Bitlox Review: Compare Bitlox Vs Trezor & Ledger Nano
Usually, I don’t review Bitcoin hardware wallets here. However, it has reached a point where i can no longer continue talking about Bitcoin while entirely ignoring the security of your coins. That’s why I have published this Bitlox review. You want to compare this Cryptocurrency hardware wallet to others like Trezor or Ledger, here we go.
With the rising security concerns in the world of Cryptocurrency, it is only sensible for anyone wanting to invest in Bitcoin to learn how to secure their Bitcoins from hacks. And one method of doing so is to use a Bitcoin hardware wallet such as Bitlox, Trezor or Ledger Nano S.
While Trezor and Ledger Nano S are the most popular in this category, Bitlox seems to be the most expensive of these Bitcoin hardware wallets.
Could this mean that Bitlox is more secure than Trezor or Ledger Nano S? Not necessarily. Nonetheless, I find Bitlox to be generously endowed with more advanced features compared to Trezor or Ledger Nano S.
Therefore, in this review, I will be focusing on Bitlox and why, in my opinion, it’s the best Bitcoin Hardware wallet available for anyone who takes the security of their Bitcoin seriously.
Keeping your coins safe is a priority. And then there is always the problem of identifying the best Cryptocurrency exchange platforms. Some are controversial while others are outright scams. Similarly, some are hard to describe, so I always have to sit on the fence when writing reviews about them.
I had to do some research to come up with a truthful and insightful Bitlox review.
Everything that I’ll say in this Bitlox review is a true reflection of what the Director of BitLox Ltd, Dana L. Coe, said with his own mouth.
Are there any user feedback on this Bitcoin hardware wallet? Absolutely yes.
So, what exactly is BitLox?
It’s a mobile device that measures the size of your credit card. The thickness is 4 mm. It features a 2 inch e-paper screen, equipped with an alphanumeric keyboard.
BitLox device is compatible with both iOS and Android devices. When you purchase it, it comes with a 5 year warranty.
The device can be charged via a standard USB cable when connected to a PC.
The best thing is that the battery charges to full capacity in 45 minutes only. The battery can take you the whole day under normal use before needing another charge.
BitLox Review: How does it work?
You buy this device when you want to create several independent Bitcoin wallets with unique private keys (stored in this device).
Coe says that the screen of the BitLox device was designed to display the public receiving address which can be scanned using a QR code for purposes of depositing funds.
For you to spend your Bitcoins, you need to connect it to your PC using a USB cable or a smartphone using Bluetooth connection. This will build a transaction.
In the next step, the app will be instructed to send an unassigned transaction to your Bitlox device which will then parse it to display information about the person who gets paid as well as the amount which they will be paid.
The display of your BitLox device also allows you to approve or disapprove transactions accordingly.
In the event that you approve that transaction (the amount of Bitcoins you’re supposed to send to someone), it will sign that transaction and send the signed records of completed transaction to the app.
Under ”standard mode”, the app will be prompted to communicate details of the signed transaction with the Blockchain network.
Alternatively, you can use ”expert mode” where you choose the option of presenting the user with the signed transaction in hex code format.
This information can also be verified by a decode tool found in various block explorer websites. The moment you certify that this transaction is correct, the app will help you transmit the signed transaction to the blockchain network.
There is also the option to transmit these records via bitcoind sendrawtransaction. It depends with how you want to do it.
BitLox Review: Is BitLox private and secure like Trezor or Ledger Nano S?
For now, I’ll speak on behalf of BitLox because this is a review solely dedicated towards this revolutionary Bitcoin hardware wallet.
In terms of security and privacy, this is the most advanced Bitcoin hardware wallet I have seen in the market.
One security feature worth mentioning is the ”Defence-in-depth approach”. This feature employs the use of a series of PINs to defend both the Bitcoin hardware wallet and the wallets that are contained therein.
Both the device and wallets have unique pins. If you want to approve a transaction, you can configure a Pin for that purpose as well.
Pins can accommodate up to 20 mixed characters. That means you can have something like xkwkdfk294bajkjdlll@ etc.
When turning it on, you must enter the right PIN of the device. This must be entered using the provided keypad.
When you finally unlock it, the device will list all the available wallets.
If you choose to open one wallet in expert mode, it means you can configure another unique pin for purposes of carrying out every transaction involving that particular wallet.
There are 3 options for creating wallets. Depending on how technical you are, you may choose standard, advanced or expert modes.
In standard mode, you can configure the PIN using 4 to 8 characters.
In my opinion, BitLox is a Bitcoin hardware wallet that gives users the opportunity to deploy basic to ultra high levels of security.
Another reason why the price tag is a little bit on the higher side is because it has a lot of options which, if explored, can make it utterly impossible to hack your Bitcoins.
Most of these features are optional. For example, you can even create a wallet without a pin. Do it at your own risk though.
At its most basic form, BitLox allows you to deploy one device pin to authenticate transactions.
BitLox Review: what if you lose your wallet?
Even if you lose your wallet, your funds are 100% recoverable. This is possible because whenever you create a wallet (you can create up to 100 wallets), each wallet will display mnemonic list of phrases which are compatible with BIP32/39.
Recovery can happen in 3 ways. You can use another BitLox to either create a new Bitcoin wallet or a recovery wallet.
When creating wallets, one may choose to completely hide them. This will mean that the wallet is encrypted and stored in the device.
My best advice for you
I was very optimistic when I started writing this BitLox review. I knew that this Bitcoin hardware wallet wasn’t priced at $198 in vain. It had to offer some value to the user.
And of course the BitLox hardware wallet is very stylish and portable as it comes with a genuine leather case, quick start sheet, mnemonic cards, and a full user manual.
So even if this BitLox review didn’t answer some of your questions, rest assured that those questions will be answered in the user manual that comes with it.
I’d like to hear your feedback on this Bitcoin hardware wallet. What do you think of it? Comment below if you have any questions or want to voice your options. But for me, I think this is one of the finest Cryptocurrency wallets that money can buy.