Hackers are everywhere; you never know where they are lurking, planning to attack you while you might be dreaming of happy places in your sleep. You might have heard the news that a major bitcoin exchange, ‘Bitstamp’ was hacked and suffered a loss of over $5 million. There have been many such small cases of sudden hacking and stealing from innocent victims. Melanie Shapiro, the CEO and co-founder has been a victim of this unethical hacking scam herself and knows the pain, the desire to avoid such unhappy scenario in future laid the foundation for birth of this new fiercely secure bitcoin wallet called ‘Case’.
Ease-of-use And Security Goes Hand-in-Hand
According to Shapiro, using bitcoin has never been easy and secure simultaneously. It is always one way or the other, and with Case, they want to cover this loophole and create a secure system where you can leverage both easy accessibility and security.
Case is a hardware bitcoin wallet shaped like a credit card that displays a small screen. It consists of a few buttons numeric and others as needed, and an in-built GSM chip, camera and fingerprint sensors. Whenever you need to make a bitcoin transaction, you have to follow a simple procedure that goes like this
- Press the bitcoin button
- Scan the ‘QR’ code with the camera
- Swipe your finger
The best part, however, is that you can even sell or purchase bitcoins using this device without having to install any app or remembering an intricate password.
Security Web For Your Bitcoins With Multi-signature System
Since security is the foremost priority and ultimate objective of creating this wallet, the developers have incorporated in it a multi-signature system that fulfills the job. Thus, in order to make a transaction, two signatures are required, and the transaction is signed by the respective server if and only if your fingerprint scan on the device matches your biometric data. The servers are communicated via the built-in GSM chip.
The wallet does not come with a pre-generated private key; the key is in fact generated when you first use your device and stays on it forever, so you don’t have to take the pain of remembering it.
You Will Never Lose Your Bitcoins Even If You Lose Your Wallet
This however gives rise to one dreadful question, what if you lose your device? Will you lose all your bitcoins without any hope of recovery as you require two signatures to make a transaction using this device? To which the startup has answered in the form of an intelligent back-up plan ‘a third key in an offline vault’, which can be retrieved on proving your identity.
The company has already started taking pre-orders for this smart and secure wallet that will cost you around $199 and will soon be available in the market.
This should help you safeguard your virtual currency, to learn more ways to stay protected from spyware, virus, identity thefts and know about new threats, security updates and tools available to protect you, please subscribe to our posts.