The cryptocurrency wallet industry has grown leaps and bounds in the decade or so since Bitcoin first came around. Satoshi Nakamoto probably didn’t foresee how big and diversified this sector would’ve gotten over time and rightly so. The changes and growth have been necessary over the course of time. This is because it soon became apparent that cryptocurrency wallets can be sitting ducks ripe for mega heists. Unlike solid assets or cash, you can steal digital assets from a remote location with little fanfare.
The Mt. Gox exchange hack in 2014 was perhaps the watershed moment in wallet security. Hackers stole upwards of $400 million in digital assets leading to massive losses for investors. This brought the matter of wallet security to the attention of pretty much everyone in cryptosphere.
Since then wallets that place emphasis on security are more visible in the market. The optimum functioning of a wallet simply isn’t enough if it is very vulnerable to attacks. Even cryptocurrency exchanges as well have had to implement better measures to reassure investors.
Private Keys and What Makes Wallets Vulnerable
Bitcoin came about because of a distrust of the world’s financial system in the wake of the financial crisis. This means that, coin users needed not to trust centralized agencies to operate. As a result, the nature of coins and wallets means that it is a trustless and self-sustaining system. Moreover, Bitcoin is a virtual entity which operates entirely outside of the physical realm.
What many don’t appreciate is that cryptocurrency wallets unique architecture can be their Achilles heel. This is because private keys are the ticket to a wallet. A hacker does not need to steal the wallet itself but rather get access to private keys and basically has a free pass to an internet connected wallet.
The key to wallet security is the safety of your private keys and how secure centralized servers are in the case of exchange wallets. Moreover, it is prudent to have backups in case of loss or compromise of your wallet. That said, the latter should not be something you rely on all the time because, by the time you notice the hack, your assets are already gone. Therefore, it is prudent to go for the best option possible.
Cryptocurrency wallets, for the most part, are reliant on a user’s vigilance. However, this may not be enough in certain cases where a user has their information compromised. Hardware wallets can be an option but the problem is that they are quite inconvenient. For a user who trades frequently, they may not be the best option. Therefore, there is an opening in the market for a cryptocurrency wallet that is convenient for trading yet is not average on security. This is where Bitcoin OX comes in with a unique infrastructure and features that make it ideal to fill this space.
Bitcoin OX’s Opening in The Market
Bitcoin OX is one of the products of this increased awareness. The interesting feature in this project puts it at par with any of the leading lights of the cryptocurrency revolution. Bitcoin OX seeks to implement differentiated possibilities to achieve a versatile wallet.
Also Read: Functional Features In Perfect Crypto Wallet
It may be a fact that no single wallet can cover the needs of all users but this wallet is as good as it gets. This is because it is a unique combination of high performance and stellar security. The fact that users enjoy both rather than either of them is a testament to the innovation and focus that went into this project. Let’s look at what makes the wallet special:
Bitcoin OX has certain security features that make the wallet tick:
- Private keys are entirely in the control of a user. This is a departure from some wallets that have copies on a private server that can be compromised. In this event, all the wallets in a network are in risk of asset theft. By virtue of having no copies of the private keys, there is no scenario of problems from central server breaches.
- The user gets to enjoy Hierarchical deterministic address architecture for increased transaction privacy.
- Bitcoin Ox leaves the management of digital assets entirely to the wallet owner. This means that the development team has a level of decentralization that makes it secure even with security compromises on the platform itself.
- The wallet also has Bitcoin Improvement Proposal (BIP) 39 for Mnemonic code in place. This makes wallet recovery easy and quick for a user in case there is a problem with the existing one. You can back up these phrases to ensure you are good to go.
- Lastly but not least Bitcoin Ox comes with the possibility of access to xpub, xpriv, seed, and addresses. These are structural features not limited to security as they help in that the variety boosts your operational capabilities making life easier. As a result, the wallet is efficient and guarantees enhanced security.
The best ideas sometimes come in times of crises. This definitely holds for Bitcoin Ox because of the problems with cryptocurrency wallets in the market. It had become clear that the cryptocurrency wallet needed secure and convenient solutions to this industry. Bitcoin Ox comes in to fill this niche and does well at it. The best for this wallet is definitely to come as this industry grows by the day. The industry as a whole is better off with this wallet solution.