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The price of bitcoin has once again reached a new price high on December 6 touching $ 14K across exchanges worldwide. The value touched an all-time high of $ 14,047 and quickly dropped to the $ 13,500 range shortly after. At the moment order books across exchanges are going wild.
The bitcoin price locomotive continues to truck upwards and steamed past the $ 14K region on December 6. Bitcoin’s value had touched $ 14,047 per BTC at approximately 8 pm EDT. The price already reached the $ 13,000 region earlier in the day for the first time. The currency has increased by 20 percent from the start of the day’s trading sessions and currently commands a record global trade volume of over $ 13Bn over the past 24-hours. At $ 14,000 per BTC the decentralized currency captured a massive $ 235Bn market capitalization.
Currently, South Korean markets are pushing the volume to extreme levels as Bithumb is commanding the top exchange position today. The Korean trading platform is followed by the exchanges Bitfinex, GDAX, Binance, and Bittrex. The Korean won has taken a large chunk of the Japanese yen’s dominance over bitcoin markets. At the moment the Japanese yen only captures 48 percent as the KRW has pushed up to 7.9 percent behind the USD.
The $ 14,000 range didn’t last long but bulls still have a lot of pressure pushing up the price. Above the $ 14K area is a lot of resistance with gigantic sell walls between the $ 15-16K territories. In the background, however, buy walls are much thinner showing that very large and quick dips like the one that took place earlier this evening could happen quite easily. After dropping to the $ 13,500 region bulls have already pushed the price back above $ 13,900 only a few minutes later, proving anything can happen going forward.
The fact that the price of bitcoin had moved over $ 1,000 in one day from $ 13K to $ 14K has been astonishing, to say the least. But everyone involved with bitcoin knows the honey badger of money doesn’t care what any of us think and keeps on making its mark on the world.
Where do you see the price of bitcoin heading from here? Let us know in the comments below.
Disclaimer: Price articles and bitcoin markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”
Images via Shutterstock, Pixabay, and Bitstamp.
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Apple is one of the most successful companies in the history of Silicon Valley, revolutionizing and dominating market after market from graphic design to music and mobile phones. It is also one of the most powerful companies in the world right now, expected to be the first to reach a trillion dollar market cap. As such, one might expect Apple Pay Cash to obliterate the competition, but bitcoin can change that.
Apple Pay Cash
This Tuesday Apple Pay Cash and person to person payments were made available to Apple customers in the US. The company promotes this service as the simplest way to make person to person payments on iPhone, iPad and Apple Watch.
Users can now get paid right within iMessage, or by just asking Siri to pay someone. They can use the debit and credit cards they already have added to Apple Pay, so there’s no need to install an app or create another account.
While most analysts see this as a response from Apple to Venmo or Square’s Cash App, it is hard to believe Apple hasn’t also noticed the millions of bitcoin wallet apps downloaded recently. It’s easy for some of us to forget these days that the cryptocurrency wasn’t created just to store value but also to act as a P2P cash system.
Mobile Money Apps Turn to Bitcoin
While Apple is promoting its propitiatory fiat-only service, more and more mobile app developers are giving-in to user demands and adding support for bitcoin. Just two notable recent examples are Square’s Cash App and mobile banking app Revolut.
On Tuesday Square said it was rolling out its buy and sell bitcoin feature to a substantial amount of new users. And Today Revolut announced that customers will now be able to use the app for instant purchases of cryptocurrencies via Bitstamp or transfer their bitcoin, litecoin and ethereum to other Revolut customers instantly and for free.
“This is something that our customers have wanted for a long time,” said Lewis Tuff, Revolut’s Chief Platform Engineer. “We think Bitstamp is the perfect partner as we provide Revolut customers with the ability to convert fiat money to cryptocurrencies, making the process much faster and much more accessible.”
Should we expect Apple Pay Cash to add bitcoin support eventually or is Apple planning its own iCoin? Tell us what you think in the comments section below.
Images courtesy of Shutterstock, Apple.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
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Crypto’s nouveau rich finally have a way to splash their digital cash. The White Company, “purveyors of luxury to the cryptocurrency world” will furnish buyers with everything from fine art to fine automobiles. The high-end goods can be paid for anonymously in cryptocurrency and delivered anywhere in the world. The company claims to have already concluded a number of major sales.
