Review | The BC-Vault Hardware Wallet

In this weeks article, we take a look at the BC Vault, just another Hardware Wallet review….nothing special…or is it?

The BC Vault’s slogan is:

‘Wallets are for pocket money, vaults are for safe keeping’

So the BC Vault refers to itself as a vault, so what? What makes it special? Why is it any different from other hardware wallets in the market?

For starters, the BC Vault is made by ‘Real Security’ a company specialising in cybersecurity that offers a wide selection of services. Real security operates in 8 different countries, has 169 partners and as you’re reading this they are working on 87 projects!!

As such when we got our hands on the BC Vault not only were we excited about it but also had high expectations; as it is made by a company with a reputation in cybersecurity, not just your everyday Blockchain Technology startup. Nothing wrong with a start-up, but it’s like a newborn baby, it takes a while before it learns to walk; and so expectations must reflect that.

Features of the BC-Vault:

• Big Display
• U2F Authentication
• All cryptocurrencies available on the same application
• Micro-SD and PaperQR Backups instead of a recovery seed- you can have as many as you want
• Backups are encrypted- same way as the device
• Seamless integrations- e.g. work seamlessly with SegWit
• Anti-tampering capabilities- the device cannot be opened without evidence of tampering
• All currencies are usable at the same time- no need to uninstall ‘apps’
• Long term storage capabilities with FeRAM- a storage medium with 120 years of data retention capabilities
• Non-Deterministic wallets- meaning no two wallets on the device are linked
• Unlimited number of wallets- each with its unique password and pin
• No firmware corruption-thanks to dual-bank flash
• Native Support for all ERC-20 tokens via advanced settings

Unboxing and First Impressions:

As with most hardware wallets currently available on the market, the unboxing experience for this one was underwhelming. Aesthetically the box is alright but if you saw it sitting on a store shelf you wouldn’t get excited, and you would probably think it contained an internet router. Now, the case is different for the actual device itself, the design is slick, it’s rubbery surface feels smooth in your hand (we got to test the upgraded rubber version) and right off the bat you know you will love its big display!

The BC Vault has a D-pad (up, down, left, right and enter buttons) used to make selections on the device and to confirm decisions made. The device is not battery powered, just like most Hardware Wallets (Ledger Nano s, Trezor model one, Trezor T, etc) and needs to be connected to your computer to power up. The device has a USB-c port and it comes provided with a standard USB-C to USB cable made of high-quality braided nylon, with L-shaped ends (see picture below for illustration).

Awesome! Right? Ehm…not so much if you plan to use more than one USB port on your laptop, because if you do…you can’t. The L-shaped end obstructs all your other ports. A small minor issue but an issue nonetheless.

With the device, you also get an instructions manual and 3 BC Vault stickers (I have one stuck on my laptop).

Setting up the device:

So you’ve unboxed your BC Vault and connected it to your laptop, then what? You head over to the BC Vault website and download the desktop app, which is supported by OS, Windows and Linux. Once you have launched the app you are asked to shake the device, which uses a gyroscope to generate random numbers in order to encrypt and secure the device. This is truly an ingenious approach to securing the device as it ensures the generated numbers are completely random and also secured by the user itself.

Once the device is secured, you are asked to create a global password and global pin, these are used to access the device. To set up a global password you choose a password on the desktop app itself, the longer the password the more secure your device is to a brute force hack. Once that is completed you must then create a global pin, this is created on the device itself, by selecting a combination of up, down, left, right on the D-pad.

The same approach can be taken for each individual wallet on the device; once you decide to create a new wallet, you are asked to add a password and pin for it. This ensures that even if access to the device is gained, the thief must also gain access to each wallet separately. (The wallet pin and password is optional, not compulsory) However, this is not the only benefit of this feature, because by being able to secure each individual wallet on the device separately, you can allow different users different access. For example, let’s assume this is used in a company with 4 directors, 1 director has the global password, another has the global pin, another has the wallet password and another has the wallet pin. That way no director has access to any wallet without the presence of the other 3 directors. The BC Vault is the only hardware wallet we have tested up to now that offers this feature, which truly begs the question, why have other hardware wallet manufacturers not taken the same approach?

