Bitcoin.com crypto exchange on 2nd February (Tuesday), 2021 has revealed enlistment of BTCV – digitalized currency which came into being in 2019.
The exchange has informed that it has inculcated a foolproof security system that will prevent Bitcoin theft. It was informed that Bitcoin Vault has been designed with the sole purpose of providing an ultimate coin for Bitcoin traders and investors. These highly sophisticated security protocols will be paired with Bitcoin the trading platform of Bitcoin.com. Further pairs will be provided for other cryptocurrencies in the meantime as well, told Bitcoin.com.
Purpose of Bitcoin Vault
It is known to all that once crypto transactions leave the decentralized blockchains, they are absolute and could not be canceled by any means. For instance, if an owner of digital assets ends up sending the crypto funds by mistake, then such a person cannot stop the funds from transferring. Similarly, if a wallet holder’s crypto funds have been sent to another address unauthorized, then the wallet-holder also cannot retrieve such crypto funds.
Bitcoin.com clarified that BitcoinVault cannot be regarded as a Bitcoin fork instead it is a completely different technology altogether. It was apprised by the exchange that Bitcoin Vault is equipped to use the same type of algorithms that are generally used for BTC mining. However, the newly built vault is accustomed to advance technology providing extra safety measures for Bitcoin while filling up the security gaps.
Bitcoin.com also revealed that the system has been introduced to prevent unauthorized access which will provide further security to digital assets. The exchange told that it took at least 1 year for them to finally come up with this foolproof security system. The system requires users to have a 3-key security solution for the safekeeping of their digital wallets and assets.
3-key solution is comprised of dedicated keys relating to “Standard”, “Fast” and “Cancel” transactions ensuring security and accessibility of digital wallets. For instance, a Standard key is helpful if a wallet-holder is required to regain access to his wallet. Similarly, if the wallet-holder is faced with an issue of technical kind or security breach, even then this Standard key can be useful.
On the other hand, Fast key is designed to allow the executor of crypto transactions to complete the same in 10 minutes time. Meanwhile, the Cancel key is the important one because it allows the user a cushion of at least 24 hours to cancel any transaction. Supposing a wallet-holder has been subjected to hack and loses his fund, then he can retrieve the looted funds within 24 hours’ time.
It was pointed out by Bitcoin.com that this smart and advanced feature is the landmark breakthrough in the crypto industry. The exchange said that Bitcoin Vault is the ultimate response to all the issues concerning the most to crypto owners and investors.