World's first 'insured' Bitcoin storage service appeared

ByStéfan

Bit coins that have spread throughout the world with explosive speeds, dedicated ATMRobocoinHas appeared,Universities that can pay tuition fees with bit coinsAnd you can use bit coinCasino HotelIt is getting ready to be used in various places.

But bit coins from online walletCase of stolen by 120 million yenThere was also a difficulty of management due to the digital currency used and managed on-line, and it was also a problem. For safely managing such bit coins "With insuranceFrom storage services in the UK from 2014EllipticThe company started.

BBC News - Bitcoin vault offering insurance is 'world's first'
http://www.bbc.co.uk/news/technology-25680016


The name of the world's first coin storage service with insurance is "Elliptic Vault". This is a service that encrypts the security key necessary to use bit coin and stores it on a secure offline server. Founder of this service, Elliptic Vault says, "World's first" bit coin insurance.

ByJason Benjamin

Bit coins kept on online wallet sometimes become subject to hacking, and have bothered users from the difficulty of keeping them. As an example, James Howell forgot about the existence of a bit coin stored on a hard drive,Lost about 760 million worth of bit coinsThere is something that I did.

Unlike money that can be stored in traditional banks, bit coins can not be insured up to now, and there was no way to find out where they went once they were lost or stolen. "One of the big troubles of the bit coin owner was that it was difficult to safely keep it", co-founder of Elliptic and Tom Robinson, Ph.D. in physics at Oxford University He says.

"It is a wonderful step to offer insurance coins storage services with people, but it is not easy to explain that the currency of the bit coin just born to the insurance company is reliable. "Robinson said.

ByDavid

Also, regarding the difficulty of starting up the service, "Industry is very conservative, did not understand the bit coin.In addition, it was negatively affected by negative comment on bit coin, The image has been improved since the illegal trading site · Silk Road which was at the center of those minus images was closed. "

Elliptic is an international insurance exchange in LondonLloyd'sHas underwritten insurance and delivers news on digital currencyCoinDeskEmily Spaven, editor-in chief, said he would give people more "trust for bit coins".

ByAntana

The insurance payment is said to be paid at "exchange rate of bit coin and US dollar when invoiced". Elliptic uses a technology called "deep cold storage", and the security key for accessing bit coins is encrypted and stored offline. Furthermore, it seems that security keys are prepared with multiple copies, only the administrator of Elliptic can access, and are protected by the encryption layer and the physical security layer.