Who is Bobby Lee? And why is his creation so important?
Bobby Lee, one of the true experts on cryptocurrencies
For those of us who make a living in the crypto world, the storage of our cryptocurrencies is vital because if we do not have a wallet that suits our needs and provides the security that our money requires, we may be at risk of losing everything. And within the world of wallets, there are different virtual wallets in which we can deposit our crypto, from the so-called cold wallets that consist of a piece of hardware impossible to hack to the less secure but more convenient online wallets.
Therefore, as the cryptocurrency market is in constant growth, the development and implementation of new wallets represent a business opportunity that can be very lucrative as long as it satisfies users' needs. This seems to have been understood by Bobby Lee, the crypto entrepreneur who made headlines with the sale of one of China's oldest Bitcoin exchanges, BTCC, and who is now returning to the crypto world with the launch of Ballet, his new venture for the development of cold wallets.
"We wanted to create a wallet that is simple and elegant. And that's what we've done. I've been working hard on this since January of this year, and we've done six design mock-ups of this physical wallet," Lee said of Ballet's product in 2019. This virtual consists of a credit card-sized piece of metal with a QR code printed on the surface, associated with the user's account address.
At the moment, the wallet supports Bitcoin, XRP, Litecoin, Ethereum, and tokens that have been launched with the support of a blockchain such as ERC-20. In addition to its ease of use, its low has allowed it to enter a market with a wide supply of physical wallets. As such, the cost of the wallet is offered from as low as $29, much less than most of the cold wallets currently available on the market.
Now let’s dive deeper in the great advantages that the Ballet Wallet offers; when choosing a crypto wallet, we must ensure that it meets certain characteristics, especially those related to security.
According to its website, it is the world's first non-electronic hardware crypto wallet. Also, according to its physical specifications, it seems to have an adequate weight and size. In this sense, it is a stainless steel card with two QR codes: one at first glance and one not so much. The first QR code we see on the crypto wallet is the public address. Below that code is another QR code, which is the wallet's private key.
The private key consists of a 20-character password, but you still don't see the private key but the QR code. What else should I do? You should look for another string of code coated on the bottom of the card, you should scratch to see it.Both are necessary for the user to obtain the private key through the iOS and Android app. This key is needed to access all cryptocurrencies on different Blockchains supported by Wallet Ballet. Many experts have praised the product precisely for this feature: it uses a 2-factor key generation (2FKG) process. Since, to access the funds in your wallet, you need both the encrypted private key and the passphrase of the corresponding wallet. But, in order to have them, you need the card.
But, here's a very important fact: Only you have access to the private key printed on your Wallet Ballet! Lee stated at the time that once it is printed on the Ballet card, the private keys are deleted. This means that if you lose the card, you will not be able to contact Lee or his company. You may be wondering: how do I prevent others from scanning the QR code? Well, you can set the card to "privacy mode", an option that removes the ability for anyone to scan the wallet's public key.
One aspect we should look at when investing in security is the amount of assets we are looking to protect. It really wouldn't make much sense to invest $20,000 to store $100, would it? On their website, you can purchase your Wallet Ballet from $35 to just over $99. It all depends on the series you want to purchase as well as the finish of the card.
There is no denying that cryptocurrencies have been quite a controversial topic, both for financial institutions and various governments worldwide. That is why more and more people dabble in this world every day, trying to understand what digital currencies have to offer and what the experts in this world have to say.
And this is where the difficulties can begin. As cryptocurrencies continue to represent innovation, many of the self-described "experts" are new to the field, increasing the chances of giving flawed analyses or inaccurate predictions. However, there are experts in digital assets, such as Bobby Lee, an early believer in Bitcoin's potential.
Bobby Lee was the co-founder and CEO of the first cryptocurrency exchange in China, called BTCC, and a board member of the Bitcoin Foundation. However, Lee started his career in technology long before Bitcoin; he graduated from the Stanford University of Computer Science and started working in Silicon Valley as a software engineer at Yahoo! He held other important jobs at large companies such as Microsoft and Walmart.
Don Norman popularized the concept of affordances in design, which is the articulation of an object's characteristics, such as the handle on a tea cup, that show the different actions people can perform with it, so proposing how they may engage with it. The Ballet Wallet has all of the features that beginners who are used to physical products need as a stepping stone into the deep oceans of cryptocurrency... without drowning.
Is this a product that is appropriate for everyone? Possibly not. Advanced users can generate and store private keys securely, but they may appreciate the Ballet Wallet for its ornamental features, as a cherished souvenir or as a gift to a loved one with a burgeoning interest in crypto. I believe the Ballet Wallet is well-suited for novice to intermediate users who not only appreciate aesthetic beauty but also require secure key creation without fear of their computer being hacked.
History of Bobby Lee in the world of Cryptocurrency:
The cryptocurrency adventure began in 2011, before the popularity of digital currencies escalated, with the founding of BTCC, which was operating uninterruptedly until the Chinese government imposed heavy regulations on exchanges and Bitcoin. In all that time, Lee had the opportunity to learn about digital currencies, their strengths, weaknesses, behavior, etc. That is why he is considered one of the true experts on cryptocurrencies today, especially on his favorite cryptocurrency: Bitcoin.
Bobby Lee has repeatedly demonstrated his preference for Bitcoin, assuring that it represents the future of economic transactions and its value will continue to increase. Although this is a bit hard to believe due to the bearish market trend, it is pretty clear to Lee. According to the expert, the price of Bitcoin will continue to rise as a result of the failures in the financial system based on fiat money.
"Cash is the ultimately controlled substance," because not only is it dependent on a Central Bank, but fiat currency transactions are often costly and restrictive, he said in a lecture he delivered at Stanford in June 2018.
The entrepreneur believes that BTC can be beneficial depending on the person and the intended use. In an interview with CoinTelegraph, Lee said that "the usefulness is only in the eye of an observer who finds it useful. But Bitcoin is very, very useful as a form of payment for people who are separated by distance or by the time". This belief is sustained in the fact that Bitcoin has value in every part of the world, unlike traditional currencies that only have significance within specific territories. First, however, it is essential to clarify that "Bitcoin is a very efficient way to send value, as long as both people value Bitcoin and understand that its market price varies."
This self-described "Bitcoin Maximalist," while a true believer in the potential of the crypto world, is not so passionate about ICOs and altcoins. He has claimed that, besides BTC, the only other cryptocurrencies he holds are Bitcoin Cash, Ethereum, and Litecoin. The latter was created by his brother, Charlie Lee.