Most of us think of Trezor or Ledger when we think of a hardware wallet. But there are a lot of other models on the market that offer a lot. In this review, we’ll talk in-depth about one of them, the BitBox02 from the company ShiftCrypto. So let’s do it!
BitBox02 review at a glance
The Swiss company Shift Cryptosecurity AG has made a second hardware wallet called BitBox02. The wallet came out in the year 2020, and it costs about 2,500 crowns.
There are two versions of the wallet on the market: the BitBox02 Bitcoin-only edition and the BitBox02 Multi edition. The bitcoin-only edition is exactly what it sounds like: it only works with Bitcoin. Multi edition, on the other hand, can handle more than 1,500 cryptocurrencies and tokens from 4 blockchains ( Bitcoin, Litecoin, Cardano, Ethereum ).
It’s easy to use BitBox. First, you hook up the wallet to your computer or phone. Then, you use the BitBoxApp app to choose the action you want to take (like sending BTC) and fill in the necessary information (recipient address and amount). The last step is to confirm the transaction right on BitBox.
The advantage is that the firmware is easy to understand and the security is good. There is also a slot for a memory card (the card is included in the package). When you back up or restore your wallet, you use the memory card. This makes the whole process easier and faster.
Advantages:
- A secure crypto wallet
- Great price-performance ratio
- Transparent (open source)
- Easy to set up and use
- Memory card backup
Disadvantages:
- It does not support the Czech
- Cannot be controlled via iPhones
- It only supports 4 blockchains
BitBox02 – Basic Information
The BitBox02 Multi edition is a hardware wallet released in 2020 by Shift Cryptosecurity AG in Switzerland, supporting over 1500 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Cardano, and ERC20 tokens, with a cold wallet and offline storage. The wallet management is non-custodial, and it offers seed and optional password backup, secure access with a password, and control through touch sensors on the top and bottom of the BitBox. The wallet connects to a PC through USB-C and is priced at approximately 2,300 CZK to 3,200 CZK.
Basic overview
How does a hardware wallet work? A hardware wallet is a small device used to store cryptocurrency (or private keys). Hardware wallets are the safest way to store cryptocurrencies, but they are also the most expensive.
The Swiss company Shift Cryptosecurity AG makes the BitBox02 hardware wallet. The wallet has been on the market since 2020, and it replaces the original BitBox01 model from 2016.
SUPPORTED CRYPTOCURRENCIES
There are two versions of BitBox02, both of which have the same hardware but different software:
BitBox02 Bitcoin-only edition is for Bitcoin only.
BitBox02 Multi edition supports more than 1,500 cryptocurrencies and tokens, but the vast majority of them are ERC20 tokens. In reality, the wallet only works with Bitcoin, Litecoin, Cardano, and Ethereum’s blockchains.
PROCESSING AND TECHNICAL PARAMETERS
The wallet is small and doesn’t weigh much, so it can go almost anywhere. The wallet’s body is made of plastic, which is neither waterproof nor resistant to shocks.
On the front is an OLED display with 128 x 64 pixels of resolution. The wallet is controlled by two touch sensors on the top and bottom.
Trezors and Ledgers both have a USB port, but BitBox02 has a USB-C connector. This means that you don’t need a cable or adapter to connect the wallet to your computer or mobile phone.
PACKAGE CONTENTS
The package comes with a BitBox02 wallet, an extension USB-C cable, a USB-A/USB-C adapter, a memory card, three key chains, instructions, and stickers.
The manufacturer sends the wallet and all of its parts in a box that is wrapped in foil for protection. If the foil is damaged, don’t fix it. Instead, advertise the wallet!
BITBOXAPP
To send cryptocurrency, connect the wallet to a computer or mobile phone and use the BitBoxApp app to enter payment instructions, such as the recipient’s address and the amount to send. You finally finish the transaction by pressing both sensors on the BitBox.
You can get the app on your Windows, Linux, or macOS computer or on your Android phone. If you don’t like the official app for some reason, you can use a third-party app instead (eg Electrum or MyEtherWallet ).
Where to buy BitBox02?
Hardware wallets should be bought directly from the maker (Shiftcrypto.ch) or through the online stores of authorized sellers. Hardware wallets bought from unknown or unofficial sellers may have had their software changed or be fakes.
Before using, used hardware wallets should be carefully checked and reset. Never send cryptocurrency to an account that was made by the original owner.
Wallet security
In short, all private information comes from and stays in a hardware wallet. Even if you connect BitBox02 to a computer or phone that is already infected with malware, the data will still be safe.
BitBox02 is a non-custodial wallet, which means that users have full control over their cryptocurrencies. The person who made the wallet or an administrator can’t get to the coins, so they can’t be lost, stolen, or blocked.
The device has its own processor that makes new wallets and makes sure that transactions are valid. Sensitive data, especially the seed, is encrypted and stored on the microcontroller (MCU), which is protected by both a password and a security chip.
Before each use, BitBoxApp checks to see if your wallet has the original firmware. The USB connection between the wallet and the app is encrypted, of course.
Hardware wallets have a number of general benefits:
- Thieves can’t get into the wallet if the user doesn’t know the access password. There is a limit on how many times you can try to enter the password, so it can’t be broken by trial and error.
- Guard against hackers – Data that can’t be shared is kept offline. If the user doesn’t have their wallet on them, they can’t send cryptocurrency.
WALLET BACKUP AND RESTORE
A seed is used to back up the wallet, which won’t be a surprise to anyone. With other models, you have to copy the seed by hand. With BitBox02, the seed is saved on the memory card.
