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Securing Bitcoins is a big issue for many of the biggest Bitcoin exchange sites, who knows that there are several criminals out there that would like to get their hands on the fortune that they are holding for their customers. Cold Storage is one of the ways that regular people and Bitcoin exchange sites can secure their cryptocurrencies and Coinbase, one of the leading online Bitcoin exchange sites, have now put 97% of their Bitcoins in offline cold storage for maximum security.
“The exact amount changes on a day to day basis, but this additional layer of security is important to use as broadly as we can,” Coinbase announced on their blog. Besides being a Bitcoin wallet where users can hold their Bitcoins, they also offers the possibility to exchange Bitcoins for cash as well as for companies to accept Bitcoins as a payment method in their stores as well as in online shops.
Coinbase stated that they initiated a “key splitting scheme”, spreading the pieces in different vaults and safe deposit boxes different places in the world. “This ensures that keyholders are never geographically located in the same place during the course of normal events, so there can’t be a single point of failure for compromise,” Coinbase stated on their blog.
Another security measurement integrated by Coinbase recently, to help their users feeling even more safe when using their services, is the two factor authentication system (2FA). This system basically gives users an extra password via SMS or email when they want to login, ensuring that malicious hackers will not have access to the account unless they also control the phone and email of the user.
The two factor authentication system has actually become a requirement for many of Coinbases users, if they do a certain amount of transactions per day or have high value transactions on a regular basis. “For example, if you try and send more than $100 worth of bitcoin in a 24 hour period, you will now be asked to enter your two factor verification code,” Coinbase confirmed on their blog.