My first tought: are you the owner of bc vault or being payed to promote them? I mean, did you really register an account on bitcointalk to give an answer to a question nobody has asked (AFAIK)
My second tought: i'd never jump in and buy an unknown hardware wallet, when there are several community-vetted existing alternatives that do the job quite well.
I used google to research this wallet, and other than the fact they claim to be the only one that offers secure backups, i don't see anything worth risking my coins over. And i wonder: why would you even make backups... Other wallets use a seed phrase which can be extended with a custom password in case your seed phrase gets discovered, this seed can be used to restore your wallet... usually you can just use a compatible software wallet in case the company goes out of business. At first sight it seems bc vault does not use this existing, community vetted, technology, so it actually needs you to make backups. To me, it seems they fixed a problem they created themselfs, then brag about the fact they fixed the problem...
Topic: BC Vault hardware wallet - is this a reasonable answer to a question? - page 4. (Read 1488 times)
August 12, 2019, 02:22:51 AM
August 12, 2019, 02:21:50 AM
[...] but this backup and recovery option feels risky to me.
It is risky. Other hardware wallets allow you or even force you to back up the mnemonic phrase they generate which is supported by many software wallets. There is no guarantee that they will release that application. How are you supposed to enter a wallet and account password on that device? Doing it on a computer is completely unsafe.
After quite a bit of research BC Vault would be my preferred choice for several reasons (storage types, security, volume of crytocoin types it will hold, non-deterministic wallets, family members can use it also etc) [...]
Can you elaborate on that a little bit? We might be able to recommend you a different hardware wallet.
August 12, 2019, 02:03:09 AM
Hi, I recently asked BC Vault a question about recovery:
Hi, if I purchase a BC Vault, and later it breaks or is stolen and I need to restore my backups (sd card/paper), presumably I can ONLY restore to another BC Vault, unlike with BIP39 seed words where I could restore to any device? I'm thinking of a situation where BC Vault goes out of business. Am I correct here or have I misunderstood the backups?
They replied and this is their response:
You are correct. We have considered this exact scenario and have prepared a decryption application for backups which can extract raw private keys from backups provided you have all the necessary information (global pin, global password, wallet pin, wallet password). We will release this application as an open source project on GitHub in the event of the business shutting down.
After quite a bit of research BC Vault would be my preferred choice for several reasons (storage types, security, volume of crytocoin types it will hold, non-deterministic wallets, family members can use it also etc), but this backup and recovery option feels risky to me.
Thoughts?
Hi, if I purchase a BC Vault, and later it breaks or is stolen and I need to restore my backups (sd card/paper), presumably I can ONLY restore to another BC Vault, unlike with BIP39 seed words where I could restore to any device? I'm thinking of a situation where BC Vault goes out of business. Am I correct here or have I misunderstood the backups?
They replied and this is their response:
You are correct. We have considered this exact scenario and have prepared a decryption application for backups which can extract raw private keys from backups provided you have all the necessary information (global pin, global password, wallet pin, wallet password). We will release this application as an open source project on GitHub in the event of the business shutting down.
After quite a bit of research BC Vault would be my preferred choice for several reasons (storage types, security, volume of crytocoin types it will hold, non-deterministic wallets, family members can use it also etc), but this backup and recovery option feels risky to me.
Thoughts?
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