The Memes Are Real
Cryptocurrency traders have long dreamed and memed of making enough to afford a Lambo. Well now they can – and without needing to cash out into fiat. As The White Company explains:
We offer a wide selection of authenticated items, from fine art to luxury automobiles. Our clients can purchase any item, delivered to anywhere, with complete anonymity using their Bitcoin or other cryptocurrency wealth.
Items for sale on the site include a Lamborghini Huracan LP-610-4, currently priced at 19.6 BTC, and also denominated in ETH and LTC. Buyers concerned that a brilliant green Lambo won’t create enough of a statement can follow this up with an 18K gold Rolex – a snip at just 1.28 BTC – and an intriguing piece of fine art by Peter Beard dubbed “Double Exposed Horny Rhino”. It’s a real looker, but comes in at 6.4 BTC, or about a third of a Lamborghini.
The Fast and the Furious
The White Company’s CEO, Elizabeth White, told the Washington Examiner that the New York firm pays sales tax, but that it is the duty of buyers to comply with applicable laws in their territory. For the ultra-discreet, encrypted transactions and worldwide delivery are all part of the service. Cryptocurrency whales may find the temptation to put a down payment on a luxury sports car too much to bear.
As a press release for prospective customers explains: “If there is anything a client wants to purchase with bitcoin, we will be able to get it for them. Just yesterday we had a client wanting a suite at the Super Bowl and we made that happen.”
The majority of bitcoin millionaires seem content to hold onto their portfolios in the hope that their assets will grow further. Those tempted to realize some of their wild gains, however, finally have a means of doing so without needing to jump through hoops or reveal their identity. This might not have been Satoshi’s vision, but it’s a dream that a handful of the crypto rich will be only too happy to embrace.
What luxury goods will you be buying when your crypto bags reach the moon? Let us know in the comments section below.
Images courtesy of Shutterstock, and The White Company.
Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Singapore International Commercial Court (SICC) has refused summary judgement, sending litigants B2C2 and Quoine to trial in order to sort out the gory details involving $ 36 million (at press time) of bitcoin. It’s a case bound to be watched around the world, as cryptocurrency begins to enter mainstream business life and establish legal precedence.
A First for Singapore
The Straits Times’ Grace Leong reports “Electronic market maker B2C2 sued bitcoin exchange operator Quoine in July over trades that were allegedly wrongfully reversed, which resulted in the proceeds being deducted.”
B2C2, a London-based company, claims “Financial institutions and large volume traders trust B2C2 for seamless cryptocurrency trading, with plug-and-play connectivity, short selling, and post-trade settlement.” Quoine, which has bureaus in Singapore, Japan, and Vietnam, bills itself as “a leading fintech company that provides trading, exchange, and next generation financial services powered by blockchain technology.”
The two reportedly are battling over B2C2’s attempt “to recover 3,084.78582325 bitcoins from Quoine, alleging Quoine’s breach of trust ‘deprived it of the opportunity to sell the proceeds on the date of their highest intermediate value,’” Ms. Leong details.
Proceeds were near $ 4 million in bitcoin at the time, but thanks to the price skyrocketing, stakes are approaching ten-fold higher. No doubt sensing the complexity of cryptocurrencies, Judge Simon Thorley refused to pass judgement, and instead kicked the case to determine “whether B2C2, if it prevails, is entitled to recover the bitcoins itself, or the value of the bitcoins taking into account any increase in value since the alleged breach,” The Straits Times reported. The case is a first for Singapore.
The SICC “serves as a companion rather than a competitor to arbitration as it seeks to provide parties in transnational business with one more option,” the Singaporean government agency asserts.
Are Filled Orders Irreversible?
B2C2 is asking for “the highest intermediate value of the proceeds in US dollars between the date of the breach and the date of the judgment,” Ms. Leong notes.
For its part, Quoine explains such was a “technical glitch,” and that B2C2 is exploiting it for unfair gain, according to attorney Paul Ong. He said the difference was “more than 100 times higher than the actual market price of ethereum/bitcoin,” and as such, “is a highly material question which cannot be determined without a trial.”
