A blockchain transaction can be reversed using the decentralized cryptocurrency Bitcoin Vault (BTCV). Such a feature seeks to secure the users’ funds and solve the problems of cryptocurrency theft, hacks, frauds, errors or bugs, etc. A hard fork of Bitcoin Royale created Bitcoin Vault (BTCV).
Learn why investing in Bitcoin Vault is probably not a good idea right now. Everything you need to know about the exchange platform will be covered in this review, including background information on the company, security issues, price forecasts, rates, and the most recent news.
What is Bitcoin Vault?
Users can send secure cryptocurrency payments using the Bitcoin Vault ecosystem of tools and services. The coin itself is based on the Bitcoin architecture but has extra features that increase its security. A group of crypto enthusiasts with Polish roots are the company’s owners and founders.
The Vault was introduced in 2019 in response to a demand for a coin that would provide enhanced security features while also providing convenience and transparency. The platform aims to strike a balance between safety and speed. The first blockchain to implement the Decentralized Digital Mining Standard (DDMS) is Bitcoin Vault.
It was impressive to see how quickly the business grew. They quickly listed the BTCV token on several exchanges and integrated the wallet with Google Play, Windows, and Linux. But as soon as the business had trouble providing the services it had promised, growth quickly stopped. In early 2021, the company announced that Binance Pool has also started mining Bitcoin Vault via the consensus algorithm SH!-256.
Bitcoin Vault 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 concept is that you can stop any fraudulent transfers and safeguard your assets if the security of your local wallet is compromised.
The platform’s key features are:
• Security: Every transaction is recorded on the blockchain and is reversible if necessary within 24 hours, shielding investors from fraud.
• Flexibility – Users have the option to choose between the platform’s ultra-secure and quick transfers.
• Simple: The gateway includes all the features of Bitcoin Core along with extra services.
Bitcoin Vault 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. Users can carry out common transactions with this type of wallet.
• Using the Standard and Cancel transaction keys, the wallet is protected by a two-key vault. Users are given the option to cancel transactions and can conduct secure transactions.
• The most secure vault available is the Three-Key Vault, which is guarded by three keys: the Standard, Cancel, and Fast transaction keys. In addition to the foregoing, users have access to quick, irreversible transactions that are executed on the following block, which is typically processed in around 10 minutes.
Additionally, there is the Electrum Vault, which is intended solely for PC use, and the Gold Wallet, a mobile device-specific application.
Bitcoin Vault 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
Bitcoin Vault Drawbacks
There are a number of reasons why we would advise against trading with Bitcoin Vault:
• Potential scam: there are serious security issues with the platform. The security of funds invested through the platform cannot be ensured. Numerous accounts of former customers who feel duped or misled by the business can be found in well-known online chat rooms.
• Lack of transparency: The company provides very little to no information about how trading with them actually works on a day-to-day basis, particularly in relation to the fee structure. It is possible that there are unstated costs given the lack of transparency. Before investing money, traders should always get a full understanding of a company’s fee structure; otherwise, they risk being held responsible for costs that reduce profits.
Bitcoin Vault Security
There are multiple scam warnings associated with the platform. Online forums are brimming with angry customers who claim that the business misled them, some of whom lost sizable sums of money. It’s been suggested that the platform is essentially made up of copied code. Once the company has taken your money, it may promptly fade into oblivion. When using the platform, traders should proceed with the utmost care.
This provider may be better avoided given the wide range of Bitcoin wallet choices available.
Bitcoin Vault Customer Support
If you have a general query regarding Bitcoin Vault’s services, you can submit a ticket via the company’s official website. Under the Contact Us tab, you’ll find the form. You can contact the development team by emailing [email protected], and the media department can be reached at [email protected]. On the official website, you can also provide feedback. The team is available to assist with a variety of problems, including forgotten passwords, difficulty logging in, and package recommendations.
The business is also active on social media, with a presence 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.
At Bitcoin Vault, the sign-up procedure is comparatively simple. You’ll need to register in order to participate. Go to www.bitcoinvault.global and follow these steps:
1. Choose your operating system
2. Download the relevant wallet software onto your device
3. Name your wallet
4. Select the type of wallet you would like to create
5. Restore or create a new seed
6. Confirm the seed
7. Choose a password
8. Transfer your Bitcoin Vault coins
If you get stuck, the website hosts a number of video tutorials that can guide you through each step.
Bitcoin Vault Value
The trading designation for Bitcoin Vault is BTCV. Its recent trade value has been around 17.99 USD (15.24 EUR or 260.12 ZAR/South African Rand). This is -96.3% down from an all-time high of $489.59, more than halving its original value. The coin has a market value of $135,336,809.
You can find a thorough breakdown of BTCV’s history, including its ranking and price performance, in a graph at CoinGecko if you’re looking for a more in-depth price chart. Prices are typically plotted in dollars, but you can view forecasts in any currency that is relevant, whether it be Rand or USD, thanks to a built-in currency converter. A calculator feature is also available on the platform.
Final Word on Bitcoin Vault
The platform’s future is currently uncertain. Much of the conversation around the exchange is negative including popular forums, such as Bitcointalk. It’s possible that the business is a ruse and cannot provide the services promised. In addition, if you have previously invested with Bitcoin Vault, you might want to withdraw your money. We strongly advise against trading with them.
If you are still interested in Bitcoin vaults, there are other reputable options including solutions from Coinbase.
Is Bitcoin Vault a Legitimate Good Investment?
We have some serious concerns regarding the safety and security of Bitcoin Vault’s services. From traders who have used the platform in the past, there have been numerous reports of fraud and bad behavior. Trading will always involve some risk-taking, but this one seems like it can be avoided.
Is Bitcoin Vault a Pyramid Scheme?
One of the pyramid schemes that Bitcoin Vault has been linked to is mining city, which is widely known. Avoid any offers of electric cash or mining city packages as they might be scams, we advise you.
Is Bitcoin Vault a Cryptocurrency?
An uncommon cryptocurrency is Bitcoin Vault. Instead, the vault keeps cash on hand and adds another level of security by preventing withdrawals right away.
Is Bitcoin Vault Profitable Or is It Crashing?
The cost of BTCV has significantly decreased. As a result, you might want to take any money you have left and invest it somewhere else.