WYP
News Guru
Today a company called Elliptic offers a Bitcoin Vault and offer the "World's First" Bitcoin insurance for it's users.
Elliptic Vault uses "deep cold storage" techniques, where private encrypted keys to bitcoins are stored on offline servers and in a secure location, which will be immune to any hacking attempt (given it is offline).
As some of you may know stolen Bitcoins cannot be recovered due to transactions being irreversible. Others also have lost Bitcoins accidentally by losing or breaking the hard drive storing them, like James Howells did last year by throwing away his hard drive.
Elliptic co-founder Tom Robinson said that insuring the cryptocurrency was a "Obvious step", adding that it was "very difficult to find an insurer" given "The [insurance] industry is very conservative and they did not understand Bitcoin." and "They were also influenced by the negative publicity Bitcoin received, although this has improved since Silk Road [an online marketplace] was taken down and stopped dominating the Bitcoin agenda."
Elliptic's launch comes as Bitcoin has been making news around the world, with governments deciding how to legislate for the currency.
Some countries have even issued guidance on taxation for Bitcoin businesses, and many are also monitoring transactions to detect illegal financing of/by criminals and terrorists.
Source - BBC News
Elliptic Vault uses "deep cold storage" techniques, where private encrypted keys to bitcoins are stored on offline servers and in a secure location, which will be immune to any hacking attempt (given it is offline).
As some of you may know stolen Bitcoins cannot be recovered due to transactions being irreversible. Others also have lost Bitcoins accidentally by losing or breaking the hard drive storing them, like James Howells did last year by throwing away his hard drive.
Elliptic co-founder Tom Robinson said that insuring the cryptocurrency was a "Obvious step", adding that it was "very difficult to find an insurer" given "The [insurance] industry is very conservative and they did not understand Bitcoin." and "They were also influenced by the negative publicity Bitcoin received, although this has improved since Silk Road [an online marketplace] was taken down and stopped dominating the Bitcoin agenda."
Elliptic's launch comes as Bitcoin has been making news around the world, with governments deciding how to legislate for the currency.
Some countries have even issued guidance on taxation for Bitcoin businesses, and many are also monitoring transactions to detect illegal financing of/by criminals and terrorists.
Source - BBC News
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