Bitcoin, which was once laughed off as an absurd idea, has gone from nothing to more than $1000. In recent months, a number of hacking attempts have been made at Bitcoin users, stealing their precious currency. Elliptic is a new service that aims to solve this problem.
As long as Bitcoin didn’t carry any value, hackers weren’t exactly interested in it. As soon as the value of the currency started to surge, hackers and scammers were instantly attracted to it. As a result, many Bitcoin exchanges were targeted, users were scammed of their Bitcoin and certain mining pools ran away with the mined Bitcoin, originally belonging to the participants.
Naturally, this shows that there is an imminent need for securer ways of storing Bitcoin. British company, Elliptic, has plans of doing precisely that by offering the world’s first insured Bitcoin storage service which comes with heavy security. It essentially comprises of such storage machines which are encrypted using advanced techniques and are stored at highly secure locations.
For individuals, it is usually advised that the most secure method of storing Bitcoin is to put the wallet on a USB stick, encrypt the wallet and the data on the USB stick and then keep the USB far, far away from any machine connected to the internet.
However, if you find it too inconvenient to undergo such minor hassles in order to protect any Bitcoin that you may have, Elliptic is a fine alternative. The service may appear somewhat expensive, with Elliptic charging 2% flat fee on securing the deposits. But then, if you are not ready to go to some pains in order to secure your Bitcoin, this isn’t a bad deal either. The company plans to expand the service to other virtual currencies such as Dogecoin and Coinye which are also becoming increasingly popular.
Courtesy: Daily Mail