The ‘seed bank’ of virtual currency — Bitcoin gets new deep cold storage vault
Staff Writer | January 11, 2014
Cyberspace to become more complicated as security becomes a concern
LONDON (INTELLIHUB)
— The new cold storage vault, spawned from amazing virtual innovations
within modern cyberspace like the video game “Second Life”, will become
a norm as security
in the new world will be a must.Now, not only is there a need for heavy security amongst corporations and high-profile individuals, but even virtual banks and currencies like Bitcoin
need protection. And now that the demand is high, a local company has
launched the Elliptic Vault of London, boasting full guarantees on
virtual currencies for its customers. And no, it doesn’t get more
futuristic than this folks.RT reported:
At present, no form of insurance exists to cover the cyber currency, so once they are gone there is no way of retrieving them. In addition, a number of cyber-attacks have been reported on online bitcoin wallets. On October 26 an Australian bitcoin bank holding was ransacked in a cyber-attack that saw 4,100 bitcoins
($1.3 million) stolen.Carelessness can also lead to the loss of bitcoins
.
UK citizen, James Howells, was left rooting through a landfill site
after he threw away a hard drive containing $7.5 million worth of
bitcoins in October.The Elliptic Vault will use private encrypted keys to bitcoins
which will be stored in offline servers. Each customer will be given a
unique code with which they will be able to access their funds.Marc Warne, the founder of the UK-based bitcoin purchase site, Bittylicious, told The Telegraph that the new vault would greatly benefit those with large bitcoin fortunes.
“Any such business that holds a significant amount of bitcoins
can keep a proportion in insured cold storage. This can reassure
investors and lenders that in the event of a disaster, the business can
continue to operate,” said Warne.Bitcoin has been a source of controversy ever since its launch.
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