ACCESSWIRE January 27, 2020. Yahoo Finance Bitcoin Vault - A Safe Haven for Crypto.
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LONDON, UK / ACCESSWIRE / January 27, 2020 / Bitcoin - the first cryptocurrency - was created first of all as a secure and safe way of storing value. Everything about blockchain and crypto is created to prevent any attempts to fudge with transactions. But nowadays it's almost impossible to say that crypto is perfectly safe! Banks' shenanigans are avoided, of course, but cryptocurrency theft is quite a habitual thing today. It's estimated that bitcoin theft volumes alone amount to more than a billion dollars per year. So the problem is quite real and quite serious. Fortunately, a possible solution is on the way - Bitcoin Vault.
Back to the roots
Bitcoin Vault was inspired directly by the original Bitcoin Whitepaper. Satoshi Nakamoto created his masterpiece as a form of "digital gold", not "digital cash". Its main purpose was not to conduct payments, but to store value.
However, almost all further crypto development (including Bitcoin itself) was focused on payments. Everyone tried to speed up transactions, lower fees and so on. Only a few people bothered with improving value-storing functionality. As a result, today you can easily pay for a latte with Bitcoin, but a thief from the other end of the world can steal your savings almost just as easily.
Bitcoin Vault was inspired directly by the original Bitcoin Whitepaper. Satoshi Nakamoto created his masterpiece as a form of "digital gold", not "digital cash". Its main purpose was not to conduct payments, but to store value.
However, almost all further crypto development (including Bitcoin itself) was focused on payments. Everyone tried to speed up transactions, lower fees and so on. Only a few people bothered with improving value-storing functionality. As a result, today you can easily pay for a latte with Bitcoin, but a thief from the other end of the world can steal your savings almost just as easily.
The solution, offered by Bitcoin Vault, is quite simple: "Let's make a coin with a similar function to Bitcoin transactions, perhaps with a slower speed of transactions (for safety reasons) and more expensive (in case of reversing a transaction, for which users would need to pay another transaction fee), but with an additional possibility to reverse the transaction within 24 hours" - Eyal Avramovich, CEO of MineBest.
Gold is heavy
This approach contradicts all crypto development paradigms. However, the advantages are obvious. Even if a thief stole your private key, you still can get your crypto back. Confirmation time is increased to 24 hours (144 blocks). During this period, it is possible to conduct a special recovery transaction, that will reverse the first, so-called alert transaction. Similar procedures are in place in "traditional" banks and may be enabled in some cryptocurrency wallets but Bitcoin Vault solution excludes a trusted third party.
This approach contradicts all crypto development paradigms. However, the advantages are obvious. Even if a thief stole your private key, you still can get your crypto back. Confirmation time is increased to 24 hours (144 blocks). During this period, it is possible to conduct a special recovery transaction, that will reverse the first, so-called alert transaction. Similar procedures are in place in "traditional" banks and may be enabled in some cryptocurrency wallets but Bitcoin Vault solution excludes a trusted third party.
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