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Bitcoin Vault (BTCV), since its launch in 2019, has been scrutinized by industry insiders who were both curious and skeptical about it. This mainly comes from what the company represents, has been and is developing. Since, unlike other cryptocurrencies, BTCV’s security feature is what makes it unique.
The key to his vision is that Bitcoin Vault was developed in an effort to create a safe haven for crypto enthusiasts who would like to keep their cryptocurrencies without fear of them being stolen.
Since most blockchains aren’t secure enough, this is where BTCV is different.
What is BTCV’s 3 key security solution?
This revolutionary anti-theft function was developed on the basis of three private keys: standard private key, transaction cancellation key, and quick transaction key – which play a unique role in protecting digital assets. In the event of an unauthorized transaction or just a simple mistake, the BTCV user can cancel the transfer using the transaction cancellation key before 144 blocks are generated.
How Do Enhance Security Keys Work?
The 3 key security solution greatly improves the security features of BTCV. This anti-theft feature launched on November 17th works as follows:
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 the normal transfers. If this key is used to transfer money, the transfer will be confirmed approximately 24 hours, i.e. after 144 blocks have been generated. So even if a hacker were to steal this key, the wallet owner can use the second key to cancel the transfer within this 24-hour period.
Key 2: Cancel transaction key
The transaction cancellation key as the name suggests is used to cancel a transfer within 24 hours of confirming a normal BTCV transfer. In the event that this key has been compromised, all funds in the wallet should be immediately transferred to a new wallet protected by a new, unused deletion key.
Key 3: Quick Transaction Key
The third key allows users to perform fast transactions. It can be used simultaneously with the first key to perform a transfer in about 10 minutes, after a block is generated, without having to wait 24 hours for the transfer to be confirmed. Enable BTCV users to make quick transactions to trusted parties.
How to keep the keys?
These private keys must be stored in separate locations. As long as these keys are BTCV safe 3 key security solution it greatly improves security as it introduces features that allow the reversal of transactions within the 24 hour period.
Therefore the keys must be kept in a safe place to avoid unauthorized transfer to third parties. However, these keys also need to be on hand when transferring money, so it’s always a good idea to store them offline rather than online.
Disclaimer: The information presented here does not constitute investment advice or an investment offer. The statements, views and opinions expressed in this article are solely those of the author / company and do not represent those of Bitcoinist. We highly recommend our DYOR readers before investing in any cryptocurrency, blockchain project or ICO, especially those that guarantee profits. Furthermore, Bitcoinist does not warrant or imply that published cryptocurrencies or projects are legal in the position of any specific reader. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in their country.
