Hello! There, welcome to our Ballet Crypto Wallet review.
In this article, we will be looking at what is Ballet, features of the Ballet wallet, its advantages and disadvantages, and see if it could be the right multi-cryptocurrency hardware wallet for you.
One thing every cryptocurrency investor cannot do without is a wallet – a secure and simple place to store and spend your crypto assets peacefully.
And the interesting thing is that there’s no shortage of cryptocurrency wallets to choose from.
From web wallets to mobile, desktop, paper, hardware, and even brain wallets. There are hundreds of cryptocurrency wallets available for you to start using to store and spend your crypto assets today.
However, not every cryptocurrency wallets that you can find out there may be good for you.
And depending on your unique requirements and the volume of crypto assets involved, in most cases, hardware wallets are considered the most secure way to go in storing your crypto assets.
One of the new players in the multi-cryptocurrency hardware wallets is Ballet.
What is Ballet Crypto Wallet?
Ballet crypto wallet pride itself as the world's first, multi-cryptocurrency hardware wallet that provides 100% cold storage for your crypto assets.
The Company is based in Las Vegas; Nevada and was founded in early 2019, by one of the earliest blockchain and cryptocurrency investors – Bobby Lee.
Ballet's primary aim is to develop a simple and elegant crypto hardware wallet that even people who are completely new to cryptocurrencies will find easy to use.
Thus effectively facilitating cryptocurrency mass adoption by making it simple and easy for everyone and anyone to transact with, and store their crypto assets securely, with its fully pre-setup and ready to use, hardware wallet.
How Does Ballet Crypto Wallet Work?
Simple! Or is it?
According to the information on their official website, the Ballet Crypto Wallet uses an industry-first 2-factor key generation manufacturing process for its non-electronic physical cryptocurrency wallet.
- This process begins in the Ballet headquarters in the United States where each wallet’s serial number, passphrase, and an intermediate code are generated and sent to the Company’s China office.
- From there, an encrypted private key (EPK) is securely generated using the open-source BIP38 protocol and data from the intermediate code above.
- Using an offline and secure printing facility in China, the two-layer QR code sticker is then manufactured and attached to the corresponding physical wallets without ever revealing the EPK and sent back to the United States for verification and final coupling.
- At the headquarters, the physical wallets and QR code stickers are verified and matched according to their corresponding serial number.
- And finally, the wallet passphrase is covered with a tamper-evident scratch-off material to protect it and ready for shipping to a proud owner.
And that’s actually the simplified version of the manufacturing process. Click or tap here for details and the specific step-by-step manufacturing process
Once you have ordered your Ballet Crypto Wallet from the Ballet store and have it delivered to your doorstep, you will need to start receiving and sending your crypto assets with it.
Receiving funds to your Ballet Wallet
All you need to receive funds into your wallet is the notoriously visible public wallet address just below the QR code on the physical wallet.
Better still, you can simply scan or send the QR code to the person sending you funds to make the make payment.
It’s as easy and simple as that – no long registration procedure, passwords, or copying and pasting around.
Sending funds from your Ballet Wallet
Sending funds from your Ballet Wallet requires you to have both the encrypted private key (EPK) and the corresponding passphrase which are engraved on the physical wallet itself.
To reveal these two all you need to do is:
- Scratch off the protective covering to reveal the passphrase and
- Remove the overlaying QR code sticker to reveal the EPK
Once you’ve done the above,
- Download and install the Ballet Wallet mobile App or any other BIP 38 wallet software from your device’s app store to decrypt or extract the private key information and use it to start signing transactions and spending funds stored in your Ballet wallet securely.
Features of Ballet Crypto Wallet
The Ballet crypto wallet is a one-of-a-kind hardware wallet that comes with its own special features.
Each of their wallet product categories mentioned below has their own special features but below are the general features of a Ballet Wallet:
- Ballet Wallets are mostly bearer assets. Meaning that whoever is in possession of the wallet owns it. Similar to whoever holds a physical dollar bill or an ounce of gold is the owner.
