Bitbox02 Hardware Wallet Review (2020 Updated)

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• Published: October 13th, 2020
• Updated: October 20th, 2020

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The Bitbox02 is the latest cryptocurrency hardware wallet from the ShiftCrypto team.

Released in 2020 after the success of the first Bitbox, the new version has made significant improvements.

But we know what you’re thinking:

How does the BitBox02 stack up against the competition like the Ledger Nano X or the Trezor T?

That’s what we’ll cover in this Bitpremier review of the Bitbox02.

Let’s jump into some of the features of the device and who the device is for.

Who is the BitBox02 For?

Bitbox02
$119

The BitBox02 is for any Bitcoin and cryptocurrency holder looking to store lots of cryptocurrency for the long term.

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Like we said above, this hardware wallet is meant for any cryptocurrency holder in it for the long term. This is a strength of pretty much any hardware wallet. If you want to frequently transact smaller amounts, look no further than a cold wallet.

The wallet comes in two versions, one only supporting Bitcoin, and another supporting a variety of Altcoins. The reason the Shift Crypto team decided to make two versions is they know much of their audience are die-hard Bitcoin maximalists, who can appreciate the lower amounts of attack vectors in a Bitcoin-only device.

Currently, the device is supported on Mac, Windows, and Linux.

Features

Some of the best features of the Bitbox-2 include its easy backup MicroSD, OLED display and touch sensors, secure chip hardware, USB-C & A compatibility, and U2F support. The code for the software is completely open-source, adding an additional layer of trust to an already widely trusted company in the cryptocurrency space.

Next, we’ll get into the unboxing of the device.

Unboxing

bitbox package

The Bitbox team was nice enough to send the Bitpremier team a hardware wallet to write a review.

Thanks, guys!

Upon opening the box, here’s what came with it.

In the box:

  • BitBox02: the actual wallet, and the interface we’ll use to interact with the different cryptocurrency networks that the wallet supports.
  • microSD card: used to back up the wallet using the MicroSD card, we’ll get to that part later in the setup tutorial.
  • USB-C to USB-A adapter
  • USB-C extension cable
  • Rubber pulls
  • And of course some stickers.

Controls

In order to control the device, you simply press on one of the edges, or both at the same time. While it’s a bit strange to get used to at first, the system becomes more intuitive and grows on you.

controls

Setup

The Shift Crypto team includes an extremely simple setup guide inside the packaging.

In order to get started go to the ShiftCrypto Start Page and download the program for your operating system. From here on out, this tutorial will be specific to Mac, but it should be extremely similar to other systems.

Bitbox Download

Once it’s downloaded, move it to your Applications folder and open it.

Plugin your device to get started. In my case, I had to download the most recent firmware.

Next, you’ll want to tap the side of the device you want to show right side up. From here, enter the pairing code to ensure your device and computer are on the same page.

We’re now ready to use the wallet. We can either create a new one or restore an old wallet backup.

For most reading this tutorial we’re going to be creating a new wallet, so going forward we’ll explain that.

We’ll have to set a password next to protect the device from any unwanted users who get a hold on it in person. We recommend setting a strong secure password that you’re going to remember. The device will give you a warning for any password under 4 characters. This character amount is allowed, although not supported.

Once the password is set, it’s time to create a backup for the device using the SD card given.

Make sure you fully understand the options listed before clicking continue.

A quick insert and confirmation are all you need to create your backup.

Once that’s done, you’re finished setting up your BitBox02!

Frequently Asked Questions

Can the Bitbox02 store Altcoins?

Yes and no. Depending on which model of the Bitbox02 you decide to get, the wallet will or will not support altcoins.

The Bitbox multi-edition will support Bitcoin, Ethereum, Litecoin, and all of the ERC-20 tokens. They plan to add many more tokens and cryptocurrencies as time goes on.

Does Bitbox and the ShiftCrypto Team have a Bounty Program?

Absolutely, they have a bug bounty program that you can read about here. They display a leaderboard of current leaders in the bounty program which can be interesting to keep an eye on, as bugs are found.

How Does BitBox’s Price Compare to Competition?

The Bitbox02 competition mostly consists of the Ledger Nano X, Trezor T, and Keepkey.

In terms of price points, cryptocurrency variety, and security, all of these wallets are going to be pretty comparable. It’ll really come down to your personal preference on the looks, interface, and controls of the device

  • KeepKey – $99
  • Bitbox02 – $119
  • Ledger Nano X – $119
  • Trezor T – $169

While the BitBox02 is one of the cheapest, we don’t think a mere double-digit price difference should have much of an effect on the hardware wallet you decide to go with.

Conclusion

Overall, the Bitbox02 is a solid option for those wanting to get a hardware wallet of their own. From what we can tell, this device is extremely secure compared to other top hardware wallets on the market.

The user interface takes some getting used to, but becomes more intuitive the longer you use it. The USB-C port and MicroSD are nice additions that we feel set the BitBox02 apart from the competition. Depending on how important that is to you, you’ll know if the Bitbox02 is the hardware wallet for you.

It’s important to note the actual wallet isn’t what’s storing cryptocurrency.

Austin Tuwiner Administrator
Austin is the owner of Bitpremier, and got involved in Bitcoin in 2012. After working as a cryptocurrency journalist and and at several blockchain startups, he decided to start Bitpremier and educate the world on Bitcoin.
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