An idea of bitcoin theft preventing

[bitteriest]

Here is my idea of coin theft preventing.
Let see who will take it and do something with it... The idea is for FREE !!!

Today, if someone breaks into my account , he can send the coins and it's lost forever.
The idea is to put a coin gateway which stores the coins temporarily.
During this time , SMS notification is sent to the account holder. If he approves , the coins are being released to their original destination.
Simple.

Now what happens if someone breaks into my account and change the phone number ?
Once that happens , I also get a notification that my number was changed and by default , the account is blocked 24 hrs from sending coins away.
It gives enough time to handle the theft attempt.

So... What do you think ?

[1715425036]

1715425036

[joburgtaxi]

I see the "Coin Gateway" becoming a big target security around this would be paramount

[hilariousandco]

I like the idea of anything having to be verified by SMS, personally. Transactions, log-in attempts, password changes etc.

[bitteriest]

The coin gateway is an internal server located at the exchanges.
It means it has no front end or outside access.
For hackers , it is very hard to access such server

[Sheldor333]

Have better idea. Buy Raspberry Pi, they are cheap. Password protect OS. Install a wallet. Transfer your BTC on that wallet. Disconnect it from internet put it somewhere you think it is safe. Also a safe is a good idea to keep it.

If you considered this useful treat me: 1PPS6Fvxg44PGwKuXpMjurKaduPt5UbyZc
lol

[pontiacg5]

You mean verifying in more than one way that a user is who they say they are?

Sure sounds a lot like two factor authentication to me, something that's been around for a while already.

[phillipsjk]

That was one of the motivations for Pay to Script Hash.

You can split the authorization using M-of-N Standard Transactions.

You would generate one key offline, and keep it in a safe somewhere. The payment processor would also generate a key, as would you using your computer. To make a payment, you would send the payment script signed by 2 of the 3 private keys.