Sunday, March 16, 2014

Multi-Sig Bitcoin Security: Stepping Up Future

Over the last few weeks, there's been a buzz about multi-signature wallets. In addition to other security measures such as 2FA (two factor authentication) and sound codes (ultrasonic password security), multi-sig bitcoin security is picking up the pace:

"Over the past month we have seen a large number of Bitcoin services dramatically fall over into the abyss. Silk Road 2, the intended successor to the Silk Roadanonymous marketplace that was shut down in October last year, lost $2.7 million worth of BTC consisting of all of its users’ account balances and is struggling to figure out how and if it will ever be able to relaunch. MtGox, once the world’s largest Bitcoin exchange with over 90% market share, stopped processing withdrawals early in February and has since shut down entirely, admitting to having lost a staggering 750,000 BTC. Flexcoin, an old “bitcoin Bank”, shut down after having lost 900 bitcoins, and a site called Poloniex gave its users a Cyprus-style haircut after finding out that it was short around 75 BTC"
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