only about 200 of them are “native” apps. This means that you can manage them directly within the Ledger Live app, without having to connect to a 3rd party wallet, such as MyEtherWallet or MyCrypto. I will leave a link HERE with a list of fully supported coins.
BC VAULT: Overview
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.
BC VAULT: Security
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.
BC VAULT: User Experience (UX)
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.
BC VAULT: Coin Support
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.
BC VAULT vs Ledger Nano X: Conclusion
Overall, these are two highly regarded hardware wallets with unique properties in its own right. If you want to have the flexibility of being able to use this device on the go and utilize it via a smartphone app, then you should go with the Ledger Nano X. If you want something that has a MASSIVE portfolio support and lots of customizable security, you should go with the BC VAULT.
At the end of the day, it really depends on your personal preference and what your immediate needs are. Now, I have used both of these devices extensively and I have a clear favorite (check out the details in the above video). If I only had to choose one of these devices, I would choose the BC VAULT, it has a very unique and strong security model, it can hold up to 2000 wallets simultaneously, and can support multi-sig, which allows for mutliple users to securely use the same wallet and requires a set number of users in order to send money.
Not only that, you can SECURELY share this device with multiple people as all of these wallets are encrypted and can have multiple custom passwords. I would truly feel confident handing this hardware wallet to my friend with over 10 BTC on it, because I know he will have no way to access the funds within my wallet. I can’t say that about the Ledger Nano X.
All in all, these both are great wallets and you ultimately need to decide what coins you need to store offline, how many coins you need to store at once, and if you need mobile support. These are all very personal, and in my case, I would rather sacrifice the mobile support to have a very easy to use multi-sig hardware wallet with the ability to share it with family, friends, or even a new business.
What do you think? Would you choose the BC Vault over the Ledger Nano X? BC VAULT vs Ledger Nano X! 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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4 Best Monero Wallets To Store Your (XMR) Offline (2020)
In this article, I am going to go over the 4 best monero wallets to store your Monero (XMR) offline in (2019). As an advocate for privacy, I strongly believe in the value proposition of this coin. Monero is a unique flavor of privacy and being able to have coins on a blockchain, while still remaining completely anonymous and untraceable. This coin has been in and around the top 10 market cap for the past several years and is currently hovering around number twelve at the time of this writing.
The problem we’ve had for a while is the fact that if you wanted to store your Monero on your own desktop wallet, you needed to know how to use a command line and we did not have a GUI (graphical user interface) wallet for the longest time. Those days are now over as there has been added support for desktop, mobile, and now hardware wallets.
I am going to discuss below the 4 best wallet options for using and storing your Monero offline (and one online option, due to the fact the wallet has a fantastic user experience). I have been highly cautious of keeping my Monero (until recently) on any wallets off of the exchange, due to the fact that it was extremely cumbersome and not very easy to manage in an easy way. Luckily you can now use XMR in your day-to-day transactions as well as securely store them offline. Below are the list of wallets that I have personally used an recommend. Let’s get to it!
#1 LEDGER NANO S
The Nano S is the first hardware wallet to support this coin in being able to keep your private keys offline. When dealing with Ledger Live, it requires you to download the app and then you can use the official desktop wallet from Monero’s website to link it with to manage your funds via graphical user interface. This will ensure that your private keys never leave the device (safest way) yet you can manage balances and authorize transactions from the official wallet when the device is present.
Keep in mind, this will require you to setup a node. What does that mean? It means it will download the entire blockchain onto your computer and index it properly for you to operate the wallet and contribute to the blockchain verification. This does not mean you will “mine” Monero, but it will require your hard drive to stay up to date with the latest version and blocks of the current blockchain.
This is a downside, however, nothing is safer than keeping your private keys offline, so make sure you have enough room on your computer for this task to run and operate. I also wrote a recent article with how this works with Tezos as well, as the process is similar, but still easier than this.
The steps to do this are listed Below:
- Download the Monero wallet for your platform.
- Extract the package you’ve just downloaded.