The BC Vault kills 2 birds with one stone, as it can be used with only a global pin and Global password for your everyday consumer and can also be used with the added security for each wallet to accommodate companies or partnerships.

Supported Coins:
Bitcoin

• Ethereum
• All ERC20 Tokens
• Bitcoin Cash
• Litecoin
• Ripple
• Stellar
• Dogecoin
• Dash
• TRON
• VECHAIN
• BINANCE COIN
• ICON
• OmiseGO
• WaltonChain
• Polymath
• 0x
• Salt
• Cindicator
• Dynamic Trading Rights
• Iconomi
• OriginTrail
• Viberate
• CargoX
• InsurePal
• Xaurum

User Friendliness:

The physical device itself is pretty easy to use, as it has one USB-c port and the D-pad so it’s pretty straight forward. The best thing about the BC Vault and which sets it apart from its competition right out of the box is its big display. The display is not only bigger and made of OLED but also rectangular in shape, making it ideal for reading and confirming your address. It might seem like a small thing but being able to read and confirm addresses on the device is an important security feature. This is one feature that the BC Vault has nailed and in doing so has an advantage over its competition.

When you want to receive crypto on the BC Vault you just copy the address of the wallet by clicking on it or via the QR code. When sending crypto from a wallet on the BC Vault you must enter the receiving address, the amount of crypto being sent, the transaction fees and of course the wallet password and pin. The transaction is then verified on the device itself, this is pretty easy to do as the OLED display makes it easy to confirm the address you are sending your crypto to. The fees can be adjusted by a sliding bar or the value can be entered manually -not many devices allow for this level of adjustability. However, the option to enter fees manually is not very intuitive, you must click on a small tab for the option to open, so this is an area for improvement.

Overall, the device is very user-friendly, as it allows you to seamlessly change between different cryptocurrencies with one click. Users do not need to reload the application to access different wallets, as is the case with other hardware wallets in the market. One would expect that offering so many different Cryptocurrencies, especially ERC20 Tokens, the user experience would be compromised due to the complexity of having so many wallets. In fact, this is not the case with the BC Vault as only 23 different Cryptocurrencies are available by default, if the user wants to use any ERC20 Tokens then they have to enable advanced settings. This means that the user doesn’t need to deal with these Tokens if they don’t want to, keeping their interaction with the BC Vault simple. Of course, we enabled this feature and surprisingly it was very easy to use, all you have to do it enter the information of the Token you want to add — you can find that on Etherscan.io — and the token is added. The Password and Pin for that wallet are the same as that for your Ethereum Wallet, which seems complicated but is actually simple to comprehend once you try it out.

What if the user not only doesn’t want to use ERC20 Tokens but also doesn’t want to use most of the 23 available Cryptocurrencies that come by default?

Personally, I haven’t invested in CargoX, Viberate, OriginTrail and some of the other less well-known Cryptocurrencies available…has anyone really? Do you know about them? Let us know in the comments! So why do I have to see them every time I open my BTC Wallet?

The answer is you don’t! The user can simply hide them so that they are not visible. This simplifies the user’s interaction with the device, as the user only sees what is relevant to them. The option to delete wallets is not there, the reason behind this is that if an Ethereum Wallet is deleted, then so are all the ERC20 Token wallets. To prevent this from happening, deleting wallets has been restricted-after speaking with the company they said this will be added as a feature in the future, but they are trying to find a way to do this without compromising ERC20 Tokens.

Security Features:

Beyond the multiple passwords on the BC Vault, the fact that, if the device is tampered with, it is evident and the ability to confirm transactions on the device, the BC Vault uses FeRAM to store Data. FeRAM this a storage medium with 120 years data retention capabilities; meaning that it is extremely difficult to corrupt the data on the device, unlike with Flash storage that can be corrupted due to the limited amount of read-writes you can do.

But never say never, the data may become corrupted or your wife may smash the device when you ask for a divorce or you may lose the device itself, then what?

Is your crypto gone?

Nope! The device can be backed up on an SD card or via a QR-Code, which is super easy and you can have as many backups as you want. Just keep in mind that they are only as safe as the passwords you put for your device itself. So if you picked a password that people can guess easily then it will be easy for someone to gain access to your crypto.

