Bobby Lee Launches New Hardware Wallet

Bobby Lee Launches New Hardware Wallet

Bobby Lee, co-founder of Chinas first Cryptocurrency Exchange BTCC, in an interview, has outlined the history of BTCC. How it became the world’s largest Cryptocurrency by volume on the back of people’s tendency to trade in Cryptocurrency and revealed that the Chinese see Cryptocurrency as an investment option and not as a medium for payments. After that In China, Cryptocurrency Aids Money Transfers & banned cryptocurrency, BTCC was sold in 2018.

Bobby Lee also talked extensively about his latest offering Ballet, a metal hardware wallet as large as a credit card, capable of storing Bitcoin, Ether and 14 other altcoins.18 others are expected to join Ballet platform soon as per the project’s website.

Hardware wallets are electronic devices which store primary keys for Cryptocurrency users. They have to be connected to a mobile, computer to carry out transactions in Cryptocurrency. As they are isolated devices and the primary keys are not listed on the internet and hence cannot be hacked, they are considered to be the most secure device for Cryptocurrency users.

Ballet will be different from other hardware wallets in that it will itself generate public addresses and private keys for users. Thus, users will not have to set private keys as well as go through product set-up as in other hardware wallets. It is expected that such simplicity will attract more customers to the Cryptocurrency market. On the credit-card sized Ballet hardware wallet, there will be a QR code which is related to a wallet address created by Lee’s firm. Beneath the QR code will be a printed encryption code and beneath it will be another encryption code which will be coated. On buying Ballet hardware wallet, the user will have to remove the coat to reveal the encryption code. Only when both the encryption codes are entered together will the primary keys be revealed.

Ballet will do the groundwork to connect each wallet address with associated private keys, but once the Ballet hardware wallet is bought, it will erase the data.

Ballets price at $29 is cheaper than other hardware wallets.

Bobby Lee is expecting that Ballet will thrive in Hardware Wallet market dominated by a few big players like Trezor, Ledger, and KeepKey.With Ballet Lee is hoping that he will be able to connect masses to Cryptocurrency which will, in turn, lead to further growth in usage of Cryptocurrency as possibly a payment system rather than just as an investment destination.

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