21 septiembre, 2021 in Sin categoría
The possibilities of investing money in different types of digital assets are increasing, for this reason, variations such as Bitcoin Vault (BTCV), which are launched on the market, elaborated on the scheme of other types of cryptocurrencies, such as Bitcoin (BTC) in, In this case, they are the subject of a thorough investigation to understand how they work to generate profitability.
The different reviews and articles on websites like dotbig.com were written about this new crypto-asset and the forums on social networks where its future and capitalization are debated, draw attention by leaving doubts about the security it offers and whether or not it is a scam of its mechanism to increase profits and the circle of partners that must grow throughout its mining network in the cloud.
A complete investigation is necessary to understand Bitcoin Vault better, as this is one of the digital assets that does not show precise details about its economic performance. However, it is still in the spotlight and continues to raise doubts about its offer. For this reason, Forex Operations was given the task of analyzing in-depth what cryptocurrency offers to clarify its details and functions in the following article.
What is the Bitcoin Vault?
The Bitcoin Vault (BTCV) can be taken as a new version of cryptocurrency made from the original Bitcoin and offers solutions to the supposed problems that plague the queen crypto-currency.
The birth of BTCV dates back to the end of 2019 when it was created in the market with its first classification, “Bitcoin 2.0,” and used the principles of other types of previous projects.
Later the name of Project X or Bitcoin Royale arrived. Still, finally, the current term of Bitcoin Vault remained, which is offered as a cryptocurrency that has an anti-theft solution compared to the original Bitcoin and is based on a security scheme that adds three keys private.
In the Bitcoin Vault, it is possible to use its blockchain or chain of blocks to generate slow transactions, which occur in a state of alert for 24 hours before the final confirmation of having been received by the recipient.
BTCV is then configured as a hard fork of Bitcoin, which means that it is a type of fork or division of the original blockchain, which uses the base code of the same mother cryptocurrency.
The business model of this new hard fork for the foray into the crypto market, together with its volume offered, is the idea of improvement in which they state that “ BTC has not been successful in terms of being taken by customers as a type of electronic cash for the Internet,” to which, according to its creators, that it has not been able to become in any of the cases, the online cash that its creator Satoshi Nakamoto expected. However, it has been famous for preserving value as a kind of electronic gold.
According to its Bitcoin Vault inventors, the usefulness of the parent cryptocurrency as electronic gold could be enhanced if the original properties of bitcoins as digital cash can be sacrificed. The proposal is focused on generating several modifications in the original Bitcoin protocol to generate a definitive value device.
What is the problem with the original Bitcoin? The solution, according to Bitcoin Vault.
According to the developers of the Bitcoin Vault, the original Bitcoin protocol is vulnerable. It brings with it a severe problem, which makes it possible to steal your cryptocurrency since, if a criminal intercepts a private key, they may rob the total balance of the bill.
With the Bitcoin Vault, and by default, the transactions that are made will take 24 hours to complete. When a new transaction is added to a new block by a miner of the Bitcoin Vault blockchain, it will not be confirmed immediately as it happens with Bitcoin (With BTC, there is a block mining time of 10 minutes, plus subsequent confirmations).
Bitcoin Vault Mining and Transactions
According to the technical document prepared by its developers, the transaction carried out will be added to the chain as a type of alert, which would last about 144 blocks (with the assumption that the time per block is 10 minutes). Given this, if the issuing side does not take any action on the operation before the 144 blocks have passed, the transaction will change its alert status to confirmed.
In the event that the movement is fraudulent, your emergency cancellation requires a new special recovery operation, which is completed immediately and without needing the same period of 24 hours. The recovery and cancellation transaction requires a unique key to be set when generating the supported wallet.
Each account owner from which the money is moved will receive a notification whenever a movement of funds is made to other accounts and will have 24 hours to act on the said alert.
As soon as the recovery key is established for a specific wallet, it will not be possible to change it later. Given this, as soon as the unique recovery key is used, it is considered compromised and gives the account a particular vulnerability and the entire capital must be transferred to a new wallet and protected by a security key that has not been used before.