- The wallet uses a non-proprietary, two-factor private key algorithm known as BIP38.
- Ballet uses the open-source, two-factor key generation (2FKG) process to secure the wallet.
- Ballet Wallets come with a tamper-evident holographic sticker and scratch-off strip.
- Ballet Wallets are non-electronic. Making it practically impossible for any kind of electronic hacking and hardware failure.
- Uses bitcoin primary account and natively uses the Segwit bech32 wallet address ("bc1" prefix)
- Ballet is a multi-cryptocurrency hardware wallet, supporting over 60 different top coins and all Ethereum ERC20 tokens
- Designed and manufactured for the non-technical masses in mind.
- Secure with the highest level of cryptocurrency wallet security.
Cryptocurrencies Supported by the Ballet Wallet
As at the time of writing this line (08/08/20, 11:22 am UTC), the Ballet crypto wallet supports over 60 different cryptocurrencies, and more being added on a regular basis.
Below is the complete list of all cryptocurrencies currently supported by the Ballet crypto wallet:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Tether (USDT)
- Tether (USDT)ERC20
- Bitcoin Cash (BCH)
- Bitcoin SV (BSV)
- Litecoin (LTC)
- Binance Coin (BNB)
- Chainlink (LINK)ERC20
- UNUS SED LEO (LEO)ERC20
- USD Coin (USDC)ERC20
- Huobi Token (HT)ERC20
- Ethereum Classic (ETC)
- Dash (DASH)
- Zcash (ZEC)
- Cosmos (ATOM)
- Maker (MKR)ERC20
- HedgeTrade (HEDG)ERC20
- Dogecoin (DOGE)
- Aave (LEND)ERC20
- Basic Attention Token (BAT)ERC20
- Dai (DAI)ERC20
- OKB (OKB)ERC20
- Synthetix Network Token (SNX)ERC20
- Kyber Network (KNC)ERC20
- 0x (ZRX)ERC20
- Paxos Standard (PAX)ERC20
- Qtum (QTUM)
- OmiseGO (OMG)ERC20
- Augur (REP)ERC20
- TrueUSD (TUSD)ERC20
- Bitcoin Gold (BTG)
- Bitcoin Diamond (BCD)
- Enjin Coin (ENJ)ERC20
- Ravencoin (RVN)
- Ren (REN)ERC20
- Nexo (NEXO)ERC20
- Swipe (SXP)ERC20
- ZB Token (ZB)ERC20
- Quant (QNT)ERC20
- iExec RLC (RLC)ERC20
- Status (SNT)ERC20
- Matic Network (MATIC)ERC20
- Chiliz (CHZ)ERC20
- Decentraland (MANA)ERC20
- MCO (MCO)ERC20
- KuCoin Shares (KCS)ERC20
- Golem (GNT)ERC20
- Numeraire (NMR)ERC20
- Pundi X (NPXS)ERC20
- SOLVE (SOLVE)ERC20
- STASIS EURO (EURS)ERC20
- Storj (STORJ)ERC20
- Molecular Future (MOF)ERC20
- Streamr (DATA)ERC20
- Crypterium (CRPT)ERC20
- Ripio Credit Network (RCN)ERC20
- Loom Network (LOOM)ERC20
- Centrality (CENNZ)ERC20
- Enigma (ENG)ERC20
- Civic (CVC)ERC20
- Tierion (TNT)ERC20
Advantages of Ballet Wallet Crypto Wallet
- No setup, KYC, or any form of registration required, just buy the wallet and start receiving and sending cryptocurrencies easily and immediately as the Company has already securely pre-generated the wallet private keys for product simplicity.
- No geographic or demographic limitations on who can own and use the Ballet crypto wallet. The wallet is fully accessible to anyone and everyone that’s interested in storing and transacting with crypto securely
- You don’t need to remember any login passwords, passphrase, or PIN code. The wallet comes as a use-as-is device that does not require any setup or registration whatsoever.
