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Bitnovo - Buy Bitcoin

Latest release: 1.6.2 ( 23rd May 2022 ) 🔍 Last analysed 30th November 2021 . No source for current release found
2.5 ★★★★★
4 ratings
27th October 2021

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

(Analysis from Android review)

Note: There are two BitNovo apps on Google Play. Both are by the same developer: Bitnovo

Apparently, com.bitnovo.Wallet is the updated version of com.bitnovo.app which had this verdict:

Bitnovo - Crypto Wallet Custodial! Defunct!

App Description

The app allows users to buy, store, send, and trade cryptocurrencies. It also allows users to redeem vouchers.

Google Play Critical reviews

Most of the 1-star reviews were about the redemption of the vouchers.

roland amiebbereta
★☆☆☆☆ October 29, 2021
The app is not working I can’t redeem voucher please work on your site

Temoso Phora
★☆☆☆☆ November 13, 2021
Useless. Cant redeem my voucher

The App

The app starts out with the option allowing the user to recover a wallet. It asked for a 12-word seed phrase.

We used the seeds for the wallet we generated with:

Artery Wallet No Source!

We were successful in importing the wallet.

The Vouchers and Cards Feature

Bitnovo also offers Vouchers and Cards, that require registering with the service.

Verdict

This self-custodial app does not claim to be an open source project on its website. We were not able to locate a link to the source code on their webpage. Searching Github for the appID ‘com.bitnovo.Wallet’ also did not yield any results.

(dg)

Verdict Explained

Without public source of the reviewed release available, this product cannot be verified!

As part of our Methodology, we ask:

Is the source code publicly available? If not, we tag it No Source!

A wallet that claims to not give the provider the means to steal the users’ funds might actually be lying. In the spirit of “Don’t trust - verify!” you don’t want to take the provider at his word, but trust that people hunting for fame and bug bounties could actually find flaws and back-doors in the wallet so the provider doesn’t dare to put these in.

Back-doors and flaws are frequently found in closed source products but some remain hidden for years. And even in open source security software there might be catastrophic flaws undiscovered for years.

An evil wallet provider would certainly prefer not to publish the code, as hiding it makes audits orders of magnitude harder.

For your security, you thus want the code to be available for review.

If the wallet provider doesn’t share up to date code, our analysis stops there as the wallet could steal your funds at any time, and there is no protection except the provider’s word.

“Up to date” strictly means that any instance of the product being updated without the source code being updated counts as closed source. This puts the burden on the provider to always first release the source code before releasing the product’s update. This paragraph is a clarification to our rules following a little poll.

We are not concerned about the license as long as it allows us to perform our analysis. For a security audit, it is not necessary that the provider allows others to use their code for a competing wallet. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.