As soon as the account recovery is executed, the digital currency funds will be transferred to a new Bitcoin Vault account, so the original one is disabled. According to analysts, this would be one of the details that make the Bitcoin Vault vulnerable.
How does BTCV crypto-trading work?
Since BTCV is an identical result to the Bitcoin code, it is assumed that, as has happened with the most crucial cryptocurrency, BTCV allows several collaborators to participate in the development process, which would discuss possible improvements, proposals, and issues to be resolved, which happens with the BTCV, but only in the repository that the crypto has on GitHub, a platform for software development.
On the other hand, in the entire work area of the Bitcoin Vault, its platform has a single person, who is in charge of all the code, omitting almost all possible discussions about its operation, which has caused unease for experts analysts and investors.
The developments of cryptocurrency, decentralization, and blockchain projects are characterized by consensus and constant dialogue, key pieces to strengthen their support, which is not present in the BTCV.
The operation of the Bitcoin Vault rests on a rather dubious argument. According to its founders, it is necessary to differentiate between digital cash and electronic gold, two of the publicly given classifications to the original Bitcoin.
In this way, BTCV tries to give itself a lower priority as digital cash or online payment system, so it does not focus on transaction fees or transaction performance. This occurs because, according to them, physical gold has a high cost to be transported, so it is regularly obtained only for long-term operations.
Therefore, in their explanatory text, they confirm that if it is not possible to move gold between two locations in less than 10 minutes in physical commerce, it should not be possible to do so in that time through the digital format.
For this reason, the inventors of BTCV see this sacrifice of time as something natural since the increase in average time in the original BTC transactions, which is currently 10 minutes, could generate substantial advantages.
This critical detail of its operation goes against one of the most outstanding benefits of the digital age, “the immediacy of the material” or the almost immediate transfer of digital value, one of the spearheads of the current digital economy.
So, Bitcoin Vault has the ambition to delay said immediacy to give, according to its inventors, possible security to its operations and transactions.
How are Mining City, Minebest, and Bitcoin Vault related?
Eyal Abramovich, who is the founder of BTCV, is also the founder of Minebest (Mb), a platform and company that offers packages to mine the digital currency itself in the cloud, a practice that is not considered as a scam or illegal. Still, as something curious, given that being crypto with a decentralized market, its founders largely centralize its mining.
It is due to say that both Mine best (Mb) and Mining City (MC), another of the platforms for crypto mining BTCV, have long been in the sights of expert analysts, thanks to the fact that, although the two companies assert that They are two completely different, there are many guidelines and links between the two.
For its part, Mining City is shown on its website as a platform that offers mining packages within the cloud, all under the guidelines of Prophetek LTD. On the other hand, it is defined for users as an infrastructure company focused primarily on crypto asset mining, which provides its services to Mining City, something curious for many.
There are trading professionals who claim that Mining City is nothing more than another pyramid scam for the digital currency market or trade. This is thanks to the fact that it offers returns on non-existent mining actions and commissions for users in the market for all clients referred to that these lead to registration on its website, which, according to analysts, keeps the scam growing.
What is the price of the Bitcoin Vault?
To date, the price of a Bitcoin Vault has been below $ 20, amidst the tensions and clashes in forums and social networks, among those who say that the digital currency and its technology is a scam, thanks to its dubious system, the limited power and the few results that it has shown to people and companies that have drawn up an investment plan with this currency.
However, in September 2020 it reached $ 187.69. From that date on, the price of the Bitcoin Vault has been in decline.
Why is it said that Bitcoin Vault could be a scam?
Although it is compared to fraudulent systems such as the Bitclub Network, in terms of its theory, BTC Vault could not be encoded as a scam yet, since in its technological base the cryptocurrency exists and its code can be used by people.
However, the reality is that much of the crypto world is still waiting for real results to better understand the currency system.
Its scheme remains doubtful because there are only two companies that handle mining, being totally centralized, which offer plans to mine BTCV without real market commissions.