What do seeds do? A seed is a unique phrase of 12 to 24 English words that the wallet uses to make addresses and private keys for the cryptocurrency. If you lose your BitBox02, break it, or reset it, you can use the seed to get it back.
If you want to restore the wallet, just put the memory card into the BitBox and choose the option to restore from the memory card.
Never tell anyone the seed, because anyone who knows the seed can get into the whole wallet. Do not send the seed to anyone, save it on your computer, or take a picture of it with your phone. This will keep hackers from getting to it.
Up to hundreds of wallets in one device
Using the BitBoxApp app, you can set up accounts to store each type of cryptocurrency. You can also make more than one account for a single cryptocurrency, like 5 bitcoin accounts. But watch out, because these accounts are tied together.
All wallets and accounts are made from the same seed. This means that if someone steals your seed, they can get into ALL of your BitBox accounts.
To really be different, each wallet would need a different seed. But BitBox02 can only work with one seed, just like Vaults and Ledgers. If you try to add another seed or make a new one, the first one will be erased (and you will lose access to the original accounts).
PASSPHRASE FUNCTION
So how do you do it if you don’t want to store all of your cryptocurrencies together and don’t want to change the seed each time you use it?
The answer is hidden wallets, which are different from regular wallets in that they have an extra password or passphrase (not to be confused with an access password). The user chooses the passphrase, which works like another seed word.
By default, the function is turned off, so you’ll need to turn it on first (BitBoxApp, tab Manage device, Enable optional passphrase). Once you turn on the feature, BitBox02 will always ask you for a passphrase when it starts up. If you don’t fill in the password, the seed won’t change, and the classic (original) wallet will open. If you put in the password, the seed will change, and a completely different wallet will open.
You can make as many hidden wallets as you want; just change the passwords for each one. But don’t forget to write down the passwords! You must know both the seed and the passphrase in order to restore the wallet.
Tutorial: How to use BitBox02
How to make BitBox02 work? Both the top and bottom of the BitBox have touch panels that are used to control the wallet. You will use 3 simple gestures:
INSTRUCTIONS BITBOX02 WALLET ACTIVATION
- Run BitBoxApp
- Put the memory card in the wallet, which is part of the BitBox02, and connect the wallet to the computer.
- Click the Install firmware now button in BitBoxApp. Install the most recent version of the firmware on your wallet.
- Use the touch sensors to choose how the text on the BitBox is written.
- Look at the code for pairing. If the code matches, use the touch sensor to confirm it.
- Choose whether you want to create the wallet (Create Wallet) or bring it back from backup (Restore from…). Since we’re making a new wallet, we’ll go with the first option.
- Enter the name of your wallet and double-check it on BitBox.
- Touch sensors let you click on the access password.
- The next step is to back up the wallet. Read all of the warnings, agree to them, and click Continue to move on.
- And it is done! Once the backup is done, you can take out the memory card and use the wallet.
INSTRUCTIONS ON HOW TO SEND CRYPTO TO BITBOX02
- Start BitBoxApp and link BitBox02.
- Select the account where you want to put the coins and click Receive. If you don’t already have an account for a certain cryptocurrency, the app makes it easy to make one.
- Choose any receiving address (Your address) and click Show and confirm the full address on the device. The address will show up on the screen of the BitBox.
- Make sure that the address on the BitBox screen and the address in the BitBoxApp are the same.
- If the addresses are the same, use the touch sensor to make sure they are the same. You can now copy the address and send crypto to it.
INSTRUCTIONS ON HOW TO SEND CRYPTO TO ANOTHER WALLET
- Start BitBoxApp and link BitBox02.
- Select the account from which you want to send crypto, then click Send.
- Fill in the address of the recipient (Recipient Address) and the amount (Amount) ( Amount). You can also change how much the transaction fee will be ( Network Fee). Click Sign and Send to move on to the next step.
- The BitBox will show the recipient’s address, the amount, and the fee. Carefully check the facts.
- If the data match, hold both sensors to confirm the transaction. The transaction is signed by the wallet, and the cryptocurrency is sent.
Experience with BitBox02 Multi edition
BitBox02 isn’t very well known around here. And that’s a shame because it’s not as good or as safe as the best-selling Trezor One or Ledger Nano S Plus.
It’s much faster and easier to set up and back up your wallet than with Ledger or Trezor. Getting and sending cryptocurrencies is pretty much the same, but BitBox02 is better because you don’t need a cable to connect your wallet to your phone.
Another benefit is that you don’t have to buy any extra parts because everything you need is included in the package (including a memory card and an adapter from USB-C to classic USB).
The problem is that there aren’t many cryptocurrencies out there. If we take tokens from the Ethereum network out of the 1500 cryptocurrencies that can be used, we are left with only BTC, ETH, LTC, and ADA. Also, you can’t send ADA with BitBoxApp because it doesn’t work with this cryptocurrency.
BitBox02 Review Summary
BitBox02 will not let you down if you want a reliable hardware wallet that you can use every day. The wallet is small, so it won’t get in the way, and it fits almost everywhere. For instance, on a key ring. Also, you don’t need a cable or adapter to link the wallet to the phone, which is something that isn’t often seen.
And who is not a good fit for BitBox02?
BitBox02 and BitBoxApp don’t work with Czech, so you need to know at least the basics of English. At the moment, only Trezor hardware wallets (Trezor One and Trezor T) made by SatoshiLabs, a Czech company, support the Czech language.
Another problem could be that iPhones can’t be used to control the BitBox02. If this is important to you, you should get a hardware wallet that can connect to Bluetooth (for example, Ledger Nano X ).
You may also like, Ledger Nano S Plus Tutorial 2023 – setting up a new Ledger, restoring wallet, sending cryptocurrency
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