BitBox 02 is a hardware wallet for "cold" storage of cryptocurrencies, released by the Swiss company Shift Crypto Security AG in 2019, replacing the previous model BitBox 01. The device is presented in two versions:

• BitBox02 Bitcoin-only is designed exclusively for storing bitcoin.

• BitBox02 Multi — supports more than 1,500 different tokens.

The main difference between these versions is the firmware that provides support for the corresponding cryptocurrencies.

Basic characteristics:

• The device has a stylish futuristic design. 

• Equipped with a large OLED display for ease of use.

• Touch buttons make it easy to interact with the wallet.

• The connection is made via USB Type-C, which ensures high data transfer speeds and compatibility with modern devices.

• The wallet is managed through a convenient program available for installation on computers and Android devices.

• The wallet supports several languages, and the interface language automatically adjusts to the region of use.

BitBox 02 Multi, unlike the Bitcoin-only version, supports more than 1,500 tokens, which makes it more versatile and suitable for users who own a variety of cryptocurrencies. 

The device offers a high level of security and convenience, being a reliable solution for the "cold" storage of cryptocurrencies.

Technical specifications and functionality

The BitBox 02 crypto wallet stands out not only for its stylish design, but also for its high reliability. Let's take a closer look at its features and functionality:

Device Features:

Connection interface:

• USB-C: BitBox 02 is equipped with a USB-C interface, which allows you to connect the device to a computer, phone or tablet. 

• Software interface: The wallet management application is available in four versions — for Windows, macOS, Linux and Android. This ensures compatibility with a wide range of devices.

Open source code:

• The firmware of the device is open source, which allows any user to check it for vulnerabilities and ensure the security of the software. This increases trust in the device and ensures that possible threats are quickly identified and eliminated.

ATECC608B Secure Chip:

• The device uses a secure ATECC608B chip to securely encrypt the LED phrase.

A certified random number generator creates private keys, which increases the level of security.

Secure Update:

• BitBox 02 only accepts firmware signed by the manufacturer of Shift Crypto. This ensures that the device will not use unauthorized or malicious updates.

Physical protection:

• The microcontroller and the chip of the device are sealed with epoxy filling. When an attempt is made to open the wallet, it becomes inoperable, which protects it from physical interference and hacking.

Two-factor authentication:

• BitBox 02 supports two-factor authentication (2FA) using a verification code and a password selected by the user.

• Touch buttons are used to enter the transaction confirmation code, which provides an additional level of security.

BitBox 02 functionality:

Cold storage of cryptocurrencies:

• BitBox 02 is designed to securely store cryptocurrencies in cold storage mode, which minimizes the risks associated with online threats.

Connecting to DeFi on the Ethereum blockchain:

• The device can be used to interact with decentralized finance (DeFi) on the Ethereum blockchain through additional software.

• This allows users to participate in staking, providing liquidity and trading on third-party platforms, which expands the possibilities of using cryptocurrencies.

Backup to a microSD card:

• The device supports data backup to a microSD card. This provides an additional layer of protection for your keys and passphrases, allowing you to restore access to your wallet in case of loss or damage to the device.

BitBox 02 is a reliable and secure hardware wallet for cold storage of cryptocurrencies. Its DeFi connectivity, microSD backup and many security features make it an attractive choice for users looking for a reliable solution to store their digital assets. However, the need to use additional software to work with decentralized applications may be a disadvantage for those who value simplicity and convenience.

Analog Cold Wallets: Trezor, KeepKey, SafePal.

Supported Cryptocurrencies

The BitBox 02 multicurrency wallet allows you to store and transfer almost all popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Cardano (ADA), Binance Smart Chain (BNB), Litecoin (LTC), Polygon (MATIC), Chainlink (LINK) and many others. The device supports more than 1,500 ERC20 tokens. The DeFi tokens of this network are available by synchronizing the wallet with MyEtherWallet or using the Rabbit browser extension. To see the full list of supported coins, visit the official BitBox 02 website.

