As the rise and fall and possible rise again of Bitcoin continues to keep the markets on their toes, the question of how to secure such earnings is something crypto investors should be seriously thinking about. Is my asset safe in it’s current storage environment? Be it an online exchange, hard drive, web wallet or secure USB.
Investment in Bitcoin is much more risky than traditional stocks and bonds. However with the recent staggering returns, realised by some, there are many willing to take the risk.
Due to the unregulated nature of crypto currency investment, there are many ways that you and your bitcoins maybe be separated. Exchanges have lost bitcoins due to fraud or hacking. A few have even just disappeared from existence. Being an unregulated economy, there is little recourse for the hapless investor caught up in such scams.
A hard drive crash, with no backups, means your bitcoins are potentially gone for good. Web Wallets can be hacked. Print the key on paper? You still need to secure this safely. Hardware wallets such as Treznor are great and can store your encrypted key safely. But where do you store the hardware wallet?
The Winklevoss twins, famous for suing Mark Zuckerberg, were buying Bitcoins in 2012 and have a reported $1.3 Billion in holdings, reported by the NY Times.
They have a novel way of ensuring the security of their bitcoin holdings, by having their private key printed, cut up and stored across multiple vaults in the USA. Ensuring that if one is stolen, the thief will not have access to the entire code. A method referred to as “Deep Cold Wallet Storage”.
Given the value of the Bitcoin at the moment, any system that ensures your investment is secure, is worth considering and it may very well be that a combination of methods is used.
A vault with experienced operators, UL rated construction, solid stainless steel safe deposit boxes, world class electronic security systems and biometrics, should be a prerequisite when selecting a vault for the storage of any valuables. Including Crypto currency.
Access to such a facility can be available for around $22 pm, which is a small price to pay for peace of mind.
Australasian Vaulting Industries is just that place.
World class physical assets, dedicated to the security of clients valuables and investments, including solid stainless steel, dual key, safe deposit boxes and UL2 rated vault panels and vault door, with all access controlled through a bullet resistant airlock and guard room.
The electronic security utilised onsite at AVI vaults is second to none in the country. A completely customised system is used, incorporating HD CCTV, seismic sensors, infra-red and microwave detectors, with an Iris reading biometric access control system used that is 10M more accurate than fingerprints.
Australasian Vaulting Industries provides safe custody services Sydney residents can trust, and while International clients also keep their assets in our vaults, it is local individuals and business that make up our the majority of our AVI Vaults clients.