- Ballet crypto wallet offers 100% offline, cold storage for your precious crypto assets and thus effectively making it hack-proof. The wallet never connects to the internet as such the risk of hacking, or becoming a victim of a phishing attempt is practically zero.
- As a cold storage, private and non-custodial wallet, Ballet has no artificially imposed deposit and withdrawal limits. You can receive and send as any amount into and from your wallet without restrictions.
- You maintain 100% custody of your funds as long as you still have your device. No trusting any third-parties, company, or individual to secure your money. Your money, your wallet, your custody.
- Compared to other crypto hardware wallets, Ballet is cheaper and more budget-friendly even while providing greater security and convenience for the users.
- The ballet wallet is water-proof and physically durable and easy to carry around.
Disadvantages of Ballet Crypto Wallet
- Ballet Wallets, especial the REAL Series are bearer assets. This means that if you lose your Ballet wallet, there is no way to recover the funds stored on it. Whoever has physical possession of the wallet is the “owner”, and they will have full access to the funds stored on it. Therefore, you must keep it safe like cash or gold. If you lose it, then that’s too bad, your funds are gone for good.
- As with every hardware crypto wallet, loss of the physical device for any reason or physical damage may mean the complete loss of your funds.
- Hardware wallets are natively not convenient for daily, more frequent cryptocurrency transactions but for long-term storage.
- The shipping time ranges from 3 to 14 days depending on your location. The wallet can be seized by customs if your country does not support cryptocurrencies. Also, if you require a wallet urgently, obtaining a ballet hardware wallet is not as easy as downloading a simple mobile or desktop wallet from your app store or online instantly.
- Ballet Wallets comes with a single deposit address. As such anyone who knows your wallet address can see all your past, present, and future transactions.
- In as much as I want to believe that the Company does not have a copy of the pre-generated private keys to the wallets, there’s no way to reliable prove that. So that may be a concern for exit-scam theorists, but given who the founder is – Bobby Lee – it’s unlikely Ballet is a scripted exit-scam play.
How Much Does a Ballet Wallet Cost?
Ballet currently maintains 4 different product categories:
All with different prices as highlighted, and can be easily found on the respective product pages by clicking the links above.
You can easily pay for your orders using Bitcoin, PayPal, or Venmo –whichever is more convenient for you.
Ballet is one of the new but very interesting players in the cryptocurrency hardware wallets market that is already securing over 21 million worth of crypto assets for its customers in its less than 2 years of existence, as at August 2020.
The Company describes itself as the “world's FIRST non-electronic physical multicurrency wallet”, offering “100% offline cold storage”.
Bobby Lee, the founder is so confident of the security of the wallet that he’s put at stake 2 full bitcoin bounty, worth over $21, 000 for anyone who can hack a Ballet Wallet.
Ballet’s primary aim is to make it easy and simple for everyday people – without any technical knowledge – to interact with cryptocurrencies and thus, effectively facilitating crypto mass adoption.
However, whether you should buy Ballet is a decision that you will have to make by yourself taking into consideration all the information provided here and on their official website.
One thing that is certain is that as a new company, Ballet has not enjoyed the market trust that will put it shoulder-to-shoulder with the other big hardware wallet manufacturers such as Trezor, Ledger, and KeepKey.
If you find it interesting to play with, you might as well begin with storing just a small amount first and increase your holdings on Ballet as the company grows and becomes more reliable.
Also encouraging is the fact the founder is a renowned and well-respected member of the crypto community, so this project is far less likely to be a scam.
What do you think about the new Ballet multi-cryptocurrency hardware wallet? What has been your experience using Ballet so far? Share with us in the comments section below.
The post: Ballet Wallet Review: The world’s first non-electronic, multi-cryptocurrency hardware wallet was first published on CryptoSorted