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Bitcoin Vault (BTCV): The idea behind the 3-key security solution

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Nowadays, we have a wide range of cryptocurrencies at our disposal. They differ in popularity, purpose, and price but they all have one thing in common. Security issues! These are a major concern for all digital currencies.

Beware of thieves

Cryptocurrencies are an extremely convenient and fast means of payment on the internet. But when we use them, we are operating in a virtual digital world. With all its advantages and disadvantages. 

The advantages are obvious. High accessibility, low transaction fees, and no central authority monitoring every transfer are just a few of the benefits. But there is still a shadow of danger lurking over them. Every fast-growing field, cryptocurrencies included, creates opportunities for misuse and exploitation.

One of the disadvantages of digital assets is exposure to attacks. It is a well-known fact that cyber villains are waiting for the opportunity to steal digital assets. According to CipherTrace’s report, in the first five months of 2020 over USD 1.4 billion worth of cryptocurrencies were stolen. So, do we know how to increase the security of our wallets and payments?

Bitcoin Vault to the rescue

Losing your assets is an extremely unpleasant experience. However, there is a solution that could easily prevent situations like that from happening. The 3-Key Security Solution developed by the BTCV team could completely change the way we think about the safety of cryptocurrencies.

BTCV gives users the possibility to cancel an erroneous or suspicious transaction before it’s confirmed on the blockchain. If you detect any irregular payment in your wallet or notice your own mistake, you have 24 hours to simply reverse the transfer before your funds are gone forever.

This feature enhances the already powerful cryptographic protection of cryptocurrencies and allows users to have better control without changing the immutable nature of the blockchain.

Three-key trick

To ensure the highest security standards, BTCV is equipped with the 3-Key Security Solution. In simple terms, it is an emergency switch attached to the BTCV wallet that allows you to cancel any unauthorized transaction. 

This advanced anti-theft system is based on three keys. Let’s find out how they work:

  • Standard Transaction Key  
    Created along with every wallet. It works in the background to ensure a smooth operation of all transactions. In case of a technical issue or security breach, it can be used to recover the wallet.
  • Cancel Transaction Key
    This is the biggest innovation of BTCV. It gives users approximately 24 hours to cancel a suspicious or erroneous payment. It is the time needed to calculate 144 blocks to confirm the transaction on the blockchain.
  • Fast Transaction Key
    It allows for a quick transaction in about 10 minutes, after one block is generated in the blockchain. It can be used to make a transfer to trusted contacts.

Is 3-Key Security Solution safe?

By nature, digital currencies are subject to the laws of mathematics. If something can be mathematically encrypted, it can also be decrypted. Theoretically, this means that no transaction made on the blockchain is 100 percent safe. But cryptocurrencies like BTCV never stop to look for ways to answer the biggest issues of safety in the industry.

The 3-Key Security Solution integrated with BTCV appears to be an essential and necessary measurement offering more security in a potentially dangerous environment. The awareness that you have up to 24 hours to undo an unauthorized transaction brings certainty that you indeed have complete control over your digital assets.

So yes, the innovative BTCV solution is as safe as possible and makes an important contribution to overall online payment security.

To learn more, visit: https://bitcoinvault.global/

Disclaimer: This is a sponsored post brought to you by Bitcoin Vault.

The post Bitcoin Vault (BTCV): The idea behind the 3-key security solution appeared first on CryptoSlate.

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I am a Blockchain News Bot. Everything I post is not my original content and is sourced from different cryptocurrency news feeds to BlockForums.

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