Oftentimes, a vault is where you keep your most important belongings. It is often in a secure location where it would be impossible to breach. It surprises many that the same concept also exists for Bitcoin. When it comes to cryptocurrency it really is leading the way in terms of security.
Bitcoin Storage Vault
A Bitcoin storage vault functions in the same way that a regular vault does. It is where you put the Bitcoins you are saving as opposed to the Bitcoins in your wallet which can be used for transactions. Basically, it is where you put all the Bitcoins that you want to grow in value.
A Bitcoin vault essentially functions in like a normal wallet. It can receive funds and you can withdraw them as you like. However, you will have to go through additional security steps for verification purposes. Keep in mind that the level of security depends entirely on the settings you choose.
Interestingly, vaults can also be owned by multiple users, very much like the joint vaults in actual banks. Multiple emails can be registered as owners, and all transactions will require the approval of all of them. This should prove to be useful for businesses making use of Bitcoins. This way, no single person has a monopoly of the group’s finances. There are a number of different sites which offer this type of service.
Bitcoin Vault Security
Vault security is probably one of the main concerns for most people.After all, keeping your Bitcoins safe is the whole point of getting a vault. However, for purposes of convenience, the security measures cannot be too strenuous to the point that it would be impractical.
Luckily, there are multiple options available for prospective users. For instance, you can have a standard vault wherein all transactions must undergo a verification process through email. You can also cancel any requests for withdrawal as long as it falls under the specified waiting period of 48 hours.
If you are in the Bitcoin game for the long haul, then it is best that you get your own Bitcoin vault. It could really come in handy.