PRO Series Quiz
The Ballet PRO Series wallet is designed for experienced cryptocurrency experts. If you use it correctly, it is a highly secure cold storage solution, but if you make a mistake while using this product, all of your funds could be lost forever. In order to ensure that you have the necessary knowledge and expertise to safely use this product, please take the following quiz before you decide to purchase it.
1. BIP38 is an open-source standard for generating encrypted private keys.
True FalseBallet’s patented two-factor key generation process (2FKG) is based on the BIP38 open-source standard. Ballet PRO Series and REAL Series private keys are both generated by this process. For more details go to: https://www.ballet.com/2FKG/
2. The Ballet PRO Series wallet passphrase and encrypted private key are both generated by the user.
True FalseThe PRO Series user creates the passphrase before ordering the product and Ballet generates an encrypted private key that can be decrypted by that passphrase.
3. You should always generate your BIP38 intermediate code on an offline computer.
True FalseBy generating your BIP38 intermediate code on an offline computer, you can reduce the risk of malware.
4. The same passphrase will always generate the same BIP38 intermediate code.
True FalseThe BIP38 intermediate code generation process includes a random number component, so the same passphrase will produce a different intermediate code each time you click “Generate Intermediate Code”.
5. You should memorize your wallet passphrase and not make any backup copies.
True FalseHuman memory is very unreliable. Even if you can memorize your passphrase today, your memory will become weaker as you get older and you could suddenly lose your memory if you suffer a head injury. Furthermore, if you use a passphrase that is simple enough for you to memorize, then it is probably simple enough to be cracked by brute force computation. The best practice is to create a long, random passphrase and make physical backup copies of it. Store the passphrase in multiple locations, separately from the PRO Series wallet cards.
6. If you lose or forget the passphrase for your PRO Series wallet, you can reset it using the Ballet app or by contacting Ballet support.
True FalseThere is no way to reset or recover your passphrase. If you lose or forget your passphrase, you will permanently lose access to the funds stored on your wallet.
7. You should store your three identical PRO Series wallet cards at different locations in order to protect your funds in case any one copy is lost, stolen, or destroyed by fire, etc.
True FalseThe Ballet PRO Series comes with three identical wallet cards so that you can set up a geographically distributed backup system that gives you peace of mind that your funds are safe.
8. The BIP38 confirmation code on your PRO Series wallet allows you to verify that you have the correct passphrase before you deposit any funds to the wallet.
True FalseThe Ballet app allows you to use the BIP38 confirmation code to verify that your passphrase can decrypt the encrypted private key without requiring you to peel off the sticker to actually decrypt the encrypted private key.
9. The PRO Series wallet is a bearer asset like cash or gold.
True FalseUnlike the REAL Series, the PRO Series is not a bearer asset. The REAL Series is a bearer asset like cash or gold because the encrypted private key and passphrase are both contained on the physical wallet card; if you have it in your possession, you have access to the funds stored on it. The PRO Series physical wallet card contains the encrypted private key but not the passphrase required to decrypt it.
10. The PRO Series wallet is a good product to give as a gift.
True FalseThere are two main reasons why the PRO Series is not suitable to give as a gift. First, since the passphrase is separate from the physical wallet, there is an unwanted burden on the recipient to securely store the passphrase. Second, since the passphrase must be created by the purchaser, the recipient cannot have full confidence that he or she is the only person who has the passphrase. Please consider the Ballet REAL Series for your gift giving needs - it was designed specifically for that purpose.