London Firm Provides Bitcoin Secure Storage Service

14 January 2014

Founders of London-based Elliptic Vault firm recently announced that they are going to offer services in order to ensure security for their customers’ Bitcoins. Entrepreneurs who buy Bitcoin casino software and many more online users who own Bitcoins were faced with problems regarding how they can protect their cryptocurrency wallets without anyone else accessing them illegally.

 Elliptic Vault came up with a solution to this problem, the service insuring Bitcoin deposits against online attacks, but also accidental loss. The service is based on a “deep cold storage”, which means that private encrypted keys to the users’ Bitcoins are kept secure inside an offline server.

If the owner of the Bitcoins encounters any problems in getting his digital money back from the offline server, he has the possibility to use other copies of the key. These copies are also kept secure and can only be accessed via a quorum of Elliptic Vault’s managers.

The new solution implemented by founders of Elliptic Vault could be an option for operators who want to buy Bitcoin casino software. Like any other online business, it is necessary to ensure that accounts and online wallets are not accessed by people who aren’t their legal owners.

Until now, cryptocurrencies were difficult to store as securely as real money in banks or other financial institutions. This new solution offers individuals the necessary insurance in order to make them feel safe about making transactions with Bitcoins.

Tom Robinson, co-founder of Elliptic Vault, explained that it was difficult to find an insurance company that wanted to do business with them. Bitcoin is still a new concept outside the online world, but those who are aware of its existence know about the wide range of benefits it offers. Operators looking to buy Bitcoin casino software might like to know that Elliptic Vault is currently underwritten by Lloyd’s of London. 

14 January 2014

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