The implementation of reversible transactions and the 3-Key Security System has been a key milestone for Bitcoin Vault. It guarantees a smooth interaction between users and the anti-theft system, BTCV created a whole ecosystem around it, including the Gold Wallet.
Creating an innovative possibility to reverse transactions on the blockchain is quite a complex concept. To make it reliable and user-friendly, BTCV Team produced a unique ecosystem of apps to fulfill the various needs of its users. The most popular among them is ‘Gold Wallet,’ on which we focus in this article, along with Electrum Vault desktop wallet and online Key Generator, which is necessary to create both the Cancel and Fast Transaction Key.
Gold Wallet is a mobile app that allows users to not only easily manage their crypto assets but also take advantage of the 3-Key Security Solution. Its main feature is the possibility to cancel an unauthorized or erroneous transaction, which comes in handy in case of a hack or a simple mistake.
Keys come in threes
To use the 3-Key Security Solution, different combinations of private keys are required. Therefore, each of them has a different purpose.
- Standard Transaction Key is generated automatically and works in the background. It’s required to initiate all transactions, and to recover a wallet in case of a hack or technical issue.
- Cancel Transaction Key allows users to perform Cancel transactions within approximately 24 hours, after 144 blocks are generated.
- Fast Transaction Key gives users the possibility to make Secure Fast transactions and transfer BTCV in a matter of minutes.
Safety lies in the wallet
The Gold Wallet is designed in a way that allows users to decide which elements of the 3-Key Security Solution they want to use. That’s why there are three types of wallets to choose from: Standard, 2-Key Vault, and 3-Key Vault.
- Standard is a basic wallet with no additional security features. It allows users to perform only standard transactions without any benefits from 3-Key Security Solution.
- 2-Key Vault wallet can be used to perform two types of transactions: Secure and Cancel. The Secure transaction requires a Secure Transaction Key, and it is by default delayed by approximately 24 hours. This gives users enough time to react to an unauthorized or erroneous transfer. Within this time, they can perform the Cancel transaction, which requires a Cancel Transaction Key, to redirect their assets to another wallet.
- 3-Key Vault wallet is the most secure solution with a full range of transactions: Secure, Cancel, and Secure Fast. It has all the features of the 2-Key Vault wallet but adds the possibility to perform Secure Fast transactions. These irreversible transfers require a special combination of all three keys and takes around 10 minutes (the time it takes for one block to be confirmed). This is the recommended wallet, if you wish to fully benefit from the 3-Key Security Solution.
More features for safe keeping
To make the 3-Key Security Solution even more secured, Gold Wallet offers users additional security features. Besides the common PIN necessary to access the app, it also requires an additional transaction password to verify every transaction. It is advised to create a strong password containing at least 8 letters, numbers, and special characters. The transaction password cannot be changed later, so create it with caution.
Last but not the least is the possibility to use two-factor authentication (2FA) to further secure the transaction process. Even though the Gold Wallet and Electrum Vault can be used separately, there is a possibility to synchronize them for an additional layer of protection. In this case, Gold Wallet serves as an authenticator for the two-factor authentication (2FA). To perform any transaction users need- a private key, a transaction password, and authentication from a mobile device. This, without a doubt, provides the highest level of security available in the crypto space.
Would you like to secure your assets with Bitcoin Vault BTCV Gold Wallet? Download the app directly from the App Store (iOS) or Play Store (Android). All relevant links you can find here: Bitcoin Vault Universe
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