Is Ballet a Safe Wallet to Store Cryptocurrency? (Ballet Review)

Ballet Crypto is a mobile and cold wallet that lets users transact and store cryptocurrency in a transparent and efficient fashion.

site: balletcrypto.com

Ballet allows users to check the prices of different cryptocurrencies and allows users to activate them in order to create a safe and secure storage unit for the crypto on their mobile application.

The application can be found on the Google Play Store, IOS App store and can even be downloaded as an APK file on any android device.

Currently Ballet supports 23 cryptocurrencies but is constantly adding new cryptocurrencies to the wallet for maximum coverage.

Ballet was founded in the USA by «Bobby Lee» who is a serial entrepreneur in the cryptocurrency space and has held many executive positions in companies such as Walmart, and SMG BesTV New Media.

Ballet Crypto has also launched a 100% cold wallet product that is non electronic, making it the first product in history to offer support for multiple currencies in a cold storage without any connection to the internet.

Problems with the current custodial wallets

Long wait times on registration

In order to make a custodial a wallet, users will need to go through a rigorous account registration process that includes ID verification and other KYC/AML procedures that could take up to an hour to fill out.

KYC Regulations

Since custodial wallets currently require ID verification and follow Know Your Customer procedures, wallets need to restrict users based on their age and geography.

These wallets are very susceptible to governmental rulings and could freeze accounts of users who the government deems as restricted.

Transaction Delays

When funds are sent from a wallet that the private keys are not owned with, there could be delays with the transactions.

The company or wallet usually will have to manually accept the transactions and allow the withdraws or sends to take place. This does not put the user in control of their finances and brings more of a traditional market feel to the cryptocurrency market.

Withdraw limits

Exchanges and custodial wallets will put limits on the amounts that a user can withdraw or transfer in order to keep some security on the platform.

This does not make an open financial market and instead puts restrictions and centralized holds on the users who own the assets.

Downtime

Wallets and exchanges will often have downtimes that are never convenient for users. In a market where assets are being traded 24/7, it can be financially damaging to have the platform undergo maintenance as assets are not allowed to be traded during this time.

If Bitcoin is at $10,000 and a user wants to sell his/her assets, he/she might have to wait if there is maintenance, which could result the user into losing money if the currency drops during the downtime.

Hacks/exploits/privacy leaks

When accounts are held online, they can be exploited, and personal information could be leaked. If a database is hacked, users may not only lose money but could have their identity revealed.

Hackers could exploit personal data that links a Bitcoin address to a personal Identity which puts the person in added danger of phishing attempts and other exploits to try and steal the user’s assets.

Personal Trust in the 3rd party

Users who want to transact on the wallet need to trust that the platform will not save personal information that they promise not to collect.

In the past, wallets have been accused of storing information that was unknown by the user and have maliciously stolen funds from wallet users.

Wallet holders will also need to trust that the company behind the software, will keep good security measures and help protect them from hacks etc.

Key Advantages of using Ballet

what are the features of Ballet wallet?

some of these features might exist in other wallets too.

safety of the private keys

They private keys that are added on the physical cold storage are pregenerated so there is no individual burden on creating the keys.

Private keys hold the verification and proof of funds for cryptocurrencies and so securing this information and making sure that the private key is generated correctly is at the upmost of importance.

Creating a private key without using secure methods, can give hackers a better chance at exploiting your keys and getting to your irreversible currencies.

No Registration or Account Login

Another advantage with Ballet over other traditional methods of storing currencies, it is available to anyone regardless of their age, or geographical location.

This allows anyone to use and transact with cryptocurrencies in a safe and transparent way which puts everyone on an even playing field.

Ballet is notorious for its simple and easy to navigate wallet procedures. There are no accounts, passwords, or even KYC set up sets. Ballet understands that cryptocurrency is still very new, and so they aim to make it the easiest wallet to understand and hit the ground running with.

Since there are no accounts or passwords, it brings an added layer of security because a hacker can not exploit a week or found password.

With the traditional wallet products, hackers can use phishing attempts and use calculated virus to try and exploit your account to get to your valuable private key which leaves consumers at risks.

Cold wallet

The cold wallet feature allows Ballet customers to eliminate the risks of being hacked. Since Ballet uses a cold wallet that is not connected to the internet in anyway, it does not allow for remote attacks to occur.

Cryptocurrency hacks and exploits happen every day, and enormous exchange hacks that leave victims with millions of dollars in cryptocurrency losses are becoming more prevalent.

With the Ballet wallet, users can be ensured that their funds will not be exploited in the same fashion since the wallet is not connected to the internet.

No limits

No limits or restrictions on account financials are set on all Ballet wallets which separates it from major cryptocurrency exchanges that limit the amount of cryptocurrency that can be transacted.

Exchanges that require users to hold an account and password need to put up transaction restrictions so that if their account is compromised, the exchange can help save some of the damages.

