Dear BitForex users,
We are delighted to announce the listing of Bitcoin Vault (BTCV) on BitForex. The details are listed below - Happy trading!
- BTCV deposit will open on 2021/1/04 16:00 (GMT+8)
- BTCV/BTC trading will open on 2021/01/04 18:00 (GMT+8)
- BTCV withdrawal will open on 2021/01/04 18:00 (GMT+8)
- Project Name: Bitcoin Vault
- Token Symbol: BTCV
- Total Supply: 21,000,000 BTCV
- Circulating Supply: 10,190,125 BTCV
- Official Service site: www.bitcoinvault.global
- Blockchain Explorer: http://explorer.bitcoinvault.global/
Bitcoin Vault: A coin for all seasons
There are thousands of cryptocurrencies in existence, and most are great for solving one particular problem in the world. However, they fall flat when users try to adapt them to their own busy lives. Bitcoin Vault is here to change that.
Bitcoin Vault (BTCV) aims to be a great solution to problems, particularly in the fields of safety and ease-of-use. Some coins are too niche, others are too expensive to use, while others are often the targets of hack attacks.
The concept behind BTCV is simple: to come up with a way for users to safely store their savings, while also providing them with a way of transferring funds simply and cheaply – anywhere around the world.
Safe by name, safe by nature
BTCV is based on the SHA-256 hash function of Bitcoin, meaning that these two blockchains are structured in a very similar way. It is mined by commercially available ASIC miners, through proof-of-work algorithms. This means that BTCV is structured upon industry-accepted standards, increasing interoperability, as well as hardware and software integration.
What is truly revolutionary about BTCV is the increased number of keys integrated into its code. As opposed to other currencies, which usually have only one key to access the wallet, allowing for receiving and transferring funds, BTCV has three keys, exponentially increasing the safety features of the coin.
Three keys are better than one
The first key is used to access the wallet. This allows uses to view the balance of the account and send funds. BTCV sent this way will be transferred to a holding account – a “waiting list” of 144 blocks (around 24 hrs) – which will be confirmed by the system. The user receives a notification that the key has been used. The developers recommend storing this key in a very safe place.
If users notice that someone has hacked into their account (using the first key) and transferred their funds, they can use the second key (within the 24hr window) to cancel that transaction. The funds, which had been in the holding account are sent to a new wallet, with the keys sent to the user via an encrypted channel. Once a user feels the need to use the second key, he or she should dispose of the first wallet, because it means that it had been breached. This key should be kept separately from all the other keys.
There are users who would like to transfer funds almost immediately. This is where the third key comes into play. By using the third key, account holders can transfer funds within the next available block (usually up to 20 minutes). This solution is convenient for business and personal use. The innovation here is that in order to activate this option, two separate devices (operating the same wallet) need to use the key almost simultaneously – they have a window of around thirty seconds. This option is convenient for businesses (both the CEO and the CFO can have a copy of the wallet), as well as spouses (with both partners having the wallet installed on their personal mobile devices). This system makes it almost impossible for hackers to break into accounts and steal funds.
When used in combination, these three keys offer a wealth of applications that are unmatched by other modern-day cryptocurrencies. That’s why we are confident that BTCV can spearhead a new movement in crypto. A movement whose crypto funds are safe.
Risk Warning: Cryptocurrency trading involves significant risk and may cost your invested capital lost. Please make sure that you fully understand the risk involved and take it into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.