Ever since the launch of the BitBox02 in 2019, our hardware wallets have been available in two editions: the Bitcoin-only edition and the Multi edition. While the Bitcoin-only edition – as the name suggests – can only be used with Bitcoin, the Multi edition also supports Litecoin, Ethereum (including ERC20 token), Cardano and can be used as a two-factor authenticator.
The decision which to go for is quite important, because you cannot change your mind afterwards. Let’s take a closer look at the difference between the two editions, what the benefits of the Bitcoin-only edition are and which one might be better suited for your needs.
Same, but different
First of all, both the Multi and Bitcoin-only edition share the exact same hardware. There are no actual differences in terms of materials or components used, which is why they’re also the same price. The difference between the two is entirely related to the firmware allowed to run on the device. But if it’s just about different firmware running on identical devices, why even sell two different editions in the first place?
Locked from the factory
Contrary to other Bitcoin-branded variants from other hardware wallet manufacturers, the Bitcoin-only edition of the BitBox actually enforces the firmware edition through cryptography, preventing switching from the Bitcoin-only to the Multi edition firmware – or vice versa.
Every BitBox is locked down right from the factory manually by someone from the BitBox team. The bootloader, deciding whether a firmware version can be flashed onto the device or not, therefore enables several security features: Only firmware digitally signed by BitBox can be installed on the device, downgrades to previous versions are prohibited and – you guessed it – the firmware edition must match that of the bootloader which was set in stone at the factory. In other words, a Bitcoin-only edition will always stay on Bitcoin-only firmware.
Less is more
The main benefit of a stripped down firmware edition is a theoretical security improvement, which comes down to a very simple principle: Less code and less dependencies are generally less prone to vulnerabilities. Because the Bitcoin-only firmware is about 25% smaller in size and drops over 100.000 lines of code in dependencies.
As an analogy, you could compare the firmware size with the size of a building. The larger a building is, the higher the theoretical risk for a fire will be – generally speaking, since there are more objects and rooms that may catch on fire. This doesn’t make the building itself less safe in absolute terms, but it can be a contributing factor if you really want to optimize for fire safety if you simply don’t need the additional space of a larger building. And since you don’t need the support for altcoins or two-factor authentication if you only intend to use Bitcoin anyway, the advantage the Bitcoin-only edition offers makes sense, even though it’s not a huge difference.
Of course, there are limits to this principle. If an application removes the code used for password authentication, it’s not automatically more secure. Equally, if you remove staircases and escape routes from a building, it’s not automatically safer in case of a fire, even though you technically made it smaller. This should be a reminder that no absolute statements can be made about security and why you should be sceptical if someone does. Needless to say, in the case of the BitBox editions, the Bitcoin-only firmware only strips parts of the codebase it simply doesn’t need. All features relevant for securing your bitcoin remain where they are.
For the purists
Apart from the theoretical security benefits, some users simply want to avoid distractions and appreciate the cleaner user interface offered by the Bitcoin-only edition. Because support for altcoins and two-factor authentication is stripped from the firmware, these features can never get in your way if you don’t want them. In addition to that, Bitcoiners who want to give a BitBox to their friends and family members can be assured they will not get tempted to play around with other coins.
The BitBoxApp will hide the option for altcoin accounts and is even optimized to show slightly different text elements depending on which edition is in use. For example, you will see the term “Bitcoin” rather than “Crypto” when you’re only using Bitcoin accounts.
Why is there a Multi edition?
Last but not least, let’s address the other end of the question. Some Bitcoiners may not like the fact we are selling a multicoin hardware wallet, and that’s okay. While most of our development efforts are heavily focussed on Bitcoin related features, we still believe there is room for the Multi edition, even though we are not actively planning on adding support for more cryptocurrencies.
Many beginner users still use exchanges to manage and hold all of their coins. Not giving users the options they want might delay or even prevent the purchase of a hardware wallet. We believe the switch to simple and secure self-custody is a very important step, regardless of whether a user has already adopted a “Bitcoin-only mindset” or prefers to use other cryptocurrencies. Giving users the freedom to choose between the two editions ultimately helps to democratize and enable self-custody to as many people as possible.
And regardless of the altcoin debate, the Multi edition also features two-factor authentication, allowing you to log into your online accounts and services more securely. In combination with other security keys (e.g. YubiKeys), the BitBox can also be a great backup key, because the U2F keys are derived from the main wallet backup – and can easily be restored in case your physical keys break or go missing. In other words, the Multi edition may even be the better option for some Bitcoin-only users, if this feature is of high importance to them.
Conclusion
The Bitcoin-only edition of the BitBox is a popular option for those, who already know they will only ever use their hardware wallet to manage their bitcoin securely – without any distractions. Thanks to the bootloader enforcing the device edition, this limitation even comes with a slight security benefit. But for those who still want and need more features from their hardware wallet – or are still in doubt – the Multi edition is a great option as well. Because remember, there is no turning back when choosing the firmware edition!
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Both the BitBox02 Nova and the BitBox02 also come in a Bitcoin-only edition, featuring a radically focused firmware: less code means less attack surface, which further improves your security when only storing bitcoin.
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Shift Crypto is a privately-held company based in Zurich, Switzerland. Our team of Bitcoin contributors, crypto experts, and security engineers builds products that enable customers to enjoy a stress-free journey from novice to mastery level of cryptocurrency management. The BitBox02, our second generation hardware wallet, lets users store, protect, and transact Bitcoin and other cryptocurrencies with ease — along with its software companion, the BitBoxApp!