Friday 26 Apr, 2019

Bitcoin now insured

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bitcoin now insured

Bitcoin, or the surging virtual currency will now have the assistance of insurance protection for the first time in London. The company named ‘Elliptic Vault’, based in UK said that they would be using the ‘Deep Cold Storage’ technique to protect the bitcoin from hacking; the encrypted bitcoin keys will have multiple copies and the will be stored in offline with physical security. The company thus claims that the customers would now be rid off their worry over losing bitcoin through online.

Defining the step taken by the company as an obvious one, Elliptic co – founder Tom Robinson also added that the insurance service would be provided by charging two percent of the value of bitcoin that one want to insure. Albeit the latest entrant to the world of currencies and is yet to find acceptance in many countries including India, Bitcoin is the most valued currency in the world now with a value worth over $ 1200. However, this has arguably increased the threats over the comparatively insecure transaction of the currency, which is completely through online.

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