BitBox hardware wallet review – November 2018

BitBox Hardware Wallet

Built with the aim of combining minimalist design with maximum security, is the BitBox hardware wallet the best choice for storing your cryptocurrency?

If you need a secure place to hold your digital coins and tokens, hardware wallets are generally seen as a safe storage solution. And if you’re comparing hardware wallets, make sure to include the BitBox in your calculations. This Swiss-engineered device is a plug-and-play hardware wallet that lets you send, receive and store bitcoin (BTC), Ether (ETH) and more.

So, how does it stack up against other hardware wallets on the market and is it the right storage solution for you. Keep reading to find out.

What is BitBox?

Developed by Shift Devices AG, a Zurich-based cryptosecurity company, BitBox is sold in more than 100 countries around the world. A compact device that provides offline storage for a selection of digital currencies, BitBox relies on encrypted USB communication to help you manage your crypto holdings.

BitBox features a micro SD card which you can use to create, backup and recover your wallet.

The device itself includes a touch button and LED indicator for confirming transactions and a True Random Number Generator for the creation of unique wallets. It’s also portable and provides support for 2-factor authentication.

Compatible with:

• Operating systems: Windows, Mac and Linux
• Mobile apps: iOS and Android

BitBox is also compatible with Tor and the Tails operating system for increased privacy.

How much does it cost?

At the time of this writing (May 2018), the BitBox was listed for sale on the Shift Cryptosecurity website for around $69 plus $22 for shipping to the US. This brings the total purchase price to around $91 for US customers.

Which currencies can I store?

BitBox currently supports the following digital currencies:

• Bitcoin (BTC)
• Litecoin (LTC)
• Ether (ETH)
• Ethereum Classic (ETC)
• ERC20 tokens

The company’s website also states that it has plans to add support for more coins in future.

How do I add currency to my wallet?

To add currency to your wallet, you’ll first need to setup your BitBox by completing the following steps:

1. Download, install and run the BitBox desktop app for your operating system.
2. Make sure your BitBox has a micro SD card installed, and plug it into your computer.
3. Use the desktop app to enter a wallet name and device password.
4. Your first wallet will be created, and a backup will be generated on the micro SD card.
5. Remember your password, and store a copy of it in a safe place.
6. Remove the micro SD card, and store it somewhere safe.

Please note that if using BitBox to store Ethereum and ERC20 tokens, you’ll need to complete additional steps to manage your funds through the MyEtherWallet app.

Once setup is complete, you can send coins to your wallet by opening the desktop app and using the addresses listed under the “Receive” tab. You’ll then be shown a QR code and text address that can be used to receive funds.

How do I make payments with my BitBox?

To send digital currency using your BitBox, plug the device into your computer, open the app and enter your password. Next, click on the “Send” tab to be shown your available balance and a field where you can enter the address of the wallet where you’re transferring funds.

You can then enter:

• The recipient’s wallet address
• The amount you want to send
• The fee you want to send

How secure is BitBox?

BitBox includes a host of security features to provide peace of mind for anyone looking for a safe place to store their crypto coins and tokens. Features include:

• 2-factor authentication. BitBox supports 2-factor authentication when logging into websites, providing protection against so-called man-in-the-middle attacks.
• Manual transaction confirmation. Transactions sent from your BitBox wallet can be manually verified using a touch button and LED indicator on the device.
• Backup and recovery. Your wallet backup is stored on the micro SD card, providing quick recovery if something goes wrong with your BitBox.
• Dual-chip architecture. BitBox uses a dual-chip system that ensures your private data is kept isolated on a high-security memory chip.
• Firmware only. Only BitBox’s official firmware can be run on the device, providing protection against security risks posed by any third-party code.
• Encrypted USB communication. BitBox uses AES-256-CBC encrypted communication over USB to protect your private data.
• Password protected. The device is also password protected and automatically erases and resets after 15 failed attempts, protecting against brute force password attacks.

Where can I get BitBox?

You can buy BitBox hardware wallets directly from Shift Devices AG.

Next steps

If you’ve compared a range of options and decided that the BitBox is the perfect place to store your digital currency, head over to the manufacturer’s website. You’ll then be able to read more about the features the device has to offer and purchase a BitBox.

Pros and cons

Frequently asked questions

• Does BitBox offer multi-sig functionality?

  Yes, multi-signature transactions are supported out of the box as an optional feature.

• Do I retain control of my private keys?

  Yes, the BitBox allows you to control your private keys at all times.

• What happens if my BitBox is stolen?

  The thief won’t be able to access your coins and tokens without your password. If you’ve enabled 2-factor authentication, they’ll also need access to your second-factor device (such as your smartphone).

Disclosure: At the time of this writing, the author holds IOTA and XLM.