Bitcoin Vault, is Bitcoin vault mining profitable?

March 7, 2021 by Martin Sukhor

2090

Recently, the search for Bitcoin Vault has increased sharply, it seems that this is the keyword that has attracted Bitcoin fans to delve further into the Bitcoin vault. What is Bitcoin Vault, how does it work, how is it safe?. And so on. To overcome your curiosity, this article will discuss all kinds of Bitcoin

To overcome your curiosity, this article will discuss all kinds of Bitcoin Vault. Hopefully, it would provide insight into Bitcoin Vault and answer all questions about Bitcoin Vault or BTCV.

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What is Bitcoin Vault?

Well, first we write about what is Bitcoin Vault?

Literally, Bitcoin Vault is safe to secure Bitcoin that provides storage for the currency.

Vaults are usually a means of storing valuable objects that have a high level of security. These objects like paper money, gold, obligation, etc.

However, in cryptocurrency terms, Bitcoin Vault does not define a physical vault, but a special account that can only be accessed with a special key.

Why Bitcoin Vault important?

Believe it or not, the use of Bitcoin which has been widely discussed in recent years has seen many cases of theft and hacker hacking.

Maybe you still remember the bankruptcy of one of the largest Bitcoin exchanges, Mt Gox. Millions of Bitcoins stored there were reported lost due to the Botnet “Pony” virus which steals client passwords and is responsible for 51% of attacks resulting in double-spending.

Even the worst victims cannot report or ask for compensation from anyone. Because Bitcoin is different from conventional currencies which can be stored in banks or regulated institutions that operate under the supervision of the authorities.

Thus, they cannot file complaints with the bank, demand compensation, or even bring the case to court.

Bitcoin Vault for safe security?

Although various methods are used for Bitcoin security, hackers will always try to find ways and loopholes used by hackers to steal passwords or Bitcoin data.

Choosing a trusted Exchange no longer guarantees 100% safe. Because even the largest exchange as Mt Gox can be breached until it goes bankrupt.

Storing keys and passwords on an external hard disk or flash disk is also not necessarily safe. Because physical items like that can be damaged or lost. Installing software on computers still has the potential for malware attacks, and viruses can threaten username, email, password, and key data stored online.

Bitcoin Vault can make up for all those shortcomings. Because the special key needed to access it can change automatically when someone else uses it.

That said, the key feature becomes an alarm system that can activate the protection of the contents of your “safe” automatically. The advantages of this Bitcoin Vault can also be equated with a credit and debit card security model, which can deactivate its use after you report your loss to the bank.

Interestingly, this security system has a feature that allows you to reverse every hacker’s transaction. Thus, any money used by “the thief” will not be sent to the destination and always back to your Vault.

Bitcoin Vault Drawbacks

To enjoy security using Bitcoin Vault, you will face reduced transaction speeds.

A vault security system can slow down your transactions because there is a waiting time known as the “unvaulting period”. You can adjust the waiting time yourself.

If the unvaulting period set up within 24 hours, then you have to wait that long before able to access Bitcoin stored in the Vault.

A delay like this actually serves a purpose, because the unvaulting period also serves as a time limit for activating extra security features. Suppose your Vault key is hacked by someone else, then you have 24 hours to activate a special security feature that can reverse hacker transactions.

How does Bitcoin Vault work?

When someone sends Bitcoin, once confirmed, the transaction cannot be canceled, not even less than an hour, the transaction is complete.

But when someone turns out to make a transfer mistake. It will be difficult to ask for it back because there is no third party to act as the intermediary.

Bitcoin Vault works by using the three key features Standard Transaction Key, Cancel Transaction Key, and Fast Transaction Key.

All three have different functions. The standard transaction key allows users to use a standard key but with a payment delay of 144 blocks which is equivalent to 24 hours.

During this time, there is a transaction delay and it causes the transaction process to take longer than 24 hours before it is confirmed.

However, during the process, there are no transfer errors. So it only takes patience to wait for the transaction process to complete.

But if during the 24-hour payment delay, the user finds an error, then he can use a cancel transaction key. The cancel transaction key functions if the user changes his mind before the confirmation process is completed.

Meanwhile, fast transaction keys can function to make transfers without having to wait for a delay of 24 hours. With a fast transaction key, the transfer process only takes up o tens of minutes.

This is useful for users who want to send it to trusted people. So that if there is a mistake he can contact the recipient to check if there is a transfer error.

Who created the Bitcoin vault?

According to Coindesk, the idea of launching Bitcoin Vault dates back to 2016, by Bryan Bishop. However, the idea seems to have only materialized at the launch of Bitcoin Vault on 12-12-2019.

The idea for the vault was by Malta Möser, Italy Eyal, and Emin Gün Sirer, but the idea required a codebase fork and it never happened. Only then did Bryan Bishop devise the idea using the existing code.

The report states that Bryan Bishop has made a prototype code to secure on-chain storage on Github.

Meanwhile, observing the Bitcoin Vault development team there was Kacper Wiśniewski who served as Chief Technology Officer. Then there was Piotr Kozłowski who served as Chief Growth Officer. And Radek Popiel served as Chief Communications Officer.

Where to buy Bitcoin Vault?

Bitcoin Vault with ticker code BTC is traded on several exchanges, such as Bithumb global, Bittrex, Coineal, and several others.

