The curious matter of Bitcoin Vault

Bitcoin Vault is a cryptocurrency token that was invented to allow the reversal of a transaction within 24 hours if sent to a wrong address or if the coins are stolen.

This they achieve by extending the transaction confirmation time from 10 minutes as applied in Bitcoin to 24 hours. Every transaction is alerted on-chain for 144 blocks and a recovery key unique to the private and transaction keys can be used to urgently cancel an errant transaction, making it secure.

The extra time it takes for these transactions makes BTCV less ideal for everyday use, but it's more fitting as a store of value, according to their white paper.

What's concerning from a bystander's point of view, is the fact that the coin's symbol mimics that of BitcoinV (BTCV) in the markets. Other than that, it had been doing pretty well for some time since its September 2019 launch, rising to an all-time high of $490 in August but currently trading at $105.

Most who have invested in the coin take part in mining pools provided by the likes of Mining City and MineBest. MineBest was founded by Eyal Avramovich, who is the main man behind Bitcoin Vault's vision.

A screen-grab of the Bitcoin Vault Roadmap from their website

Currently, they have launched a testnet available on android that is adopting a three-private-key security structure.

The 'Standard Private Key' will be used to make regular transfers, the 'Cancel Transaction Key' will be used to cancel any suspicious transactions or mistakes and the 'Fast Transaction Key' will be used for making fast transfers on the blockchain.

Bitcoin Vault seems like a promising holding or trading currency, seeing that it is listed on about 10 exchanges already, including Liquid, ProBit, Coineal, and MXC, among others.