What is Bitcoin Vault (BTCV)?

what is bitcoin vault

As you know, when you make transactions with most cryptocurrencies including Bitcoin, you are not able to recover it if it’s incorrect. So if you sent your tokens to the wrong address or if your cryptocurrencies were hacked, consider your tokens gone. Undoing is not an option. 

According to CipherTrace’s Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report, the first 5 months of 2020 had already seen $1.36 billion dollars worth of crypto thefts, hacks, and fraud.

‘Bitcoin Vault allows users to reverse transactions within 24 hours.

However, with Bitcoin Vault, the token aims to allow users to reverse the transactions within 24 hours using their 3 key security features. In addition, people always tend to make mistakes when sending cryptocurrencies to new addresses. This not only wastes money but also time. 

Key Points

  • Bitcoin Vault makes it possible to cancel or reverse transactions on the blockchain. 
  • Bitcoin Vault’s ecosystem has 3 app stores in-house to manage and store the Bitcoin Vault tokens; Gold Wallet, Key Generator, and Electrum Wallet.
  • Bitcoin Vault uses Proof-of-Work as its consensus mechanism.

Bitcoin Vault’s Special Sauce 

Bitcoin Vault’s entire utility revolves around its 3 Key Security systems. 

This system mainly solves three issues: –

  • Hacks or unauthorized access to private keys.
  • Human error when sending cryptos to wrong wallet assets, typing incorrect amounts, and other errors. 
  • Bugs, and technical errors related to the cryptocurrency software or exchange.

As the name suggests, three keys play a part in this security feature compared to other cryptocurrencies that usually only have one private key. Users will have to generate three Elliptic Curve Digital Signature Algorithm (ECDSA) keys. One key is stored in the app while the other two are managed by the user. 

The three keys are the standard transaction key, cancel transaction key, and fast transaction key. 

Standard Transaction Key

This key allows access to the wallet and to transfer funds. Using this key, you can send funds from your wallet, however, the transfer time would be 24 hours. Bitcoin Vault takes 24 hours to create the 144 blocks that are required to approve the transaction. 

Cancel Transaction Key

This key allows you to cancel a transaction within 24 hours at the slightest suspicion of hacks, fraud, or a mistake. When this key is utilized, all the funds would be moved to a new wallet and a new set of keys would be provided. 

Using this cancel key might not be a good idea as you might be changing wallets quite often. 

Fast Transaction Key

This key allows you to send cryptocurrencies via a quick transfer if you have a trusted recipient. This key puts your transfer on the fast lane instead of having to wait 24 hours. 

Bitcoin Vault’s Ecosystem

Bitcoin Vault has 3 in-house apps. These apps play a part in storing, managing, and exchanging tokens. 

Gold Wallet

The Gold wallet is able to create another 3 wallets within its app. The secure wallet, cancel transaction wallet and secure fast wallet. Use this wallet to send or receive tokens as well as to store their tokens. The Gold wallet also serves as an authenticator for the Electrum Vault desktop app and has a two-factor authentication key. 

Key Generator

This is an app that is web-based which helps generate the individual public and private keys to set up the wallets or do transactions. These keys are stored offline to prevent potential hacking over the internet. 

Electrum Vault 

This is a desktop app that serves as an open-source Ethereum wallet and it does everything the Gold wallet can do. 

Bitcoin Vault’s Way Of Approving Transactions

Bitcoin Vault uses Proof-of-Work as its consensus mechanism. 

To put it in simple terms, Proof-of-Work (PoW) is when miners have to compete to be the fastest to solve a complex mathematical puzzle. The winner who solves it first gets to add a new block to the blockchain. Once this transaction is validated by other miners, the miner gets rewarded with tokens. 

Bitcoin Vault has also adjusted to accept merged mining after an upgrade to its protocol. Merged mining is also known as an Auxiliary Proof-of Work or just a modified version of PoW. 

The Symbiotic Relationship Of Merged Mining 

Merged mining in simple words is just being able to mine two cryptocurrencies without using additional computational power or sacrificing the quality of work. 

For this to work, the two tokens being mined have to use the same computational power and have the same algorithms, in this case, the SHA-256. Since Bitcoin fits the criteria, merged mining for Bitcoin Vault is done together with Bitcoin. 

It is said that by doing this, Bitcoin Vault can increase its security by leveraging hashing power from Bitcoin and reducing attacks on its blockchain. At the same time, miners can get rewards in both Bitcoin and Bitcoin Vault cryptos. 

What Can You Do With The Bitcoin Vault Token? 

Bitcoin Vault has a supply of 21 million coins and it has an average mining time of 10 minutes.

Bitcoin Vault can be used for transaction purposes, especially when sending large sums of money to an address that is less trusted. While the transaction fees may be higher, the fees make up for the safety that is provided with the token in case anything goes wrong. This use case aligns well with larger institutions like banks. 

Eyal Avramovich, Bitcoin Vault’s Founder From Poland

Eyal is the founder of Bitcoin Vault and this isn’t his first venture. In fact, he had launched ELCASH and is also the CEO of MineBest

He has a degree in electronics engineering and has come up with numerous inventions such as a massage vehicle robot that could travel across the body of a person. He even came up with a rotating bathroom scale. Eyal is a fan of the movies “Back to the Future” and “Iron Man”.

In 2017, he pivoted into the world of blockchain and founded MineBest which is a company that specializes in professional hosting services for the mining of Bitcoin and altcoins. He launched the Bitcoin Vault not long after. 

Bitcoin Vault Development Plans

The Bitcoin Vault development has been divided into 6 workstreams as follows: 

Development Upgrades

To participate in Ethereum’s Dapp and add a wrapped Bitcoin Vault Token in Ethereum 2.0. 

Security Upgrade

To verify the blockchain integrity, strengthen codes, and identify bugs and holes. External and internal penetration tests are also conducted. 

User Experience Upgrades

Upgrade and develop applications based on feedback from users. 

Products

Focus on market adoption of new products associated with Bitcoin Vault’s ecosystem and token. 

Marketing activities

Launch global awareness campaigns for engagement, seek partnerships, and invest in quantum research. 

Other stuff

Connect and engage with the token community and offer options for hodlers. Long-term goals focused on quantum computing and how it influences the cryptography of blockchains. 

Bitcoin Vault’s Association with Mining City

Mining City is a company that offers plans that allow users to purchase hash power to mine Bitcoin. Users receive mining rewards for having access to the hash power and the company mines on the user’s behalf. The rewards are paid in Bitcoin Vault. 

The company is based in Cyprus which has better cryptocurrency regulations and mines in countries where electricity is cheaper. MineBest, which is owned by the CEO of Bitcoin Vault, is the main partner of Mining City providing equipment and maintenance services for Mining City. 

There has been some call into question the legitimacy and trustworthiness of Mining City. Users are advised to do their due diligence when investing in cryptocurrency products and companies. 

How Do I Buy Bitcoin Vault? 

Bitcoin Vault can be purchased on these exchanges.

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