Bitcoins Too Risky? Elliptic Launches Insured ‘Vault’ Wallets

It was only a matter of time, but now comes insured Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term storage. Launched by UK startup Elliptic, the company’s new Vault offers cloud based insured bitcoin wallets. Insured by Lloyd’s of London, Vault wallets are denominated in GBP with current pricing costing 2% per annum. According to the firm, Vault “uses advanced “deep Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term” techniques to provide the highest possible level of security for its customers’ Bitcoin holdings. Deep cold storage refers to storage where both strong encryption and secure physical locations are used.”

The product answers one of the greater concerns for bitcoin holders; security. With values of bitcoins hitting records, it has also led to an increase of malware and digital currency theft as malignant hackers target .dat files of locally hosted biotcoin wallets. While reaching a larger audience over the past year, general populace opinion of bitcoins still includes complaints of ‘its too hard to buy’ and ‘too difficult to secure’. In terms of future potentials, Vault, and similar products that are sure to follow, bring bitcoin banks a step closer to existence, with owners depositing the majority of their funds with an insured bank and transferring smaller figures to their local computer or mobile based wallets.

Elliptic is led by co-founders Tom Robinson, James Smith, and Adam Joyce. Previously launched as a bitcoin exchange named BitPrice, the company pivitoed its plans to become Elliptic and create its Vault product.

Commenting in the company’s public release, Robinson stated “Securing your bitcoins involves implementing advanced encryption and even then you are still at risk of losing them. Elliptic Vault secures your Bitcoins for you and is insured against theft or loss, so our customers can have peace of mind that their bitcoins are safe".