What are your thoughts on Singapore’s first major crypto trial? Tell us in the comments below.
Images via Pixabay, SICC, Quoine.
The post Over $ 36 Million Worth of Bitcoin at Stake in Singapore’s First Ever Crypto Trial appeared first on Bitcoin News.
It appears that South Korea is bowing out of the race for bitcoin futures trading, leaving the field wide open to the Americans and Japanese. This is not because established financial companies are reluctant to offer the new instruments in the bitcoin obsessed country, but due to another official ban.
FSC Futures Ban
After securities brokers in South Korea were already gearing up to introduce bitcoin futures trading to their clients, the country’s top financial regulators have decided to place a ban on the practice. The Financial Services Commission’s issued this directive on December 5, applicable to all the members of the Korea Financial Investment Association.
In response, Korean brokers such as eBest Investment & Securities and Shinhan Financial Investment had to cancel pre-planned client seminars for bitcoin futures trading, this according to a report by The Korea Herald.
South Korean authorities have already banned the practice of ICO, started looking into taxing bitcoin payments and established a governmental task force to regulate trading. And the local industry is not willing to take all this laying down.
Kim Jin-hwa, the former head of Korbit is reportedly working on bringing together the country’s leading bitcoin venues Bithumb, Coinone and Korbit to establish an association to represent the interests of the industry. “An entry of new technology into Korea is hamstrung by the regulation,” he told the newspaper.
The Race Is On
While South Korea might be leaving the race for now, other countries are moving full steam ahead with bitcoin futures trading.
Cboe is preparing to launch its offering on Sunday, and CME Group will follow the week after. Meanwhile in Japan the Tokyo Financial Exchange won’t be left behind for long and is now planning to launch its own bitcoin futures.
Retail brokers have already started to prepare their clients for the new exchange-traded bitcoin instruments, beginning with TD Ameritrade and Ally Invest.
What does a ban on bitcoin futures trading mean for Korean investors? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.
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This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.
Blockchain for Referendum and Election Voting
Biafra Coin launched Initial Coin Offering (ICO) from 01 December 2017 to 31 December 2017 selling 9 million BFC Coins The Biafracoin ecosystem is a unique blockchain technology with BFC Tokens to run smart contracts for elections and referendum voting globally, Biafracoin “Peer to peer” network will allow citizens of each countries run smart contracts on their computers or phone using BFC Application either in Referendums, Elections Voting or Transfer of Tokens and 300,000 Biafra Coins will be sold every day as per the schedule.
Project Name Biafracoin
Project Type Blockchain
Category Trading & Investing
Location United Kingdom
Total Supply 29000000
ICO supply 9000000
Token/Coin Name BiafraCoin
Algorithm Scrypt (instead of SHA-256)
Start Date December 1st 2017 21.00 (UTC +1)
End Date December 31st 2017
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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New technology can be intimidating. With the holiday season in full swing, a topic of conversation around the family table is bound to be bitcoin, especially as its price continues to the moon. And remember how last year mom finally got around to upgrading to a smart phone, her first iPhone? Well, now is the perfect moment to introduce her to a hinge of human history, cryptographic currencies, … and you can do it in three easy steps.
Step 1: Quick! Get Mom to the App Store!
Flipping through mom’s iPhone, immediately noticeable are applications (apps) she’s already found: Pinterest, Netflix, Groupon. Clearly she knows her way around the App Store. Ask her to click the A icon (fig. 1).
In the Search Bar, thumb the phrase “bitcoin wallet.” That should list multiple wallets, handily rated to grab her attention, and just a click away from download. For mom’s purposes, suggest three popular choices: Airbitz, Bread, or Bitcoin.com. Each has an intuitive interface, and each is beyond easy to use.
Airbitz, now called Edge (in beta), is just lovely. It offers discounted gift cards, and merchants who accept bitcoin, along with the usual wallet features (fig. 2). Bread is great in its own way as well, and might be less cluttered. It has simple Send and Receive functions as its only options. Both are wonderful choices.
We’re going to walk-through Bitcoin.com’s wallet. It is streamlined and incredibly useful for newbies. It’s also closing-in on a million downloads. Mom will dig it.
Step 2: Download a Wallet
Before any next step, get mom a piece of paper and a pen.
