Bitcoin Vault (BTCV) – ever since its launch in 2019 – has been scrutinized by industry insiders who were both curious and skeptical about it. That mainly stems from what the company stands for and has been & is developing. As, unlike other cryptocurrencies, BTCV’s security feature is what makes it unique.
Key among its vision is that Bitcoin Vault was developed in an effort to create a safe haven for crypto enthusiasts who would like to store their cryptocurrencies without the fear of it being stolen.
As most blockchains are just not secure enough, this is where BTCV is different.
What is BTCV’s 3-Key Security Solution?
This groundbreaking anti-theft feature has been developed on the basis of three private keys – Standard Private Key, Cancel Transaction Key, and the Fast Transaction Key – that have a unique role in securing digital assets. In case of an unauthorized transaction or just a simple mistake, the BTCV user can cancel the transfer using the Cancel Transaction Key before 144 blocks are generated.
How do the keys Enhance Security work?
The 3-Key Security Solution greatly enhances BTCV’s security features. This anti-theft feature that was launched on November 17 works in the following way:
Key 1: Standard Private Key
This private key is used to access the wallet. Its main function is to confirm the BTCV balance and implement normal transfers. If this key is used to transfer money, the transfer will be confirmed approximately 24 hours-that is after 144 blocks are generated. Hence, even if a hacker were to steal this key, the wallet owner can use the second key to cancel the transfer within this window period of 24 hours.
Key 2: Cancel Transaction Key
The Cancel Transaction Key like the name suggests is used to cancel a transfer within 24 hours of the confirmation of a regular BTCV transfer. In case this key has been compromised all the funds in the wallet should be immediately transferred to a new wallet protected by a new unused cancel key.
Key 3: Fast Transaction Key
The third key allows users to perform fast transactions. It can be used at the same time as the first key to execute a transfer in about 10 minutes, after one block is generated, without having to wait 24 hours for the transfer to be confirmed. Allowing BTCV users to make quick transactions to trusted parties.
How to store the Keys?
These private keys should be stored in separate locations. As long as these keys are safe BTCV’s 3-Key Security Solution greatly enhances safety as it introduces features that allow the reversal of transactions within the 24-hour time period.
Hence the keys must be kept in a safe place to prevent unauthorized transfer to third parties. However, these keys must also be close at hand when transferring money, So, it is always a good idea to store them offline rather than online.
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.