However, since the Ballet wallet doesn’t require users to hold passwords, it is safe from hacks/exploits which allows them to roll out this feature.

Currencies that are currently supported by Ballet

BTC, ETH, XRP, BCH, LTC, USDT, LEO, HT, DASH, ETC, LINK, MKR, BSV, BAT, TUSD, QTUM, BTG, BCD, DOGE, BNB, USDC, and SAI.

Currencies that are coming soon:

ZEC, EOS, XLM, TRX, ADA, NEO, ATOM, XTZ, CRO, XEM, ONT

How the Cold Storage Card Works

According to the official website Ballet:

Ballet adopts an industry-first 2-Factor Key Generation (2FKG) process.

In order to access the funds, users will need the private key which is encrypted and the corresponding wallet passphrase.

When Ballet is generating the wallet, these two vital pieces of information are not done together and are separated to make sure that the process is secure.

The data is not transferred or saved, so that way the information will not leak and be used to steal assets. In order to test the wallets, the consensus of BIP 38 is used to make sure that the information is correct and accurate.

To send money

• Step 1: Scratch of the wallet passphrase that is on the physical wallet. The information is hidden like a traditional lottery ticket, where it needs to be scratched in order to reveal the information.
• Step 2: The QR code will need to be peeled off as it is a sticker.
• Step 3: Download the mobile application and scan the QR code in order to send the cryptocurrency funds that are in the wallet. Any BIP 38 software will be able to extract the private key information, so the 3rd party software could be used to access the funds as well.

Guarantee

Ballet is so confident in their patent pending process that they guarantee your private key information will never be revealed to any employee during the creation process.

The guarantee also states that private information like private keys, and identities will never be saved, therefore making it hack proof.

This guarantee gives customers a piece of mind as they will not need to worry about securing their private key generation and will not need to worry about a third party saving their valuable personal information.

With all the hacks and scams that are happening in the cryptocurrency market, it is nice to have a safe and effective method to securing crypto assets.

Creation Process

The creation process starts in the United States, where the serial number and wallet passphrase are created using an offline computer.

The information is then automatically used in the BIP 38 process to create a encrypted private key.

After this process is complete, a QR sticker that is added to the wallet is created in China in a manufacturing facility. The data is not sent externally and is transferred on hard drives to ensure the information’s safety.

The information is then removed from the hard drive and deleted so that information can no longer be pulled from it. The private key information is not revealed, and a second layer is added to the QR code to ensure that this information is not reveled to anyone outside of the wallet holder.

The cards are then sent back to the United States to verify that the QR codes are correct, based on the serial numbers that were added at the beginning of the process.

A tamper strip is added to the card to ensure that if any information is reveled that the wallet holder would realize it and report that it was tampered with.

*The finished product can then be sent to the wallet holder and will look like the picture posted below.

Pricing

Collector Addition Bitcoin – $39
Real Bitcoin card – $35
Real Ethereum card – $35
Real XRP – $35
Real Litecoin – $35
Real USD- $35

Currently these cards can be purchased using Bitcoin, Bitcoin Cash, Ethereum, Litecoin, PayPal or Venmo via the shopify store.

Set Up Ballet Wallet

To setup a Ballet Wallet visit the official site and check out the “Quick Start” setup section to hit the ground running.

Final Review

3.5 / 5

It is always a good rule of thumb to hold assets on different wallets to ensure maximum safety.

Some platforms like hot wallets are better for quick transactions that need to be made daily, and cold storage is better for assets that don’t need to be as liquid.

Physical wallets like Ballet have a shipping time delay and if lost can cause your assets to be lost as well.

Paper wallets are not connected to the internet, so they are free from remote hacks but are not free from complete danger.

Physical wallets could be lost or stolen in a robbery/burglary.

Typically, people with paper wallets, or hardware wallets such as Trezor will keep them in bank vaults that are more secure than home safety vaults.

With the Ballet wallet, users are always in control of their finances and won’t need to worry about company changes that could affect their holdings in the future. With traditional wallets, company changes and governmental actions can freeze users’ assets.

Currently wallets could discontinue the storage of assets, which would leave asset holders in a downward spiral of headaches trying to recover their finances.

Ballet wallet holders are cut from third parties and do not need to follow the governance of any companies.

In the current market of cryptocurrency wallets, people that do not fit the digression of the company can be banned from using the wallet.

The vision of Bitcoin was made on the foundation of decentralization and freedom, but by telling wallet holders what they can and can not do, it takes away from Satoshi’s original vision.

Ballet wallet aims to bring the vision back on track by not forcing wallet holders to be held at the mercy of any governance control.

Ballet crypto still needs to be trusted as other wallets need to be. The user who purchases the card needs to trust that the security measures have been upheld and that the process is followed.

Ballet is also a new company and so they have not received enough trust from the community to push them to the top.