Review score of the Digital Bitbox
Hoe werkt de Digital Bitbox wallet?
The Digital Bitbox wallet is a hardware wallet; a device as big as a USB stick. This stick will save your private key. By installing the required software you can view your Bitcoin balance, and of course send and receive Bitcoins.
- First of all, you install the desktop application.
- After that you enter your username and password.
- The Digital Bitbox chip generates randomized data from your wallet and private key.
- Unlike the Ledger Nano S or Trezor wallet, the backup is saved as PDF on the device’s micro SD card.
Security of the Digital Bitbox
When sending and receiving Bitcoins
Because the Digital Bitbox does not have a screen, you must confirm your transactions in a different way. There is also a mobile app available which you can link to your wallet so that you can use the app as a confirmation. This combined with a physical confirmation on the device itself (touching a particular section of the Digital Bitbox for 3 seconds) ensures a safe transaction.
Furthermore, hardware wallets – and thus the Digital Bitbox wallet – are meant to exclude the risk of malware or hacking as much as possible: the private keys are always kept on the device itself.
In case of a defect, loss or theft
If you lose the device, someone will need your password to be able to get to your bitcoins. When you have activated 2FA (two-factor authentication), they also need the second device (your mobile phone, for example) to perform transactions. After 15 failed attempts to guess your password, the Digital Bitbox will reset itself. When you reset the Digital Self by accident, you can use the backup of the removable Micro SD card to restore your wallet. You can use the wallet backup text and the passphrase to restore your wallet in, for example, the Electrum software wallet.
When the company goes bankrupt
Because the device uses open standards (BIP39) to create the backup seed, you can always restore your wallet to other software that uses this standard.
Reputation van Shift Devices
The company behind the device is Shift Devices from Switzerland. The company has made all the Digital Bitbox source code public.
Support for Bitcoins en altcoins
The Digital Bitbox supports the following cryptocurrencies:
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