Is the Ballet Wallet Private key Secure? Many people are uncomfortable with pre-generated private keys. Ballet wallets addresses these concerns: Ballet’s innovative two-factor key generation process (2FKG) was designed to eliminate the risk that a rogue employee or a criminal who gains access to our secure manufacturing facilities could steal encrypted private keys or passphrases. There are multiple layers of protection built into the process. Ballet’s two-factor key generation process requires the encrypted private key and passphrase to be generated separately on offline, air-gapped computers in different locations on different continents by different employees. These two components of the private key are never exposed to the internet or commingled on the same computer or hard drive. Therefore insider theft would require multiple employees to collude, and outsider theft would require both locations to be compromised secretly and simultaneously. Encrypted private keys and passphrases are deleted and overwritten immediately after the manufacturing process. The only copy that exists is contained in non-electronic form on the physical Ballet wallet itself, concealed under the tamper-evident sticker and scratch-off. Therefore even if criminals break into the manufacturing facility, there will be no encrypted private keys or passphrases for them to steal. Only a very small number of Ballet’s most experienced and trusted employees are involved in any part of the private key generation and manufacturing process. They have strong incentives to ensure that every wallet produced is secure. If an insider theft ever occurred, it would soon be discovered which employees were responsible, and they would face severe criminal penalties. It would be impossible to commit the crime and get away with it. Every Ballet employee has a financial and reputational stake in the success of the company, and the success of the company depends on trust. If Ballet customers ever lose funds due to theft or product defect, all trust in the company would be lost and employees’ financial stake would be worthless. Our interests are completely aligned with our customers. Therefore everyone at Ballet has a strong incentive to ensure that standard operating procedures and quality control standards are strictly adhered to at all times.
Hi Bitrcoin Dad! I was so excited when I saw this video. The Ballet solution seemed just right. So I went to the site to obtain the cold storage and buy my first bitcoin.......and one of the first things I learned is that you have to have the app for that. And the second thing I learned is that this year, Ballet decided to do away with the desktop app. No more support. So the crypto can only be managed with your smart phone. That's the only way. No other option. That's a deal killer for me. Can you recommend any other companies with a similar format but NOT limited to doing all your business on a 3" screen? Thank you so much. I can't tell you what a sigh of relief when I found your videos and I actually understood everything you said. Thank you for keeping it simple.
That is why it is not recommend to place all your crypto in one wallet. It is prudent to practice wallet diversification. Many people display all sorts of valuable things in their home as decoration. What one does in their home is up to themselves.
This is a common criticism of the wallet. The manufacturer claims that they do not know the private key. It is generated by an algorithm on airgaped computers and printed onto the card. After that, the next private key overwrites the previous one so that the only place the private key is saved is on the card. The process is also separated and done in two different cities. The encrypted private key is printed on the card and then the pneumonic phrase is printed in a separate factory. Only a few high-level employees are part of this process and they would have to work together to steal private keys. It would immediately be known that it was they who are responsible. Having said all that, we do have to put a certain amount of trust in the manufacturer. I would personally store the bulk of my crypto in a more traditional hardware wallet. However the ballet card is good for small amounts and new users. It’s also great for gifting small amounts to friends and family.
Not really a real cold storage...your Bitcoin is not stored in the card at all like a USB .. it's just stored in the app and Ballet keeps your coins on their server. the card has no storage like a USB at all. The card is just an extra security layer.
This is actually pretty cool as a gift. Came here for a Trezor review but found this.... pretty cool to have at home/office display ($150 worth of Bitcoin or less)
Coinbase is a nightmare. You basically need to paste your entire bank statement with all kinds of secret info on it. Is there another way to dispense your Bitcoin card into your Ballet app?
Yes you could. The app makes it convenient to import the private key. But there are other ways of doing it that would allow you to access the bitcoin even if the ballet app were no longer available.
This card is like cash if you lose some how the card your crypto is gone, so if you load crypto on this mast be very secure and is no way you can carry around because you can lose it or if you are attacked by someone your crypto will be gone forever!!!
It is purely a bearer asset. One must trust themselves in keeping their valuables secure. That is the price of true financial sovereignty and self-custody. It is also prudent to not carry around a lot of valuables with you.
It could be an ok wallet for traveling ,storing in a vault ,and just to have easy access to crypto for every day use with only a little crypto in it but not your long term holdings imo
anybody else have as hard a time as me getting loved ones to use bitcoin? "I don't understand" or "it's too risky/volitile" or 'It's not for me" drives me crazy! If I gifted it to them I would essentially be taking it out of circulation permantly because they would never even bother to download the app. I guess I'm a bad BTC evangelist, but I try.
