In 2009 an anonymous individual or team of anonymous developers created the first peer-to-peer network based on the blockchain technology that allowed users to transfer funds between anonymized hash addresses. Bitcoin revolution had begun. It resulted in a series of forks of the original concept.
One of them has led to the concept of Bitcoin Vault.
Our aim as developers was to upgrade the existing blockchain with unique features that would give users more control and raise their safety level with the way wallets addresses are managed, private and public keys are stored, and assets are transferred between individuals. We wanted to create a coin that would offer all the advantages of Bitcoin with additional features for users to have maximum control of their assets in an easy and convenient way without compromising the flexibility that cryptocurrencies offer.
With immutability of the blockchain as the key feature behind distributed ledgers, we saw not only advantages but also – from our own experiences – dangers related to lost, misplaced or stolen funds. With several changes into the code and the way how private and public keys are used in the blockchain ecosystem we came up with an idea of making irreversible transactions reversible without compromising the immutability of the blockchain.
- According to CipherTrace’s Spring 2020 Cryptocurrency Crime and Anti-Money Laundering Report, in the first five months of 2020, crypto thefts, hacks, and frauds totaled $1.36 billion.
- Cryptocurrency exchanges need to recover user funds that were mistakenly sent to the wrong addresses on a daily basis. This costs them both time and money and do not guarantee that user funds will ever be recovered.
- There are no reliable sources on how many crypto assets, coins, tokens are being transferred every day to well-known scam addresses, hackers or are being lost due to Man-In-The-Middle types of attacks.
We believe that a significant portion of the above could be avoided if the user had the possibility of simply canceling and reversing outgoing transactions as soon as he realizes that he made a mistake, assets have been stolen, or someone gained unauthorized access to his cryptocurrency wallet.
Mission & Vision
BTCV was developed to provide an extra level of security based on a 3-Key Security Solution which allows users to reverse certain types of transactions on the blockchain. It features all the convenience of Bitcoin while adding important features, providing user transparency and freedom. Bitcoin Vault is our answer to issues faced by the crypto community over the last decade which mainly are:
- Unauthorized access to wallets due to either hacks or accessing user private keys.
- Human mistakes with sending crypto assets to the wrong wallet addresses or other kind of mistakes related to mistyping transfer amounts or mixing transfer amount with gas amount.
- Errors, bugs and other issues related to the cryptocurrency software.
BTCV development is focused on security and safety features, user convenience and user experience as we also believe that those are the key challenges that are stopping a significant portion of society from becoming a part of the global crypto community.