BitLox is a Hong Kong-based start-up, launched in January 2015 and registered to Mr Dana L. Coe. It offers a hardware wallet that aims to provide more advanced security features compared to conventional models. Users can choose between the BitLox Advanced, BitLox Ultimate, and BitLox Extreme Privacy set. Due to its high price, and the fact that it has not been in the market for long, BitLox wallets are one of the smaller names in the hard wallet market.
Pros & Cons
How does a BitLox Wallet work?
As a hardware wallet, BitLox allows you to store your bitcoins offline, removing the possibility of your funds being stolen by malicious hackers, which is a common threat if funds are stored online. With BitLox, you have total control over your private keys securing your coins, allowing you to receive and send bitcoins without having to expose your private keys to the internet.
Which cryptocurrencies are supported?
This wallet is specifically limited to helping you store and transact bitcoin. However, the company have indicated that they soon intend to provide Ethereum and altcoin support. For the time being, Bitcoin is the only supported crypto at BitLox.
What devices is a BitLox compatible with?
BitLox hardware wallet works with any device. For computers and laptops, there is a Chrome Extension that you can download and use through a USB connection. Alternatively, it is also Bluetooth compatible, allowing you to use smartphones and tablets with your wallet through connectivity with native companion apps for iOS and Android. Therefore, you can conveniently use BitLox wallet with the following devices:
Being a hardware wallet, it can be used anywhere in the world. However, it might not be available in your country for delivery, so be sure to check on their website that they can ship to your country.
It allows users to contact their customer support team through email at [email protected] or by submitting a ticket request through their website. Alternatively, users might find that their low-level queries might already be answered in their various guide sections, such as the ‘How-to Videos’ or ‘User Manual’ on their website.
BitLox wallet is a small, portable device that helps you get easy access to your funds by storing your private keys securely. The wallets are the size and shape of a debit card, meaning you can easily carry your coins around with you in your wallet. It also comes with a large e-paper screen alphanumeric keypad.
How does BitLox keep my cryptocurrency safe?
The hardware wallet itself comes in a titanium casing, which makes it extremely durable. The team have even claimed that it is ‘indestructible’. In terms of keeping your bitcoins safe, BitLox has the following security features:
- Cold Storage. BitLox helps users keep the private keys associated with a user’s bitcoins in a secure, offline location, preventing online interference.
- Alphanumeric keypad. The keypad ensures that you enter your pin securely as you do not have to tap into the screen display.
- PIN. BitLox offers users the ability to create a complicated PIN that may go up to 60 characters. Additionally, it is alphanumeric, unlike other hardware wallets, that exclusively use numeric PINs.
- Mnemonic recovery passphrase. You have the option of creating a 12, 18, or 24-word phrase that you can use to recover your private keys and funds in case you ever lose your wallet.
- Hidden wallets. For enhanced protection, BitLox offers the ability to enter an additional PIN to access hidden wallets, allowing you to open up to 50 hidden wallets in total.
Do I need to download any software?
To use it on your computer, you will need to download the Chrome Extension Wallet. You can find this on the Chrome web store and it will enable you to connect to BitLox wallet through the USB port. Alternatively, if you want to have a look at your funds on your phone, you can download their native Android or iOS apps, which can help you manage your BitLox through Bluetooth connectivity.
Can I back up my BitLox wallet?
Yes. You can use your 12, 18, or 24-word recovery phrase as a way to back up your funds, as it can be used to recover your private keys in the event you lose your wallet through using a compatible Hierarchical Deterministic (HD) wallet. Alternatively, you could also use their chrome app extension or native mobile app too.
Can I use it anonymously?
Yes. A BitLox wallet can be used anonymously by virtue of the fact that it is a hardware wallet. When transactions are made with the wallet, all that displays on the blockchain is the wallet’s public address, as opposed to any personal information.
To increase your anonymity, BitLox can be used with Tails through a Tor network connection. Tails is a revolutionary live operating system that can be used to leave no trace of your browsing history on the computer you use.
Are there any extra fees for using my BitLox wallet?
No, there are no extra fees to use BitLox besides the cost of buying it. However, when moving funds in and out of your wallet, you will notice that you incur a network transaction fee, approximately under £2, depending on the network traffic at the time. Additionally, BitLox will show you your estimated transaction fees before you proceed with a transaction.
Are there limits to the amount of cryptocurrency I can deposit and withdraw?
With BitLox, there is no limit on the amount of bitcoins you can deposit or withdraw. A hardware wallet only stores your private keys. Your cryptocurrency is actually kept on the blockchain, together with the transaction history.
How much does a BitLox cost?
BitLox wallets come in three distinct models: BitLox Advanced, BitLox Ultimate, and BitLox Extreme Privacy Set. The prices are listed in dollars, and they cost $98, $148, and $198 respectively. There may also be additional delivery fees depending on the country in which you are located.
What are the differences between the BitLox wallets available?
Between the three Advanced, Ultimate, and Extreme Privacy Set models, there are no technological differences in regards to the hardware wallet itself. However, the Ultimate and Extreme Privacy Set come with external cases used to store the hardware wallet. For example, the Extreme Privacy Set comes with a USB vault that has the Tails OS preinstalled.
Given the above, it is recommended that users simply go with the BitLox Advanced model, as it is much less expensive and carries the same technological features as the Ultimate and Extreme Privacy set versions.
What extra features does it have?
BitLox wallets integrates a myriad of additional features into the application and use of the wallet. These include:
- E-Paper display. The large display can show alphanumeric codes, as well as QR codes.
- BitLox firmware. The firmware of the BitLox wallet and their native apps are all Open Source, meaning that users can confirm the authenticity of BitLox’s software code.
- Bluetooth connection. This helps you connect your wallet with the BitLox companion mobile app, making it possible to use the wallet on the go.
The BitLox wallet comes across as a trustworthy hardware wallet that can be used to store your Bitcoins. The wallet itself contains the latest security features on the market, including the option of having a recovery seed phrase and a PIN. These features allow users to keep their private keys offline and in a safe location, preventing hackers from potentially accessing their funds. However, it falls short in that it can only store Bitcoin, whilst most competitors offer storage of private keys for many other cryptocurrencies within the same hardware wallet.
Ultimately, considering its high price and lack of altcoin support, it is understandable that BitLox wallet is not a relatively large name in the hardware wallet market.
How to set up a wallet with BitLox
- Connect your BitLox to USB power on your PC or laptop.
- Set the PIN for the device and choose the mode you prefer to use. The three available modes are standard, advanced, and expert.
- The device will now configure itself to your preferred mode automatically
- Set up your first wallet’s PIN.
- Create your first mnemonic recovery phrase. This can be a 12,18, or 24-word phrase. Make sure to write down the exact order of such words and store it in a secure location.
- Choose to use a USB connection through your laptop or computer (using the chrome app extension) by pressing 1, 2, or 3, or opt for a Bluetooth connection by pressing 4, 5, or 6, allowing you to use your Android or iOS mobile device.
- A QR code will be shown on the BitLox screen. This will be your first wallet address.
- You can now start to use your BitLox wallet!