Bitcoin Vault
Find out why Bitcoin Vault probably shouldn’t be your next investment. This review will cover everything you need to know about the exchange platform, from the company’s history to security concerns, price predictions, rates and the latest news. In today’s markets, knowing what you shouldn’t invest in is every bit as important as knowing what you should.
Understanding Bitcoin Vault
Bitcoin Vault is an ecosystem of tools and services designed to allow users to send secure crypto payments. The coin itself is derived from the Bitcoin framework but includes additional features that enhance its security. The owners and founders of the company are a team of crypto-enthusiasts based in Poland.
The Vault was launched in 2019 in response to a need for a coin to deliver improved security features whilst offering convenience and transparency. The platform aims to strike a balance between safety and speed. Bitcoin Vault is the first blockchain adapted to the Decentralized Digital Mining Standard (DDMS).
The company’s early growth was impressive, they quickly launched the BTCV token on numerous exchanges and integrated the wallet with Google Play, Windows and Linux. But growth soon dropped off when the company had difficulty delivering the services it had promised. In early 2021, the company announced that Binance Pool has also started mining Bitcoin Vault via the consensus algorithm SH!-256.
Features
Bitcoin Vault operates much like a traditional hardware wallet but what makes Bitcoin Vault ($BTCV) unique is the 3-key security solution that allows users to reverse transactions within 24 hours. The idea is that if your local wallet’s security is compromised, you are able to cancel any fraudulent transfer and protect your assets.
The platform’s key features are:
- Security – every transaction is stored on the blockchain and can be reversed within 24 hours if needed, meaning that investors are protected against theft.
- Flexibility – the platform offers both fast and ultra-secure transfers and users can decide between the two.
- Simplicity – the gateway has all the features of Bitcoin Core but with additional services.
Wallets
Bitcoin Vault offers three types of wallets:
- Standard Wallet – the most basic type of wallet offered, the standard wallet is secured with only one key. This wallet type allows users to execute standard transactions.
- Two-Key Vault – the wallet is secured by both the Standard and Cancel transaction keys. Users are able to perform secure transactions and they also have the option of cancelling a transaction.
- Three-Key Vault – this is the most secure vault offered, secured by three keys: Standard, Cancel and Fast transaction keys. In addition to the above, users are able to perform rapid, irreversible transactions that are processed on the next available block, usually around 10 minutes.
There is also a Gold Wallet which is a dedicated application for mobile devices and the Electrum Vault which is designed for use specifically on PC.
Benefits
Some of the features offered by Bitcoin Vault are potentially useful and whilst we wouldn’t advocate for them on account of our security concerns, it’s useful to know what’s on offer:
- Range of wallet options
- Fast and secure transactions
- Responsive customer support team
- Supports both desktop and mobile devices
Drawbacks
There are a number of reasons why we would advise against trading with Bitcoin Vault:
- Potential scam – the platform raises some serious security concerns. There is no way to guarantee the safety of funds invested with the platform. Popular online chat rooms offer numerous accounts of ex-clients that feel conned or misled by the company.
- Lack of transparency – there is little to no information offered by the company that gives an insight into the day to day workings of trading with them, specifically regarding the fee structure. The lack of transparency suggests that there may be hidden fees. We always advise that traders have a complete overview of a company’s fee structure prior to investing funds, otherwise they may find they are liable for charges that erode profits.
Security
There are multiple scam warnings associated with the platform. Online forums are teeming with frustrated clients that have been misled by the company, some having lost considerable sums. It’s been suggested that the platform is essentially made up of copied code. Once the company has taken your money, they may promptly fade into oblivion. Traders should exercise extreme caution when dealing with the platform.
Given the ample supply of Bitcoin wallet options available, this provider is arguably worth avoiding.
Customer Support
If you have a general query regarding Bitcoin Vault’s services, you can submit a ticket via the company’s official website. The form can be found under the Contact Us tab. For media enquiries, you should send an email to media@btcv.com and to reach the development team, email developers@btcv.com. There is also an option to leave feedback on the official website. The team are on hand to support with a range of issues from lost passwords to trouble logging in and advice on packages.
In addition, the company is active across social media and has accounts on Twitter, Facebook, Instagram, Telegram and YouTube. The team posts regular updates, quotes and active market analysis to help you get to grips with Bitcoin Vault and the services offered.
Getting Started
The registration process at Bitcoin Vault is relatively straightforward. To join, you’ll need to create an account. Go to www.bitcoinvault.global and follow these steps:
- Choose your operating system
- Download the relevant wallet software onto your device
- Name your wallet
- Select the type of wallet you would like to create
- Restore or create a new seed
- Confirm the seed
- Choose a password
- Transfer your Bitcoin Vault coins
If you are stuck, there is a series of video tutorials hosted on the website that can walk you through each step.
Bitcoin Vault Value
Bitcoin Vault is traded under the symbol BTCV. Its trade value has hovered around 17.99 USD (15.24 EUR or 260.12 ZAR / South African Rand) recently. This is -96.3% down from an all-time high of $489.59, more than halving its original value. The market cap of the coin is $135,336,809.
If you’re interested in a more detailed price chart, head to CoinGecko where you’ll find a comprehensive breakdown of BTCV’s history including its ranking and price performance, clearly presented on a graph. Prices tend to be plotted in dollars but there is a currency converter available so you can view forecasts in whichever currency is relevant, whether that be Rand or USD. The platform also offers a calculator function.
Final Word
Today, the future of this platform looks uncertain. Much of the conversation around the exchange is negative including popular forums, such as Bitcointalk. The company may be a scam and unable to deliver the services promised. We would advise against trading with Bitcoin Vault and if you have previously invested with the company, you may want to extract your capital.
If you are still interested in Bitcoin vaults, there are other reputable options including solutions from Coinbase.
FAQs
Is Bitcoin Vault A Legitimate Good Investment?
We have some serious concerns regarding the safety and security of Bitcoin Vault’s services. There have been numerous reports of scams and foul play from traders who have used the platform previously. Trading will always involve taking some risks but this seems like one you can avoid.
Is Bitcoin Vault A Pyramid Scheme?
Bitcoin Vault has been associated with pyramid schemes, the most well-known is mining city. We advise that you avoid any offer of mining city packages or electric cash as they may be fraudulent.
Is Bitcoin Vault A Cryptocurrency?
Bitcoin Vault is not a standard cryptocurrency. Instead, the vault stores existing currencies and adds a further layer of security by preventing them from being immediately withdrawn.
Is Bitcoin Vault Profitable Or Is It Crashing?
The price of BTCV has dropped considerably. As a result, you may want to take any money you have left and invest it elsewhere.
Is Bitcoin Vault Legal?
Bitcoin Vault is legal but it does appear to have some questionable practices. We would advise against using Bitcoin Vault’s services.