Mobile application

The wallet is managed using special software that is installed on a computer or mobile device. The device is connected via USB-C to a phone or computer. To get started, you need to download and install the program, which is available for the following operating systems:

• Windows

• macOS

• Linux

• Android

The Android app is available on the Google Play Market and can be found by searching by name or by clicking on a link from the manufacturer's official website.

Please note that there is no iOS version, so iPhone owners will have to install the program on their computer.

Commission and fees

The BitBox 02 hardware wallet provides a secure and convenient means for storing and transferring cryptocurrencies without additional internal fees. However, like all cryptocurrency transactions, transfers from BitBox 02 are subject to a blockchain fee. Here is a more detailed explanation:

Without internal commissions

• No internal fees: BitBox 02 does not charge additional fees for performing transactions or storing cryptocurrencies. All expenses are related only to the commissions of the blockchain network.

The blockchain Commission

• Dependence on network conditions: The commission for transactions in the blockchain is not fixed. It varies depending on the current network load, the transfer amount and the selected transaction priority.

• Priority selection: When sending tokens, users can choose the priority of the transaction: Low priority (The transaction will cost less, but may take longer to confirm), Medium priority (Optimal balance between cost and speed), High priority (The transaction will be processed faster, but with a higher commission)

The impact of network congestion

• Flexibility of commissions: Blockchain fees increase when the network is heavily loaded, when many users make transactions at the same time. At such times, to speed up the confirmation of the transaction, you can choose a higher priority, which will increase the cost.

• Displaying the commission: During the transaction, BitBox 02 displays the current network fee in the transfer window, allowing users to make informed decisions about the priority and time of sending.

Examples of commissions

• Popular tokens: For most popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and ERC20 tokens, the transaction fee is only a few cents with low network congestion and may be higher with increased traffic.

• Clarification of the commission: Before sending, users can see the exact amount of the commission, which helps to avoid unexpected costs.

BitBox 02 provides users with full control over their cryptocurrency assets without hidden internal fees. However, users should take into account the blockchain fees, which vary depending on the network conditions and the selected transaction priority. The device offers flexibility and transparency in the management of commissions, making the process of transferring cryptocurrencies as clear and predictable as possible.

Safety

BitBox Wallet is a wallet with a unique security architecture combining open source and Secure Chip in one device. The firmware runs on a general purpose microcontroller (MCU), and private information is encrypted with several keys that are protected by the ATECC608B chip. The device generates a BIP-39 LED phrase, providing a high level of security.

Each time you turn on the wallet, you need to enter a PIN code, as well as confirmation of each transaction, which adds an additional layer of protection. A microSD card is used for data backup, which comes with the wallet, providing convenience and security of data recovery.

There is a version of the Bitcoin Only wallet that is considered more reliable because it supports only bitcoin and therefore has fewer potential vulnerabilities. During the entire existence of the device, there have been no security problems, which indicates its reliability and high level of protection.

BitBox Wallet provides users with a secure, convenient and reliable means to store and manage cryptocurrencies, combining advanced security technologies and convenient functions in one device.

Support Service

A knowledge base with detailed answers to all common questions about using the BitBox wallet is available on the manufacturer's website. If you need additional help, you can order a callback by leaving your contact details in the form on the website. Support will contact you within two days.

Conclusion

BitBox 02 is a reliable hardware wallet with a basic set of functions and several interesting features. The manufacturer used a security architecture based on two chips, which made it possible to create a reliable open source wallet. The device is made of durable plastic and, despite its low weight, looks quite reliable. The BitBox 02 interface is so simple that it is ideal for novice crypto investors choosing their first wallet.

Now about the cons. The wallet cannot be connected to iOS, which significantly reduces the number of potential buyers. To access decentralized applications, you need to use additional software, which is inconvenient. Overall, BitBox 02 deserves attention as one of the most reliable hardware wallets. It will appeal mainly to those who are looking for a device for storing cryptocurrencies and do not need advanced functionality.