- Open the monero-gui-v0.14 folder.
- (optional) Move the monero-wallet-gui file to your applications folder.
- Launch the Monero wallet by opening monero-wallet-gui.
On Windows: Click Allow access so the firewall does not block the Monero wallet. - Choose your language.
Set up with Ledger Nano S
- Unlock your Ledger Nano S and open the Monero app.
- Click Create a new wallet from hardware device in the Monero wallet.
- Enter a wallet name.
- Enter 1720000 in the restore height field, then enter 3:100 in the subaddress lookahead field.
- On your Ledger device, choose whether to export the private view key to your computer:
- Approving view key export enables your computer to identify your transactions. However, if your computer is compromised, your transaction privacy might be at risk.
- Rejecting view key export optimizes privacy protection since the view key remains secure on your Ledger device. However, identifying your transactions will be slower.
- You may have to press the device button twice, then wait for your addresses to be generated.
- Enter and confirm an optional password. Then continue to the next page.
- Choose an option for the Daemon settings:
- Start a node to download and validate the full blockchain. This offers the optimal level of privacy and contributes to the strength of the Monero network. This requires at least 60 GB of disk space, and initial synchronization may take several days.
>> Select the first option and leave the rest blank. - Connect to a remote node to immediately use the wallet and preserve your computer resources. However, you will not benefit from the optimum level of privacy, nor will you contribute to the strength of the Monero network.
>> Tick Connect to a remote node, choose a remote node and enter its Hostname and Port. - Start a local node, but use a remote one while your local node synchronizes.
>> Tick Start a node and also choose a remote node and enter its Hostname and Port.
- Start a node to download and validate the full blockchain. This offers the optimal level of privacy and contributes to the strength of the Monero network. This requires at least 60 GB of disk space, and initial synchronization may take several days.
#2 LEDGER NANO X (Best Monero Wallet)
This is the newest iteration of the Ledger hardware wallet and is designed to handle over 100 apps on the device at once, as opposed to the current limit of about 2-4 apps on the Nano S (it depends on the apps you use). You can also manage this wirelessly via bluetooth and the new iOS mobile app for Ledger Live that was recently released.
The same rules and steps apply above, however, once you install the desktop wallet and sync it up, you will be able to manage your Monero from the mobile app and send and receive transactions wirelessly, which is powerful if you use this as an actual currency, as most enthusiasts do.
The device is now currently $119 and is shipping at the end of May 2019, as it will be caught up with it’s inventory by then. I look forward to doing a review for this device in the very near future.
#3 TREZOR MODEL T
The Trezor Model T is a slick device and has some unique security features enabled on the device, including PIN verification on the device itself instead of the web application that is required by it’s predecessor. This device only has one caveat at the moment. Even though the firmware does technically support Monero at this time, there is no GUI to access or manage it, like you can with the Ledger devices above.
So how do you access it? I hope you know how to work the command line, as there are a few lines of code required to generate a wallet and start using it. The link above goes into those commands, but I do not recommend it for new or novice users, as it can get a bit technical.
The good news is, there has been word on their github page that there is currently work on a GUI wallet to be integrated with the Trezor Model T. This is serious progress, as the only other hardware wallets that currently support this is Ledger, and it would be lovely to have a native application built out for this coin.
That would be a HUGE advantage to whichever company can pull this off, but it requires intense collaboration and cooperation from the Monero camp to get this done. I am looking forward to see who get this done first, because I will dedicate a specific article to this, as I think it deserves it.
#4 (BONUS) EDGE WALLET
Now, the reason I included this as a bonus, is because this is technically not an offline solution. However, Edge is an amazing mobile and wallet that has an beautiful graphical user interface and supports Monero in an easy and convenient way. This is noteworthy, because I am not aware of any other mobile wallets that do this, and that means if there are any that exist, they are probably not that reputable.
At any rate, There are some screen shots listed here to show you how the user flow works and how this is probably your best solution for sending/receiving Monero in a very easy way.
