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What is BTCV? A brief guide to Bitcoin Vault

BTCV is innovative crypto with a 3-key security solution, which greatly increases user protection. It’s one of the four cryptocurrencies honoured at Exeno, alongside BTC, ETH and USDT. 

BTCV

BTCV or Bitcoin Vault incorporates all the beneficial features of Bitcoin but also adds important safety features that allow users to have more control over their transactions. And at the Exeno store, you can use this one-of-a-kind crypto to shop your favourite products, without the need for FIAT conversions along with other cryptos like BTC, ETH and USDT.

What makes BTCV unique?

BTCV is the first, and so far the only, cryptocurrency that offers an entire ecosystem of tools and services for cancelling transactions and sending secure payments, while also giving its users the freedom to opt-out of the additional security measures to maximise transfer speed. 

BTCV is based on Bitcoin’s SHA-256 cryptographic hash function, featuring a distinctive anti-theft solution rooted in a three-key wallet: BTCV users can cancel a transaction up to 24 hours after it’s been initiated. The main goal of this function is to enable users to react to potential theft should one’s private key be lost or stolen.

The default time of a Bitcoin asset transfer is 10 minutes, the time needed to confirm one blockchain block. Contrastingly, a standard BTCV transaction requires 144 block confirmations to complete, thus extending this time to 24 hours. This is precisely why users have a greater opportunity to influence a transaction already in the making: they are given a special key that lets them put a halt to this purposefully long process and therefore cancel a suspicious or unauthorised payment. 

The combination of this amendable approach to making transactions and the core features of Bitcoin makes Bitcoin Vault convenient in a wide variety of contexts, from online shopping to business deals.

A brief history of BTCV

Bitcoin Vault (BTCV) was launched in 2019 by Electric Vault, a company founded by Eyal Avramovich, now the CEO. The project was substantially enhanced between December 2019 and November 2020, with new features including reversible transactions on the blockchain.

The company’s main ambition was to create a coin that would offer all the benefits of Bitcoin with additional features enabling greater control of one’s assets. All in a way that would retain the key advantages of crypto: the absence of third parties and anonymity.

BTCV’s 3-Key Security Solution

The 3-Key Security Solution is the core feature of BTCV. It clearly demonstrates the coin’s ambition to resolve some of the most common issues faced by crypto users: unauthorized access to wallets due to hacker attacks, mistyping transfer details, or bugs in crypto software.

Users are welcome to choose the type of BTCV wallet most suited to their needs, out of a Standard Wallet, a 2-key Vault Wallet or a 3-key Vault Wallet.

The 3-key system includes:

  • Standard Private Key

Standard Private Key is required to initiate any transaction and is generated for every BTCV Wallet. It works in the background and enables the owner to recover a wallet in case of a hack or a technical problem.

  • Transaction Cancellation Key

This key allows transactions to be cancelled within 24 hours. When used, the funds that were to be transferred will be sent to the wallet of the users’ choice upon confirmation of the next block. This is the main feature that makes BTCV stand out from numerous other cryptocurrencies. 

  • Fast Transaction Key

Only available in a 3-key wallet, the Fast Transaction Key allows BTCV owners to execute a transaction with trusted parties within 10 minutes, that is within the confirmation time of one block. Transactions made using the Fast Transaction Key cannot be cancelled.

BTCV offers significant upgrades to Bitcoin’s basic design and, therefore, its popularity should come as no surprise. We’re on board, too: BTCV is one of the currencies you can shop with on Exeno.com. We trust that the two projects share the mission of making crypto payments safe, convenient and easy.

External sources:

https://btcv.com/whitepaper

https://btcv.com/features

https://btcv.com/blog/satoshi-nakamoto-crypto-samurai-wins-the-market

https://coinmarketcap.com/currencies/bitcoin-vault/

https://bitcoinvault.global/what-is-bitcoin-vault

https://bitcoinvault.global/btcv-explained

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