25 Nov '14, 1pm

How Bitcoin Companies Keep Your Funds Safe: When you store your bitcoins on an exchange, a

How Bitcoin Companies Keep Your Funds Safe: When you store your bitcoins on an exchange, a

When you store your bitcoins on an exchange, a gambling site, or in an investment site, you're placing a lot of trust in the company. Personal wallet security with a relatively small amount of coins is one thing, but these sites store many more bitcoins than the average user, and are therefore prime targets for attack . So how do they protect your money? Some, like the gambling site Seals With Clubs, use their own proprietary wallet technology, while others work with third-party services. There are a variety of techniques and tools that companies can use to try and keep customers' cherished coins safe. Cold storage Cold storage is an obvious candidate, and this is what wallet provider and merchant payment gateway Coinbase does. The company, which claims to store more bitcoin than anyone in the world, holds 97% of it offline , on a combination of USB keys and paper backups....

Full article: http://www.coindesk.com/bitcoin-companies-keep-funds-safe/

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