It should also give your comfort that your private keys will be encrypted on your mobile device, so even if Edge servers do get hacked for any reason, your keys are safe on your mobile device, where only you have access to them. This is one of the more “secure” mobile or hot wallets on the market.
I keep some of my every day spending crypto on this wallet as it feels very robust and safe, but again I cannot stress this enough, nothing beats a hardware wallet in terms of security, and I only typically keep a small amount of crypto on a hot wallet like this at any given time.
CONCLUSION
So what’s the best Monero wallet? All in all, these are the best solutions for securing your Monero offline (and one “hot wallet” option as well). I highly recommend using a hardware wallet for all of your crypto storage solutions and I strongly recommend reading my free e-book, where I go in depth and provide you the 5 best ways to secure your cryptocurrency. It is absolutely free, so click the orange button at the top of the site to get your free download.
As mentioned above, I have a soft spot for privacy-focused coins and Monero is absolutely one of my favorites. Depending on your technical aptitude, you may just want to use a Ledger listed above, and I will update this article as time goes on with any relevant updates and changes as they develop. Thanks again for reading!
What do you think are the best ways to store your Monero offline? How do you store yours? Sound off 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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SafePal vs Ellipal Titan (2020) | Which Air-Gapped Hardware Wallet Is Better?
SafePal vs Ellipal Titan! 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 hardware wallets is better and more secure. How big is your portfolio? Do you need mobile AND 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.
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 it’s 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 $40?
SafePal: Coin Support
This is the one weak 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.
Ellipal Titan: Overview
This is a really unique device and has a very robust form factor that has ratings that rival that of some high-end smartphones. What separates this hardware wallet from the majority of other popular wallets is its communication method. So, what do I mean by that? This device has NO: USB Connection, NFC Connection, WiFi Connection, Bluetooth Connection, or Cellular Connection. So, how do you use it? The short answer is: QR Codes.
Ellipal Titan: Security
This is a 100% air-gapped device, so ultimately it is more secure than any other way to interact with a hardware wallet. Period. The device has a tamper-resistant enclosure that includes a self-destruct mechanism for any potential way to access the internals of the device.
It is built in such a way that if anyone tries to break the screen or drill a hole through to device in an attempt to open its internal layout, the private keys will be erased. This is extremely powerful and will ultimately deter people from trying to hack this completely wireless device.
Ellipal Titan: User Experience (UX)
This hardware wallet has a camera, a 4-inch full color display, and does not display any balances on the device itself. The portfolio management and execution of the device is managed via a companion iOS and Android app that is used to initiate transactions and allows you to utilize the camera from your smartphone to transfer funds securely to the cold wallet, and vice versa.
I have been using this device for several weeks now, and in my personal opinion, it has been super easy to use and also very secure. I like knowing that my device is essentially indestructible and does not require any other 3rd party connection in order for it to function. This not only makes it very convenient, but it also very secure and eliminates room for error when typing or copying pasting wallet addresses that you are trying to transact with.
Ellipal Titan: Coin Support
This is always the section I check the most when reviewing hardware wallets, because although functionality and security are important, none of that matters unless it supports the coins you want to store offline. So here is the current list of supported coins and the one that are currently in development listed in the above picture.
SafePal vs Ellipal Titan: Conclusion
Overall, these are very similar devices in many ways. They both are air-gapped. They both utilize encrypted QR codes for transmission, and they both are completely mobile and wireless.
Having said that, these are at two opposite ends of the spectrum in terms of overall build and quality. The form factor of the SafePal is slim and nice, however it is plastic and can easily be broken and/or pried open if someone really wanted access to the internals.
The Ellipal Titan is the clear winner here, as its form factor is designed to withstand most elements and has an “anti-tampering” design that makes it almost impossible to break open. That level of quality and security against attacks (and it breaking when being dropped), is no where to be found in this class of hardware wallets. You really can’t go wrong with the Ellipal Titan, as it’s become my “go to” wallet for 2020 (so far).
What do you think? Would you choose the BC VAULT over the D’CENT Wallet? 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.
