I have never even heard of ballistol until I came hear. And I use to frequent all of the guns shops weekly in ME.NH.and MA. In fact I thought it was a new product when I got some 10 yrs ago. I still use Hoppes #9 and Rem oil for all of my needs.
Being miscible in water makes it popular with black powder shooters.Something unique about Ballistol is that not being petroleum based it mixes with water instead of repelling it. The benefit of this is that it won't push water into cracks and crevices to cause rust where it's not easily seen until it's too late. It will mix with the water and form a rust preventative emulsion.
I've been using the regular Ballistol to treat cracked, dry hands and vintage steel, for years!More than skin safe, in Europe they sell a medicinal version (possibly the same stuff but in a sterile bottle) called Hausmittel ("home remedy") for treating minor abrasions etc.
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Used to be available on Amazon. I've used the regular stuff for minor scratches without any problems.
Weird, but I love the smell of Ballistol! Maybe this is like the cilantro thing some people have. Anyone else like the smell?