Mom then should click Bitcoin.com’s wallet for iOS (near the Apple logo), the operating system undergirding iPhone. The wallet was actually updated just days ago, and version 4.0.4 includes bitcoin and its most-popular ”fork”, bitcoin cash, capabilities.
Right after she presses download, “get,” “install,” a corresponding icon will appear on the phone’s home screen. It should also show a progress bar as it loads. This shouldn’t take more than a couple minutes depending on mom’s internet connection.
Ask her to click the icon (fig. 3). From there, she’ll be prompted through the very basic setup procedures. A snazzy aspect of the Bitcoin.com wallet includes, at every new juncture, a principle or hint as to why what is prompted is being prompted. Mom is receiving an education as she installs.
Click “get started.” Three ‘pages’ of simple instructions follow. Click “create bitcoin wallet.” It should then confirm her wallet has been created. It should ask for an email notification. Enter her favorite email address. Click “continue.” Click “confirm.”
Now is perhaps the most important part. Remember that paper and pen you gave her? She should see “No backup, no bitcoin.” Click on “backup wallet.” She’ll be warned about what she is about to do. Click “got it.” No screenshots, click “I understand.”
It will then give mom a 12 word seed, a randomly generated set of words, to use as a recovery phrase. Have mom write down these words in order. Click “I’ve written them down.” She’ll then be re-prompted to confirm her recovery phrase in the exact order given.
She’s now setup to send and receive bitcoin. Be a good lad, yeah?, and send her a few Satoshis to get her excited.
Step 3: Getting Bitcoin
The best way mentally to grasp cryptocurrency is to use it. The holidays give bitcoiners the perfect chance to spread crypto literacy and offer something probably no one else will even consider when it comes to mom.
Sitting there, transferring money from your phone to hers will delight her to no end. And doing it more than one time will allow her to see how addresses are refreshed and regenerated to facilitate pseudo-anonymity. Cool stuff.
If she gets the bug and wants to dive right in, an easy to use site that doesn’t ask for too many personal details is Localbitcoins. And, unlike exchanges of the formal variety, she keeps her key/seed to herself. But, tag along with her the first time she meets up with a bitcoiner on a café to exchange some old fiat to shiny new crypto.
Well, you’ve done it now. Mom can brag to her friends she is riding the wave of financial freedom, becoming her own bank. Soon, she’ll be wearing crypto-gear around the house, using lingo such as “Hodl,” and will probably run circles around you pretty quickly.
What do you think about all this? Is it a good idea to help the elderly get into bitcoin? Let us know in the comments below.
Images via Apple, Pixabay, Shutterstock.
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The open web can be a dangerous place for cryptocurrency users. Phishing, trojans, and social engineering all come with the territory, ensuring that even the savviest of bitcoin-holders must remain alert. Within the walled gardens of Apple and Google’s app stores, however, there’s an assumption that if a mobile app has been vetted and downloaded in the thousands, it must be safe. That assumption couldn’t be further from the truth, as scores of users have discovered to their peril.
Fake Apps with Real Consequences
Neither the Google Play or App Store is immune from its share of fake, spammy, or fraudulent apps. But it is Android users who tend to suffer most at the hands of unscrupulous developers. One of the most egregious apps, which has hoodwinked thousands of users, is simply named Poloniex. Despite purporting to be the “Poloniex ® Offical App” [sic] of the popular cryptocurrency exchange, it is nothing of the sort. Its description boasts of such features as “Possible powerfull [sic] exchange BTC or altcoins.”
For users only taking a cursory glance at the app before hitting “Download”, it is easy to be taken in by the familiar logo and screenshots from the trading platform. A close inspection reveals a string of typos, suggesting that all is not right, an assessment which is borne out by the app’s average rating of just one star, based on 162 reviews.
The average web user might think twice before clicking on a suspicious email link, but will scarcely scrutinize the top result that appears in an app store. Judging by the hundreds of disgruntled comments, the “Poloniex ® Offical App” does nothing more than steal users’ account credentials followed by their coins.
Who’s to Blame?