Moving away from Crypto for a sec, the BC Vault also supports U2F Authentication, meaning that if you are looking for a device to use for 2-Factor Authentication then the BC Vault may be for you. For those that don’t know what 2-Factor Authentication is, it is a method of added security for logging into different websites. For example, Gmail supports 2-Factor Authentication, which means that in addition to your regular password, you will also be asked to verify that it is you via a second method, this can be via text, call, or another U2F Authentication device-e.g. the BC Vault. To log in to your email you enter the password and then connect your BC-Vault to the pc, log into the BC Vault and done, you now have access to your email! This is a great feature if you are concerned with people hacking into your email account as you can have 2-factor Authentication disabled for your home pc and only require it when accessing your email on an unknown device.

Key Areas of improvement:

• The Bc Vault supports Tron only in its ERC20 form, this is a problem with Tron’s API that needs fixing, however, a clearer indication on the Tron Wallet itself, that it is only ERC20 would be appreciated. Some users may spend quite some time trying to figure out why their Tron wallet is not responding the way it should. However, the risk of losing your tokens by trying to send Tron to this wallet is minimal though as the sending wallet should prevent you from doing so.
• The BC-Vault does not have Bluetooth capabilities and so you cannot use it, without physically connecting it to your pc. This is an issue if you plan to use the device regularly or want to use it on the go. You must carry cables with you to connect the device to your pc and if you are like me that uses the latest Macbook pro and only have USB-C ports then you also need an additional wire.

• As previously mentioned the BC Vault uses a standard USB-C to USB cable which is L-shaped at the ends, this takes up the space of an additional port on your pc. Not a major issue as presumably you will be using the BC Vault for a limited time and when you are done you will disconnect it. However, it can be an inconvenience that can be fixed.

• Another feature missing on this device is that it does not integrate with your smartphone, so if you like trading on your phone via let’s say the Binance App then…forget it… for at least a couple of months. The company has promised to have smartphone integration available to new and existing users within 2019.

• The BC Vault is also missing some key Cryptocurrencies, such as Monero, USDT EOS, etc. These coins are all on the companies 2019 roadmap, so they will be added soon, but it is something to keep in mind when deciding which Hardware wallet to buy in the market.

• Is not directly compatible with Decentralized Exchanges (DEX) that use smart contract to complete transactions. The BC Vault does have the API available for this, it is just a matter of time for DEX’s to provide from their side the appropriate integration. However, keep in mind that most Hardware Wallets in the market do not offer this direct integration with DEX.
• the BC Vault may choose to collaborate with different exchanges, so as to allow the user to buy Crypto Directly from the device itself. This may mean that users may not get the best prices but it reduces the risk for the inexperienced user; who will make the mistake of buying from an exchange and then proceed to just “safe keep” his crypto on the exchange itself rather than storing them on a hardware wallet.

One must keep in mind that the device is intended to be used for long term storage (“vault”) and not for your everyday trading (“hardware wallet”). Not that you can’t use it on a daily basis, but as that isn’t its intended use, it will not provide you with that seamless interaction and ease that you like.

Conclusion:

I have tried and tried to think of areas of improvement for the BC Vault, I have come up with a few but these are very minor and I am a picky son of a bitch. The BC Vault in our opinion is one of the most underrated Hardware wallets currently in the market as it has not had the marketing campaign that other Hardware wallet companies have had. This is a shame because it is much better than most Hardware Wallets in the market, certainly the best one we have reviewed yet. It supports more Cryptocurrencies that most other Hardware wallets, it caters to both companies and the everyday user, got a nice big display for confirming transactions and finally it is very well priced at £118.25+VAT. If you are storing thousands of dollars worth of Crypto, then spending £118.25 to store them, it’s not a significant amount… Personally, the BC Vault is the device I will start using to store my Crypto; as compared to all the devices we have reviewed until now it is the best, it may not offer all the features that other devices do but it is the easiest and most secure.

For those interested in finding out in more detail about the advanced security features of the BC Vault and how it ensures that the device encryption is fully random, how backup work, how
no unique identification number exists for each device, making each untraceable then head over to our podcast to find out directly from the company CTO himself!

Rating: 9/10- Nothing is perfect