Any time you make a decision to use a cryptocurrency product or service, you must be able to trust that the company has competence and integrity. If you trust the wrong company, you can end up losing all of your money. Since cryptocurrency transactions are irreversible, security and trust are even more important than when you are dealing with a traditional financial services company. In the context of cryptocurrency wallets and exchanges, competence refers to the ability to keep users safe from theft and avoid any bugs or product defects that could cause a loss of coins. Integrity means that a company will always be honest and act in the best interest of its users. One of the best ways to ensure that you make a good decision is to look carefully at a company’s reputation. If a company has a long history that demonstrates competence and integrity, that is a strong indication that its successful performance will continue. Ballet launched its flagship product - the Ballet REAL Series cryptocurrency wallet - in 2019. So far there have been zero reports of product defects or security failures that have caused a loss of coins. Our patented two-factor key generation process has set a new standard for private key security. But our track record really goes back much further, because our CEO and senior team members have been working together for years before Ballet. Ballet’s founder and CEO, Bobby Lee, was the co-founder and CEO of the first cryptocurrency exchange in China (BTCC) from 2013 until 2018. He started mining Bitcoin in 2011 and soon became a well-known industry leader. In addition to the core cryptocurrency exchange business, BTCC launched a line of physical bitcoin products called BTCC Mint. These were physical coins, bars, and poker chips that each contained a private key holding real BTC. They were very popular among collectors and they sold out very quickly. Today BTCC Mint products command a significant price premium on the secondary market. Bobby Lee was the Coinmaker who directly supervised the creation of every BTCC Mint product. Between 2016 and 2018, BTCC Mint produced physical bitcoin products in a variety of denominations that hold a cumulative total of over 8,600 BTC. As of the year 2021, that’s worth over 400 million U.S. dollars. There have never been any reports of physical product defects, compromised private keys, or any other kind of security failure that could result in a loss of coins. Since no copies of the private keys were made, there is no risk of a hack that could steal the coins from BTCC Mint products. Ballet has inherited BTCC Mint’s legacy of quality and security. Under Bobby Lee’s leadership, we have applied and improved upon the security principles that were successful for BTCC Mint physical bitcoins to create the Ballet REAL Series cryptocurrency wallet. Whereas BTCC Mint physical bitcoins were designed for collectors, the Ballet REAL Series was made to be the easiest cryptocurrency wallet for ordinary people. As we work toward our goal of bringing the opportunity of Bitcoin and cryptocurrency to the global mainstream market, we are constantly aware that our success depends on us maintaining the trust that we have earned over the past several years.
Articles in this section
- How are Ballet wallet private keys generated?
- Does the Ballet Crypto app store my Ballet wallet private key on my mobile device or transmit it over the internet?
- How is it possible to generate a cryptocurrency address from a passphrase and encrypted private key without combining them on the same computer?
- How do you make sure that company employees or anyone with access to Ballet manufacturing facilities cannot steal encrypted private keys or passphrases during or after the manufacturing process?
- How are Ballet wallet passphrases and encrypted private keys are matched correctly during the manufacturing process?
- How do you verify that each Ballet wallet’s encrypted private key can be decrypted by the wallet passphrase before selling wallets to the public?
- Why should I trust Ballet?
- How is it possible to generate an encrypted private key without knowing the passphrase needed to decrypt it?
- Do Ballet wallets allow me to generate my own private keys?
- Isn’t it safer to use cryptocurrency wallets that allow me to generate my own private keys?