Digital assets are protected by powerful cryptographic algorithms, but they still get stolen in various cyber-attacks. To solve this problem, Bitcoin Vault (BTCV) has introduced an innovative opportunity to fight back.
As cryptocurrency adoption grows worldwide, security becomes a bigger threat, with many users left looking for a solution. And the bigger the funds, the more pressing the matter of protecting the digital assets. Because when it comes to our savings, the issue of security is always crucial.
How are cryptocurrencies protected?
Unlike tangible goods, digital assets need new solutions for protection. In the past, people protected assets from fierce marauders – by burying them in fields, hiding them in walls, or even locking them in a safety deposit box. Cryptocurrencies are only code stored on a digital ledger called a blockchain. Therefore, the ways of protection are limited only to the digital realm. Luckily, crypto assets are well protected by a powerful ally called cryptography.
Cryptography and data encryption mean that the blockchain network, and hence cryptocurrencies are well-protected from a wide range of threats. Transactions within the network are secured, so they are easy to verify and almost impossible to forge. Additionally, the distribution of the coins can’t be manipulated, and no one can double-spend funds.
As a result, cryptocurrencies can be used securely without any intermediary or central authority monitoring and verifying every action. But since crypto assets are safe, why do we need to worry about our funds at all?
Securing assets on a dangerous market
Despite the impressive level of protection of crypto assets, there are still threats to the community. Security breaches, especially on crypto exchanges, fraud and cyber-attacks are only a few of the problems.
This shocking number can cause doubts regarding the safety of the crypto market. However, the problem does not lie in cryptocurrencies themselves, but in the way we use them. Improper storage of private keys, keeping funds on exchanges or putting trust in shady get-rich-quick programs may result in the loss of crypto assets. But not everyone needs to be a cyber-security expert, and that is why Bitcoin Vault came up with a solution for all.
The ability to reverse any transaction
Bitcoin Vault is a project with a vision to ensure the highest level of security to its users. This idea was turned into reality with the implementation of an anti-theft 3-Key Security Solution. BTCV users are now armed with the possibility to react to an unauthorized transaction and reverse it before it is confirmed on the blockchain.
Through the 3-Key Security Solution, regular transfers are intentionally delayed by 144 blocks. So, in case of an unauthorized or erroneous transfer, users have a window of approximately 24 hours to cancel the transaction using a special combination of private keys.
This solution enhances the powerful protection of cryptography and gives users the possibility to cancel transactions on the blockchain.
The possibility to cancel suspicious transactions eliminates what is perhaps the biggest safety issue in the industry, protecting BTCV like never before.
Do you value the safety of your funds? Check out Bitcoin Vault and become the most protected participant of the cryptocurrency market.
Disclaimer: This is a paid post and should not be considered as news/advice