Volksbanken Raiffeisenbank BitcoinGo Card
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
The Volksbanken Raiffeisenbank BitcoinGo Card is an initiative of the Volksbanken Raiffeisenbank Bayern Mitte eG which is a German cooperative bank. This effort has been referred to from this article.
We believe this card to be a branded version of this device we previously reviewed:
Setup and Product Description
The companion app can be found on Google Play.
The VR-BitcoinGoCard app checks the most important security features of the VR-BitcoinGoCard with you step by step to protect you from counterfeiting. So you don’t have to worry about the security of your bitcoins.
The VR-BitcoinGoCard app will never ask you for your private key! Your private key will never be used, stored or transmitted by the VR-BitcoinGoCard app. Your private key is stored solely on the VR-BitcoinGoCard and has never been seen by anyone - not even by the manufacturer’s employees! In this way we ensure maximum security for your private key.
After adding your VR-BitcoinGoCard, you can manage your VR-BitcoinGoCard in the app and view the current value of your Bitcoin investment at any time without removing your physical VR-BitcoinGoCard from its safe custody.
The Android app authenticates the bitcoins on the Volksbanken Raiffeisenbank BitcoinGo Card by scanning the QR code. Like the, transacting requires the use of a mobile app.
Similar to the, the private key is printed on the card. It has to be scanned using the VR-BitcoinGo Card. Although the provider claims that “not even the manufacturer’s employees has seen the private key”, the risks of an exposed physically printed private key allows a potential thief to exploit this vulnerability.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.