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Title: Bitcoin vault offering insurance against loss and theft Post by: Borbolon on January 10, 2014, 06:47:31 PM Elliptic Vault uses "deep cold storage", where private encrypted keys to bitcoins are stored on offline servers and in a secure location.
The facility's founders say they are the "first in the world" to offer insurance for Bitcoin owners. "One of the main concerns people have with Bitcoin is that it's quite difficult to store securely," Elliptic co-founder Tom Robinson told the BBC. The company is underwritten by Lloyd's of London, which will give people "more faith in the Bitcoin system", according to Emily Spaven, managing editor of CoinDesk, a digital currency news site. Insurance payouts will be calculated using the Bitcoin to US dollar exchange rate at the time a claim is made. Elliptic's focus is on storing bitcoins as securely as possible, using what Mr Robinson calls "deep cold storage" techniques. Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security. The copies are accessible only via a quorum of Elliptic's directors. http://www.bbc.co.uk/news/technology-25680016 (http://www.bbc.co.uk/news/technology-25680016) https://www.elliptic.co/vault Title: Re: Bitcoin vault offering insurance against loss and theft Post by: Vod on January 10, 2014, 07:22:40 PM I don't think such a service is even needed.
You don't need vaults and armed guards to protect bitcoin - you just need a password. Store the password in your brain. |