Topic: How does ballet wallet works (Read 109 times)
This is what I knowing from researching Ballet Wallet that The Ballet Wallet is a US-based cryptocurrency company that provides simple and secure crypto hardware storage solutions. You can create your Ballet Wallet by going through some simple steps. Just open the box and put some of your bitcoins or any other crypto in it. This makes the wallet usable from the start. It only takes you a few seconds to open the box and start using the wallet.
That's risky no one knows how they generated the wallet I'm sure they have a copy of them.
Don't let other people create your own cold storage even if they are trusted companies you shouldn't trust them. I don't recommend other people to buy from them creating your own cold wallet is much safier than buying it from someone. You can create or buy something like a crypto steel/metal seed backup or keystone crypto seed wallet to store your seed or private keys which are safe depending on how you generate your wallet.
Don't let other people create your own cold storage even if they are trusted companies you shouldn't trust them. I don't recommend other people to buy from them creating your own cold wallet is much safier than buying it from someone. You can create or buy something like a crypto steel/metal seed backup or keystone crypto seed wallet to store your seed or private keys which are safe depending on how you generate your wallet.
Ballet is not really a hardware wallet, it's more like collectible item that looks cool and that's about it.
I think it's NOT safe to be used for storing bigger amount of coins, because you have to trust them and their manufacturing procedures don't have any leaks.
They claim they are doing this private key printing in different locations, but I prefer generating my own key or seed words instead of third party doing it for me.
For me this is not secure wallet, and I wouldn't recommend it to anyone.
I really think they are printing and manufacturing the wallet in different locations and they have a safety process for that like using BIP38 encrypted "6P" keys, but unfortunately I also think they keep informations that could let them decrypting and retrieving the private keys. Their reputation is the only guarantee. If a trusted and convincing user tells one day that his funds have disappeared while not sharing the key with anyone, their reputation will be destroyed. I think it's NOT safe to be used for storing bigger amount of coins, because you have to trust them and their manufacturing procedures don't have any leaks.
They claim they are doing this private key printing in different locations, but I prefer generating my own key or seed words instead of third party doing it for me.
For me this is not secure wallet, and I wouldn't recommend it to anyone.
It is like a collectible wallet or ready-made paper wallet that the private key is generated by them, I saw on a collectible board a paper wallet like this. This is a good option if you are new to cryptos you don't know how to create a paper wallet, because making a paper wallet is very risky because you may be lost your funds if you technically don't know. But --it is not recommended because you are not the one who generates the private key, it may expose to anyone else. If you know how to create a paper wallet, just do it yourself instead.
I was checking an article on hardware wallets and got the link to ballet wallet. I was expecting a hardware wallet there but it's cold storage. However, I'm a bit confused. It seems like a paper wallet. If it's cold storage like a paper wallet; how the security of the private key is ensured? The company itself won't manipulate but is there a chance that they can manipulate; do they have access to the private key? If not, how do they generate the private key?
It all looks like a card; the private key (passphrase written) is covered as a scratch card. How is it a secure one?
Ballet is not really a hardware wallet, it's more like collectible item that looks cool and that's about it.It all looks like a card; the private key (passphrase written) is covered as a scratch card. How is it a secure one?
I think it's NOT safe to be used for storing bigger amount of coins, because you have to trust them and their manufacturing procedures don't have any leaks.
They claim they are doing this private key printing in different locations, but I prefer generating my own key or seed words instead of third party doing it for me.
For me this is not secure wallet, and I wouldn't recommend it to anyone.
One simple thing that I haven’t been able to find after browsing around for a bit, is "what happens" when you send a partial balance from the bitcoin address provided in the Ballet Wallet. Specifically, I’m querying about the change addresses.
In order to send you go through the associated app and all that, but the question is what address is used as the change address?
Wallets generally use new addresses as a change address, but if the app were to do so, the device physical card would be partially pointless from thereon, as it would no longer be the means to access the bitcoins tied to the change address. I therefore tend to assume that the send address is used as the change address by the app.
Edit: self-answered:
In order to send you go through the associated app and all that, but the question is what address is used as the change address?
Wallets generally use new addresses as a change address, but if the app were to do so, the device physical card would be partially pointless from thereon, as it would no longer be the means to access the bitcoins tied to the change address. I therefore tend to assume that the send address is used as the change address by the app.
Edit: self-answered:
<...> In order to send you go through the associated app and all that, but the question is what address is used as the change address?
Quote
<…> The Ballet Crypto app is set up in a way where your SegWit address is used as the change address after sending out bitcoins. <…>
See: https://blog.ballet.com/2021/08/25/why-are-there-two-bitcoin-addresses/
To be precise, I think the wallet is made with stainless steel, it is fire resistant too as it is steel. I just want to be precise about it. Or am I wrong?
It sure is stainless steel. Source: https://www.ballet.com/whatisballet/
While the steel itself is pretty fire resistant, the printed stuff (QR codes for the wallet address and the private keys) definitely isn't; as reviewed by Jameson Lopp: https://jlopp.github.io/metal-bitcoin-storage-reviews/reviews/ballet-crypto/
It's like buying a pre-made paper wallet, but just in steel instead of paper.
To be precise, I think the wallet is made with stainless steel, it is fire resistant too as it is steel. I just want to be precise about it. Or am I wrong? 
I see. I thought they must have a different way to generate the private keys. I have to trust someone else to have a cold wallet LOL. It looks decent as like a ATM card & I was considering to buy one but this doesn't make any sense anymore now. What inspired them to bring such a wallet? I was considering just because it looks decent. I didn't know that it's same as of a paper wallet.
It's like buying a pre-made paper wallet, but just in steel instead of paper. You're entrusting them to not have a copy of the wallet's backup — so it's an easy no for me.
Recent thread about the paper wallet: Best Way to Backup Up a Ballet Wallet
Still no one complain about the wallet, but the private key is generated by another party, not you. The reason I will not recommend the wallet.
Still no one complain about the wallet, but the private key is generated by another party, not you. The reason I will not recommend the wallet.
I was checking an article on hardware wallets and got the link to ballet wallet. I was expecting a hardware wallet there but it's cold storage. However, I'm a bit confused. It seems like a paper wallet. If it's cold storage like a paper wallet; how the security of the private key is ensured? The company itself won't manipulate but is there a chance that they can manipulate; do they have access to the private key? If not, how do they generate the private key?
It all looks like a card; the private key (passphrase written) is covered as a scratch card. How is it a secure one?
It all looks like a card; the private key (passphrase written) is covered as a scratch card. How is it a secure one?
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