BitQuick to Implement P2SH Multi-Signature Escrow Addresses

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BitQuick to Implement P2SH Multi-Signature Escrow Addresses

Becoming the first major Bitcoin trading marketplace to implement P2SH Multi-Signature Escrow Addresses, BitQuick is a peer-to-peer Bitcoin trading platform. In the press release the organization announces that it connects buyers and sellers; however, its integration of P2SH (Pay To Script Hash) multi-signature addresses through the BitGo platform is on offer.

The company says that it is now the first major marketplace to implement multi-signature technology to protect customer funds which has long been an issue. Earlier in February this year, the company became the first marketplace to provide public proof of reserves. Now, they have also created an updated proof of reserves page.

Nonetheless, BitQuick believes that with these changes it will be able to provide greater privacy for sellers, while still making the funds listed for sale publicly audit-able. BitGo on the other hand launched the first ever multi-signature Bitcoin wallet in 2013; however, it provides its clients with 3 keys.

Out of the three keys from BitGo, two of the keys, the user key-pair and the backup-key pair, are held by BitQuick, and one key is held by BitGo. Nonetheless, in its press release the company makes it clear that the backup-key pair is stored in a secure offline location and can be used for fund recovery in the case of a BitGo service failure.

Clarifying further, BitQuick says that to perform a transaction from a secure address, 2-factor authentication must be performed and other levels of automatic fraud detection must be passed. Similarly, according to the company this allows it to provide the advantages of cold storage level security while also maintaining the convenience of quick transactions.

 Complete Security to Users’ Funds

The company believes that as BitGo utilizes HD (hierarchical deterministic) wallets, it will be able to provide greater privacy for customer funds as well. Now on, users can publicly verify the balance of all BitQuick addresses without being able to connect transactions to users through the proof of reserves page.

Similarly, the page provides a real-time sum of the total Bitcoin for sale on BitQuick and the sum of Bitcoin held in the P2SH addresses. Thus, since launching in August of 2013, BitQuick has grown to provide faster, easier, and more secure trading. It says that the main advantage with BitQuick is that it provides streamlined, consistent oversight for each transaction.

Thus, with the latest offer, the company ensures that customers can buy Bitcoin within 3 hours and sell Bitcoin without risk due to their seller’s guarantee.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com