ForexMinute.com – Leading Bitcoin Wallet Company Coinbase recently took to its blog to convey its followers about a new multisig vault they have launched. Using this vault will hopefully provide Bitcoin users the ability to control their private keys, a feature that goes missing in most of the other Bitcoin wallet services.
Coinbase particularly designed this outstanding feature after receiving innumerable requests from its customers. Certain hacking incidences within the Bitcoin industry (read Mt. Gox) have certainly made these users cautious about their stored Bitcoins. With Multisig Vault, Coinbase simply want to ensure customers by themhandling the security key of their wallets. This simply means that the company won’t have any control over the customers’ accounts, thus less chance of an inside leak.
When customers sign in to use the Multisig vaults, Coinbase holds no authority to move their funds. So even if a secure company like this faces a security breach, bankruptcy or any other kind of money-eating epidemic, customers’ accounts will remain safe and sound. On the flip side, there will a greater responsibility on customers in handling their accounts securely, which also includes backing up the key. “If you lose this backup and forget your multisig password, Coinbase cannot help you recover your bitcoin,” reads the company’s blog. “For this reason, we only recommend this feature for advanced users.”
With this announcement, Coinbase has made it possible to create a cold wallet with proper backing from a trusted party. This not makes them receive an undaunted trust from the Bitcoin community, but also solved a dozen of security problems cryptocurrency world is facing today. And the best of this whole service is, it is FREE!
To contact the reporter of the story: Yashu Gola at firstname.lastname@example.org