Cryptocurrency exchange and software wallet hacks have claimed billions of dollars in coins over the years. The best way to protect your cryptos is to buy a secure hardware wallet like Shift Crypto’s BitBox02. Hardware wallet hacks, while still possible, are incredibly difficult and require physical access to the device. Keeping your wallet in a safe place will prevent hackers and thieves from stealing your hard-earned money.
Shift Crypto produces 2 secure hardware wallets: the BitBox02 Multiedition and the BitBox02 Bitcoin-only Edition. Both products are minimalist devices designed to secure your cryptocurrencies without making them difficult for you to access. The pure Bitcoin edition can only send and receive Bitcoin and is perfect for investors who want to keep their favorite assets safe. The multi-edition supports other cryptocurrencies, including Bitcoin, Litecoin, Ethereum and ERC-20 tokens. It can also be used as a 2-factor authentication key to add an extra layer of physical security to your online accounts.
The two editions share the same hardware: a fast microcontroller (minicomputer), a secure chip, a simple display, a USB-C port, a microSD card slot and touch sensors. With the BitBox02 you can secure your wallet easily and safely in case you lose your device or break it. It comes with a free microSD that automatically backs up your wallet. It can also display your safe mnemonic phrase for paper copying for recovery in case you lose the microSD. Shift Crypto also offers additional accessories to keep your cryptos safe, including a metal backup punch card for your memory phase and tamper-evident pockets.
Both editions of the BitBox02 are priced at $ 119, as is the Ledger Nano X. While this is more expensive than some hardware wallets, the device’s innovative security architecture and other features like simple microSD backup make up for the high price. While $ 119 may seem expensive, it can be worth protecting your entire cryptocurrency portfolio from online and offline attacks.
The BitBox02 has a dual-chip design that combines the unique security advantages of open source code and a secure chip. There are currently no commercially available secure open source chips, and Shift Crypto believes that you shouldn’t trust the manufacturer of your hardware wallet.
The company has made sure that the secure chip never gets any cryptocurrency related secrets as it is not open source and therefore not completely trustworthy. Instead, the open source microcontroller encrypts and stores the secrets. The secure chip adds an additional layer of security and protects the device against physical attacks and the spraying of passwords, in which a brute force attacker repeatedly guesses the password.
Shift Crypto’s Bitcoin-only edition maximizes the security of your Bitcoin by reducing the amount of code in the firmware. This makes it harder for hackers to hack into your wallet, as less code means less code can be exploited. The security in the multi-edition will likely be enough to keep your portfolio safe, but that’s a nice touch. If you’re a bitcoin purist, this is probably the hardware wallet for you.
Shift Crypto offers several resources to help customers with questions and issues with their hardware wallets. The company answers a list of frequently asked questions on its support page and provides useful instructions for setting up and using the BitBox02. There is also a customer service email that users can contact if the FAQs and guides don’t solve their problems. Customers are advised to ask general questions that do not require personal information in their Telegram. Most of the BitBox02 reviews are overwhelmingly positive, which suggests that most people don’t even need this assistance, but it’s there in case they run into a problem.
Setting up either edition of the device is a breeze. First, go to the Shift Crypto startup page on the website and download the BitBoxApp. Then insert the microSD into the device and connect it to your computer or phone. Run the app and it will walk you through the final steps of setup, including creating your password for the device and backing up your new wallet to the microSD card. It’s easy to get the device working, even for a novice hardware wallet.
The BitBoxApp is the all-in-one program to facilitate your cryptocurrency transactions with the BitBox02 wallet. It’s easy to install and use, and the app includes detailed instructions on how to use it effectively. You can manage your backups, change the device name, check your mnemonic passphrase, activate the optional additional password and much more – all in the app.
The BitBox02 is built with high quality materials and technologies. It is made of polycarbonate plastic and is equipped with a white organic light-emitting diode display (OLED). Its design is simple and minimalist and replaces buttons with touch sensors. It’s small and could be easy to lose. So remember where you put it. While BitBox02’s design is appealing, its most impressive feature is its high quality security architecture.
Shift Crypto is a fantastic product for those looking for total security and ease of use. BitBox02’s security and backup features are not the best on the market, rivaling Trezor’s Shamir backup and other competitors. However, it offers extensive security for the price and prevents anyone without access to the device itself and its password from stealing its contents.
Switch crypto against competitors
Shift Crypto’s 2 main competitors are Ledger and Trezor. Shift Crypto’s wallet has a number of significant advantages over its competitors, including more secure multi-signature functionality, easier setup, and automatic microSD backup. The microSD backup is extremely convenient, but not the most secure option. Trezor’s most advanced model – the Model T – uses the more secure Shamir Backup, though at $ 194 it is significantly more expensive than the BitBox02. In addition, the Shamir backup is just another level of redundancy and not necessary to protect your coins.
The BitBox02 encrypts all communication with the device it is connected to, unlike the Ledger and Trezor wallets. The Ledger Nano X encrypts its Bluetooth communications, but no brand encrypts its USB communications, making them vulnerable to attack from untrusted devices. This is not a problem for users who only connect their wallets to their own clean computer or phone, but it could be unsafe to use with compromised computers or phones.
Each competitor has its pros and cons, and the BitBox02 is a great choice for risk-averse crypto enthusiasts.
frequently asked Questions
Is Shift Crypto Safe?
Yes it is! Shift Crypto’s BitBox02 is one of the safest places to store your cryptocurrencies. It uses a combination of hardware and software protections to ensure that nobody but you can access your tokens. Unlike some other hardware wallets, it’s still easy to complete transactions using the BitBox application.
Where are my coins actually stored?
Where are my coins actually stored?
All cryptocurrencies are always stored on the blockchain. The hardware wallet secures and encrypts the private keys that allow you to access your coins. In the BitBox02, the private keys are stored and encrypted on the microcontroller unit. The private keys remain on the device and your cryptos cannot be accessed without the physical device and your passphrase.