You may find a price chart for BTCV on Coinbase, but it doesn’t support Bitcoin Vault as a tradable token. Coinbase’s goal is only to provide education related to Bitcoin Vault.

The following is the official list where BTCV is traded:

How to buy Bitcoin Vault in Coineal

This is just an example of how to buy Bitcoin Vault via Coineal. The steps required to buy Bitcoin Vault on other exchanges are roughly the same.

Step one

Visit Coineal BTC market. then click BTCV/BTC. You just choose the pair that will be traded, if use USDT clicks USDT, and then BTCV/USDT.
Bitcoin Vault

Step two

To the right of the chart, a recent price BTC/BTCV appears. if you get a match your price, then select Buy BTCV by first entering the amount you want to buy in the box provided above the Buy BTCV button.

bitcoin vault

If you want to sell BTCV, just choose the Sell BTCV button with the entering a number will be a sale.

There are two options to Buy, in market order or use a limit order. If you prefer to buy instantly, then choose market order. But if you want to get at a specific price, then choose a limit order.

If you choose an order limit, hence your order will in the queue, if the price reaches your price, it will open the order.

Where can I trade Bitcoin Vault?

Maybe you bought BTCV for the purpose of not being stored, but for trading. All of the exchanges mentioned above are places where you can buy and sell BTCV and other cryptos.

But of course, the first time that is done is to register on one of the exchanges that provide BTCV in trading assets.

Because your purpose is to trade, it is necessary to understand how the BTCV price trend is. This is important to be able to make a profit. And since crypto trading is risky trading, it’s best to invest wisely.

Is Bitcoin vault mining profitable?

The simple answer is, is BTCV mining profitable? Yes, for now, the growth of BTCV users has increased, and the daily volume has reached 2 million USD. But in the long run, the answer is complex.

But how do you mine BTCV? If you look at the existing sources? Most of you choose to use Mining City to become a facilitator to mine BTCV.

The current price of BTCV against USD hit $ 57.68 at press time. BTCV scored its highest price on September 14-2020 at $ 183 according to Digitalcoinprice.

What Bitcoin Vault offers is convenience and security. And like a Bitcoin miner, if the value of BTCV increases then becoming a Bitcoin Vault miner will give a greater value to the token owned.

What is Bitcoin vault mining city?

Many BTCV miners grind Bitcoin Vault Mining City even more. So Mining City is a Bitcoin mining pool, where if someone wants to use the service, they have to register first.

On registering page you need to fulfill the form referrer, this need because Mining City uses an affiliate program.

Then you need an email address, your name, and create a strong password to keep your account secure.
bitcoin vault in mining city

How to Buy Share Mining Packages in Mining City?

You need to open a new account in your own name at Mining City.

Please login to your account that you created in the previous step. Enter your username and password to get into your account.

Select what type of mining machine package you want to choose. Adjust the funds that you have prepared as capital to rent machines. Are you going to mine bitcoin (BTC) or mine vault bitcoin (BTCV)?

Package in Mining City

To mine at Mining City, you need to choose the available packages, there are six package options that you can adjust to your budget.

Primary package

Invest minimum $300.
The contract for 1100 days.
Start mining 10 days after purchasing.
Machine WhatsMiner M21S.
Hashrate 3 TH/s.

Standard package

Invest minimum $600.
The contract for 1100 days.
Start mining 10 days after purchasing.
Machine WhatsMiner M21S.
Hashrate 6 TH/s.

Bronze package

Invest minimum $1200.
The contract period for 1100 days.
Start mining 10 days after purchasing.
Machine WhatsMiner M21S.
Hashrate 12 TH/s.

Silver Package

Invest minimum $2400.
The contract period 1100 days.
Start mining 10 days after purchasing.
Machine WhatsMiner M21S.
Hashrate 24 TH/s.

Gold package

Invest minimum $4200.
The contract for 1100 days.
Start mining 10 days after purchasing.
Machine WhatsMiner M21S.
Hashrate 42 TH/s.

Platinum package

Invest minimum $12600.
The contract for 1100 days.
Start mining 10 days after purchasing.
Machine WhatsMiner M21S.
Hashrate 138 TH/s.

Mining City claims to provide daily earnings after the selected package starts mining. Apart from that, they also get global community access and long-term investment. They also have a licensed real coin digging plant in Kazakhstan.

How to withdraw bitcoin vault from mining city?

To withdraw BTCV from Mining City, one way is to use an exchanger, for example, Coineal. From Coineal all you need is the BTCV wallet address that will be used to receive BTCV from Mining City.

To get a receiving address you log in at Coineal and find the required address.

Next, go to Mining City and make a BTCV withdrawal using the address from Coineal. The process may take time, so it is not immediately possible to submit a withdrawal from the BTCV Coineal address.

Is Mining City legit or a scam?

The mining process is very expensive, and it is not known exactly how much capital Mining City spent on this project.

Some sources suggest that it is possible that Mining City will use the Ponzi scheme, which this model will at some point fail. The Ponzi scheme is to pay existing members using money from new members.

And there is one report from the Philippine Securities and exchange that Mining City is neither registered to operate nor commission.

Conclusion

Bitcoin Vault is one of the assets that can be traded and becomes an asset that allows it to provide profit in the long term.

The concept of security from Bitcoin transfer errors provides its own color as to why people need to use Bitcoin Vault for secure Bitcoin transactions.

Although it slows down the transfer of funds a bit, it has the opportunity to cancel the transfer if one mistake occurs.

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