Bitcoin Vault Offers Offline Storage Service and Insurance

#Future

Sat, Jan 11th, 2014 11:00 by capnasty NEWS

According to the BBC, Elliptic Vault is the "world's first" Bitcoin storage service that "insures deposits of the digital currency against loss and theft." Since cyber-wallets used to store Bitcoins have been prone to a "number of cyber-attacks," and those transaction cannot be reversed, the service provides offline storage combined with multiple levels of encryption and access requirements.

The company is underwritten by Lloyd's of London, which will give people "more faith in the Bitcoin system", according to Emily Spaven, managing editor of CoinDesk, a digital currency news site.

Insurance payouts will be calculated using the Bitcoin to US dollar exchange rate at the time a claim is made.

Elliptic's focus is on storing bitcoins as securely as possible, using what Mr Robinson calls "deep cold storage" techniques.

Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security.

The copies are accessible only via a quorum of Elliptic's directors.

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