Swordsoffreedom
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July 29, 2014, 02:52:56 AM |
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“Bitgo does not hold a customer’s bitcoins,” a concept unlike many of the other popular exchanges or wallets that pool user funds. Bitgo holds one of the user’s three keys and acts as a co-signer, never accessing the user’s holdings. As well, an attack on Bitgo will not result in lost bitcoins. If Bitgo is ever unavailable, says O’Brien, “the backup key is used to move a user’s bitcoins to a new wallet without logging into Bitgo.”
<Might work if its 2/3 sig and the hacker has 1/3> That said it does seem like it would be a good way to prevent a cyber attack
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