The Poloniex app is by no means the only fraudulent one of its kind – there are at least five apps bearing the Poloniex name on Google Play alone. One of the reasons why Poloniex has been so easy to impersonate is because the exchange lacks its own official mobile app. This leaves a void which scammers have been only too happy to fill. If Poloniex was to issue its own app, as most of its peers from Coinbase to Bitfinex have done, it would eliminate or hide most of the imitations in one fell swoop.
It would also help if Poloniex did more to distance itself from third-party apps; its Twitter account hasn’t passed comment on the matter since early 2016, and thousands of users have since been duped. The blame game doesn’t stop there though: Google Play also deserves criticism for not weeding out these apps and, to a lesser extent, users should be more alert to the signs that such apps are blatantly fake.
“Eternal vigilance is the price of liberty – power is ever stealing from the many to the few.” Those words were written by Wendell Phillips over a century ago, but they apply equally today. Scammers will try every possible attack vector to find a vulnerable target; there’s even been reports of fake telephone support purporting to be from Coinbase and Kraken. These hoaxes, which typically emanate from India, are merely an updated version of the Windows telephone support scam.
While the cryptocurrency space attracts its share of chancers, this problem is not isolated; over one million people downloaded a fake version of Whatsapp from the Google Play store, while Bankbot malware, which steals passwords and 2FA details, has been deleted twice by Google, only to show up again, most recently under the name of ‘Crypto currencies market prices’.
Stay Safe and Think Before You Click
Users seeking to install a mobile app for their preferred cryptocurrency exchange, ticker or wallet would be advised to click on links from the official exchange, ticker or wallet site rather than risk stumbling upon a fraudulent version within an app store. Even when clicking on legitimate links, however, it pays to be cautious.
One security company recently inspected the 90 most popular Android cryptocurrency apps, which have millions of downloads. Their findings? 94% used outdated encryption, 66% didn’t use encryption at all and 44% used hard-coded passwords stored in plain text.
While Apple’s ecosystem isn’t entirely squeaky clean, the bulk of the issues with fraudulent or poorly coded apps emanate from Android. Cryptocurrency holders who cherish their security may decide the safest bet is to reserve their trading for desktop and keep their cell phone for price checks.
Who do you think should bear the blame for users installing fraudulent apps? Let us know in the comments section below.
Images courtesy of Shutterstock.
Bitcoin is a decentralized digital currency that enables near-instant, low-cost payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. Read all about it at wiki.Bitcoin.com.
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Welcome to the second edition of Deep Web Roundup in which we collate the most intriguing stories from the darker side of the net. Despite not attracting as many headlines as it did in its 2013 heyday, the deep web is still a hub of paranoia, P2P trading, and pioneering privacy features. Anyone interested in preserving their anonymity on the net could learn a lot from the darknet’s more cautious practitioners.
Firefox is Borrowing Privacy Features From Tor
Deep Dot Web has reported on the extent to which Firefox has been incorporating features from the Tor browser. Given that Tor contains 95% of Mozilla’s code, that’s not surprising. It’s interesting though to see features such as blocking of HTML5 canvas fingerprinting trialed in Tor before migrating to Firefox. This type of fingerprinting can be used to track users as they browse the web, but Tor’s developers have found a way to curtail that.
Zcash, the Not-So-Private Coin
Thought your cryptocurrency transactions were private cos you’d been using zcash? Turns out there’s a one in three chance you’re wrong. If you want to maintain your privacy on the deep web – or anywhere else for that matter – monero looks like a safer bet. The coin has soared to almost $ 250 today, buoyed by news that it can now be used to purchase the music of more than 40 major recording artists. The real benefit of privacy coins, it transpires, is having the freedom to anonymously purchase Mariah Carey albums.
Goodbye Aero, You Won’t Be Missed
In the maiden edition of our Deep Web Roundup, we reported on Aero marketplace’s ongoing customer support issues. It turns out those issues were just as taster of what was to come, for days later the marketplace disappeared without a trace. The usual theories regarding hacks, law enforcement, and exit scams abound.
The truth is, it doesn’t really matter what happened: the fact is another deep web marketplace is gone, taking with it vendor and buyer funds. If the umpteen similar incidents from this year haven’t already hit home, Aero’s demise is evidence that you shouldn’t leave funds in a marketplace for any longer than it takes to make a purchase with them – and even then you’re taking a risk.