I'm just starting to learn about crypto and wallets. I would like to know where is the crypto stored. Is it stored by ballet or somewhere independent of them. If the company was terminated would you still be able to access the funds without the app.
crypto or bitcoin isnt stored on the wallet it remains on-chain. your address only references the blockchain for the BTC that 'belongs' to that wallet address.
These guys are going to make off with A LOT of money. This is not secure, I understand you're sponsored, but anyone using this deserves to learn the lesson of loss. Ignorance in an unregulated market is easy money.
Maybe I don't fully understand, but I don't think "cold" storage is an adequate term. I mean all crypto is on the public ledger by definition, right? It's stored on a live "hot" network. Cold just means the private key is in self custody, not at an exchange server. Right?
Generally cold storage refers to a type of wallet where the private key is separated from the rest of the wallet. Such as a Ledger Or a Trezor. There are a lot of self custody wallets such as Electrum bitcoin wallet or metamask that are self-custody but the private key is stored on the computer and is vulnerable to hackers. Airgaped computers and paper wallets also qualify as cold storage because the private key is separate from the pubic side of the wallet. The ballet wallet is similar to a paper wallet. So it is cold storage in the sense that the private key always stays on the card and is only read temporarily by the app when you’re sending crypto out.
Yes it is. It is also printed out as a string of numbers. But the corresponding QR code is right next to it. Unfortunately I had to blur it out during the video
Is the Ballet Wallet Private key Secure?
Many people are uncomfortable with pre-generated private keys. Ballet wallets addresses these concerns:
Ballet’s innovative two-factor key generation process (2FKG) was designed to eliminate the risk that a rogue employee or a criminal who gains access to our secure manufacturing facilities could steal encrypted private keys or passphrases. There are multiple layers of protection built into the process.
Ballet’s two-factor key generation process requires the encrypted private key and passphrase to be generated separately on offline, air-gapped computers in different locations on different continents by different employees. These two components of the private key are never exposed to the internet or commingled on the same computer or hard drive. Therefore insider theft would require multiple employees to collude, and outsider theft would require both locations to be compromised secretly and simultaneously.
Encrypted private keys and passphrases are deleted and overwritten immediately after the manufacturing process. The only copy that exists is contained in non-electronic form on the physical Ballet wallet itself, concealed under the tamper-evident sticker and scratch-off. Therefore even if criminals break into the manufacturing facility, there will be no encrypted private keys or passphrases for them to steal.
Only a very small number of Ballet’s most experienced and trusted employees are involved in any part of the private key generation and manufacturing process. They have strong incentives to ensure that every wallet produced is secure. If an insider theft ever occurred, it would soon be discovered which employees were responsible, and they would face severe criminal penalties. It would be impossible to commit the crime and get away with it.
Every Ballet employee has a financial and reputational stake in the success of the company, and the success of the company depends on trust. If Ballet customers ever lose funds due to theft or product defect, all trust in the company would be lost and employees’ financial stake would be worthless. Our interests are completely aligned with our customers. Therefore everyone at Ballet has a strong incentive to ensure that standard operating procedures and quality control standards are strictly adhered to at all times.
Hi Bitrcoin Dad! I was so excited when I saw this video. The Ballet solution seemed just right. So I went to the site to obtain the cold storage and buy my first bitcoin.......and one of the first things I learned is that you have to have the app for that. And the second thing I learned is that this year, Ballet decided to do away with the desktop app. No more support. So the crypto can only be managed with your smart phone. That's the only way. No other option. That's a deal killer for me. Can you recommend any other companies with a similar format but NOT limited to doing all your business on a 3" screen? Thank you so much. I can't tell you what a sigh of relief when I found your videos and I actually understood everything you said. Thank you for keeping it simple.
once BTC reaches 200K per coin, the funds in this wallet will mysteriously disappear...
That’s how I feel about it.
Thanks, would be great gift.
Thank you for this video.
Display prominently in your house? Are you kidding? It's like displaying a stack of cash inviting any thief!
That is why it is not recommend to place all your crypto in one wallet. It is prudent to practice wallet diversification.
Many people display all sorts of valuable things in their home as decoration. What one does in their home is up to themselves.
Yea a pre-printed card with the manufacturer knowing both the public and private key. Super secure….
