What Is BitBox?
BitBox is a hardware wallet created by Shift Devices AG, cryptosecurity company based in Zurich, which enables users to store offline their cryptocurrencies. This storage system prevents any hackers or online threats from getting to your holdings, as they are kept in a secure environment with no connection to the internet.
BitBox’s USB implements several features to ensure the security and ease of access of users’ funds, including encryption and a micro SD card for wallet creation, backup, and recovery.
The device also features a touch button and LED indicator when you confirm transactions, as well as a True Random Number Generator that enables you to create unique wallets.
Where Can You Buy It?
This compact device is sold in more than 100 countries across the globe, and in order to purchase the BitBox hardware wallets, users just have to access the Shift Devices AG website.
The wallet can be downloaded an installed on desktops which run on the following operating systems: Windows, Mac, and Linux. The device also supports mobile devices which use iOS and Android systems.
BitBox can also be used with Tor and the Tails operating systems for users that want the utmost privacy when transacting.
Currently, the BitBox device is being sold on the Shift Crypto website at the price of $59 plus FedEx shipping costs of $19, which makes the total cost- $78 USD.
BitBox has a limited range of cryptocurrencies it supports, its current list including:
However, the company has revealed that it intends on extending its support to more cryptos soon.
Wallet Setup Process
The setup process for BitBox involves following a few simple steps:
Step 1: Download the BitBox app for your desktop’s operating system.
Step 2: Install and run the app.
Step 3: Check if the micro SD card is installed, and then plug it into your computer.
Step 4: Enter a wallet name and password into the app.
Step 5: Upon creation, a backup will be generated for your wallet on the micro SD card. Store a copy of your password, and after you have removed the backup card, put it in a secure environment.
Ethereum and ERC-20 tokens storage require additional steps because you have to go through the MyEtherWallet app installation process.
Step 6: Send Cryptos by accessing the desktop app and using the addresses which are featured below the “Receive” tab. A QR code and text address can also be used for fund transfers.
The process of sending cryptos requires the following actions:
- plug in the device into your computer
- open the app
- enter the password
- click on the “Send” tab to see your available balance and in the available field, enter the address of the wallet to which you are sending the funds.
You will then be asked to complete the spaces with the following details:
- the wallet address of the recipient
- the amount you intend on sending
- the fee you intend on sending
BitBox Security features
BitBox employs a lot of security measures in order to ensure that all user funds are kept in a secure and hack-free environment. The list of features and technologies used include:
- 2-factor authentication. A 2-factor authentication system is supported in order to deter man-in-the-middle attacks when the user logs into websites.
- Manual transaction confirmation. Any transaction sent from your wallet must first be manually verified via the use of the device’s touch button and LED indicator.
- Backup and recovery system. The wallet is fully backed up on a micro SD card which enables you to quickly regain access to your wallet and funds in the eventually that something happens to it.
- Dual-chip design. A dual-chip system is implemented in the wallet to keep all private data inaccessible on a memory chip which is highly secured.
- Firmware exclusivity. Only the official firmware of BitBox can operate on the device, which removes the risk of having any third-party code wreaking havoc in the wallet’s software.
- Encrypted USB communication. USB communication is encrypted with an AES-256-CBC algorithm to ensure data protection.
- Password security. The password of your device automatically erases and resets itself after 15 failed attempts.
BitBox is a hardware wallet which provides enhanced security to your crypto funds. The only issue is that it has a limited range of supported digital assets, but the company has stated its plans on expanding its list.
Image Source: shiftcrypto.ch