Despite a succession of shutdowns and scams, demand for deep web marketplaces remains higher than ever. Reuters reports that prior to their demise, there were 350,000 products for sale on Alphabay and Hansa, with European intelligence agencies noting that the average lifespan of a darknet marketplace is now under a year.
The Ghost of Trade Route Emerges Through the Fog
Trade Route is long gone, though like an echo from the past, time-locked multi-sig addresses from the marketplace began to give up their contents this week. There have been reports of some time-locked transactions now being accepted on the bitcoin network, though the majority aren’t due to be unlocked for another month. It’s a small crumb of comfort for the vendors who lost out when the market pulled an exit scam – or possibly a very large crumb, given the mammoth gains that bitcoin has made since Trade Route vanished in October.
In related news, someone’s gone to the trouble of setting up a clearnet marketplace to promote their darknet wares. The whole operation looks extremely sussed, and extreme caution is advised. Nevertheless, the operators of White Shadow Marketplace have even set up social media accounts. Don’t bank on “the biggest and safest Darknet Tor Onion Marketplace” being around for long – on either side of the web.
White Shadows and Dark Markets
Finally, a recent study has confirmed that the vast majority of bitcoin transactions are for legitimate purposes. Nevertheless, there are still illicit means of spending the web’s preeminent digital currency for those who are so inclined. In the last couple of weeks, a 133-year-old painting entitled Chief Ngatai-Raure, which was stolen from a New Zealand art gallery, has gone up for sale on the deep web. The site selling the red hot canvas? None none other than the aforementioned White Shadow Marketplace. It’s a small web.
Do you think deep web developments have any effect on the price of bitcoin and other cryptocurrencies? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The price of bitcoin has become extremely valuable these days as one BTC is roughly $ 12K right now. This has led to bitcoin enthusiasts keeping their coin on hardware and paper wallets. However, some bitcoin proponents are taking bitcoin security to the next level by using companies that focus on securing people’s assets like gold and cash.
Bitcoin Being Kept In Custodial Vaults Is Becoming a Trending Pattern
One of Australia’s leading private vault and safety deposit box operators, Guardian Vaults, says they are protecting people’s cryptocurrency assets within its safe vault locations more often. Guardian Vaults has been seeing a trend of customers who want to secure their bitcoin hardware and paper wallets with the business for extra security. The company explains that traditionally customers keep cash, gold bullion, and passports inside the vaults but they expect more safety deposit box demand to hold vast bitcoin holdings.
Guardian Vaults says that anyone can set up a custodial safety deposit box in as little as 30 minutes. The firm doesn’t just use traditional boxes housed in cement and guarded by armed guards. The Melbourne based company uses technology like biometric hand scanners, facial recognition protocols, access codes, and dual key boxes housed in bedrock. The firm has seen a lot of demand this year as the company has added 5,000 more boxes to its 28,000 boxes housed between its Melbourne and Sydney locations. The company believes hardware and paper wallets serve a great purpose, but safety deposit vaults provide an added layer of security. Guardian Vaults explains;
Since not many people want to keep their future millions under the mattress; or their cold wallet in the cupboard — we advocate storing your cold wallet device in a safety deposit box within a secure vault.
Individuals and Bitcoin Businesses Are More Cautious Than Ever Before
Some boxes range from $ 35,000 to $ 250 per year depending on what kind of security and vault storage you expect. Further, those who house their bitcoin with the Melbourne company are also issued a $ 10,000 insurable interest per unit under Guardian Vaults’ policy and further insurable interest can be added.
Bitcoin proponents and cryptocurrency businesses have been utilizing a more secure means of holding bitcoins these days. Just recently news.Bitcoin.com reported on Fortress the extreme cold storage solution. Unconventional means of security is being utilized by exchanges like Coinbase and Xapo as well. Xapo’s Swiss Alps facility is encased in steel slabs that emulate a Faraday cage concept just in case an electromagnetic pulse (EMP) happens. Guardian Vaults’ is betting cryptocurrency cold storage held in secure vaults will continue to be a trend as bitcoin grows more valuable.
What do you think about storing bitcoin with a safety deposit box provider? Let us know what you think in the comments below.
Images via Pixabay, and Guardian Vaults.
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