This is a common criticism of the wallet. The manufacturer claims that they do not know the private key. It is generated by an algorithm on airgaped computers and printed onto the card. After that, the next private key overwrites the previous one so that the only place the private key is saved is on the card. The process is also separated and done in two different cities. The encrypted private key is printed on the card and then the pneumonic phrase is printed in a separate factory. Only a few high-level employees are part of this process and they would have to work together to steal private keys. It would immediately be known that it was they who are responsible. Having said all that, we do have to put a certain amount of trust in the manufacturer. I would personally store the bulk of my crypto in a more traditional hardware wallet. However the ballet card is good for small amounts and new users. It’s also great for gifting small amounts to friends and family.
Obviously you haven't researched how secure the process is to assemble the cards
Not really a real cold storage...your Bitcoin is not stored in the card at all like a USB
.. it's just stored in the app and Ballet keeps your coins on their server. the card has no storage like a USB at all. The card is just an extra security layer.
This is actually pretty cool as a gift. Came here for a Trezor review but found this.... pretty cool to have at home/office display ($150 worth of Bitcoin or less)
What if Ballet App goes out of bussiness aka Bankrupt? Would ballet cold wallet will no longer work?
Coinbase is a nightmare. You basically need to paste your entire bank statement with all kinds of secret info on it. Is there another way to dispense your Bitcoin card into your Ballet app?
One of the rule is, never trust anything that came with pre-defined wallet.
wow
If Bally was to go under could you still take off your BTC?
Yes you could. The app makes it convenient to import the private key. But there are other ways of doing it that would allow you to access the bitcoin even if the ballet app were no longer available.
How can that be secure?
This card is like cash if you lose some how the card your crypto is gone, so if you load crypto on this mast be very secure and is no way you can carry around because you can lose it or if you are attacked by someone your crypto will be gone forever!!!
That is true it is just like cash. I wouldn’t carry it around.
It is purely a bearer asset. One must trust themselves in keeping their valuables secure. That is the price of true financial sovereignty and self-custody.
It is also prudent to not carry around a lot of valuables with you.
How’s lifee?,fellow!you shared great video~talk you later!
Great Video 😁😁
It could be an ok wallet for traveling ,storing in a vault ,and just to have easy access to crypto for every day use with only a little crypto in it but not your long term holdings imo
I agree. Different wallets for different use cases
Arculus is the best 👌
anybody else have as hard a time as me getting loved ones to use bitcoin? "I don't understand" or "it's too risky/volitile" or 'It's not for me" drives me crazy! If I gifted it to them I would essentially be taking it out of circulation permantly because they would never even bother to download the app. I guess I'm a bad BTC evangelist, but I try.
Im not sure... Less secure than buying a used Ledger off eBay? Looks great though, and of course great review as always.
98% excellent. I'll be 100% when the BTC code gets quantum adopted. Well at least they have DGB available too. Mahalos Rex. 🤑
i have a ballet gold card and don't know how to get the money off the card, and i don't know how to transfer my money to Coinbase
Great video thank you how do I withdraw into my checking account if I want too from ballet cold wallet
I think I’m sending this back. It really doesn’t seem safe as the keys are already visible.
2 countries I 💯 % trust the least in Crypto nevertheless still a good video rex
What if i want to gift it to someone and load it with another crypto instead of bitcoin can i use the same qr code?
I just got my gold edition, man is so nice, well built 👌
Great video thank you. Clear and easy to follow.
I'm just starting to learn about crypto and wallets. I would like to know where is the crypto stored. Is it stored by ballet or somewhere independent of them. If the company was terminated would you still be able to access the funds without the app.
crypto or bitcoin isnt stored on the wallet it remains on-chain. your address only references the blockchain for the BTC that 'belongs' to that wallet address.
what the difernce of each card?
These guys are going to make off with A LOT of money. This is not secure, I understand you're sponsored, but anyone using this deserves to learn the lesson of loss. Ignorance in an unregulated market is easy money.
Maybe I don't fully understand, but I don't think "cold" storage is an adequate term. I mean all crypto is on the public ledger by definition, right? It's stored on a live "hot" network. Cold just means the private key is in self custody, not at an exchange server. Right?
Generally cold storage refers to a type of wallet where the private key is separated from the rest of the wallet. Such as a Ledger Or a Trezor. There are a lot of self custody wallets such as Electrum bitcoin wallet or metamask that are self-custody but the private key is stored on the computer and is vulnerable to hackers. Airgaped computers and paper wallets also qualify as cold storage because the private key is separate from the pubic side of the wallet. The ballet wallet is similar to a paper wallet. So it is cold storage in the sense that the private key always stays on the card and is only read temporarily by the app when you’re sending crypto out.
@@CryptoDad Thanks for the explanation.
Is the private key in QR code form?
Yes it is. It is also printed out as a string of numbers. But the corresponding QR code is right next to it. Unfortunately I had to blur it out during the video