The price of bitcoin has become extremely valuable these days as one BTC is roughly $12K right now. This has led to bitcoin enthusiasts keeping their coin on hardware and paper wallets. However, some bitcoin proponents are taking bitcoin security to the next level by using companies that focus on securing people’s assets like gold and cash.
Also read: South Korea Launches Cryptocurrency Task Force to Spearhead Regulations
Bitcoin Being Kept In Custodial Vaults Is Becoming a Trending Pattern
One of Australia’s leading private vault and safety deposit box operators, Guardian Vaults, says they are protecting people’s cryptocurrency assets within its safe vault locations more often. Guardian Vaults has been seeing a trend of customers who want to secure their bitcoin hardware and paper wallets with the business for extra security. The company explains that traditionally customers keep cash, gold bullion, and passports inside the vaults but they expect more safety deposit box demand to hold vast bitcoin holdings.
Guardian Vaults says that anyone can set up a custodial safety deposit box in as little as 30 minutes. The firm doesn’t just use traditional boxes housed in cement and guarded by armed guards. The Melbourne based company uses technology like biometric hand scanners, facial recognition protocols, access codes, and dual key boxes housed in bedrock. The firm has seen a lot of demand this year as the company has added 5,000 more boxes to its 28,000 boxes housed between its Melbourne and Sydney locations. The company believes hardware and paper wallets serve a great purpose, but safety deposit vaults provide an added layer of security. Guardian Vaults explains;
Since not many people want to keep their future millions under the mattress; or their cold wallet in the cupboard — we advocate storing your cold wallet device in a safety deposit box within a secure vault.
Individuals and Bitcoin Businesses Are More Cautious Than Ever Before
Some boxes range from $35,000 to $250 per year depending on what kind of security and vault storage you expect. Further, those who house their bitcoin with the Melbourne company are also issued a $10,000 insurable interest per unit under Guardian Vaults’ policy and further insurable interest can be added.
Bitcoin proponents and cryptocurrency businesses have been utilizing a more secure means of holding bitcoins these days. Just recently news.Bitcoin.com reported on Fortress the extreme cold storage solution. Unconventional means of security is being utilized by exchanges like Coinbase and Xapo as well. Xapo’s Swiss Alps facility is encased in steel slabs that emulate a Faraday cage concept just in case an electromagnetic pulse (EMP) happens. Guardian Vaults’ is betting cryptocurrency cold storage held in secure vaults will continue to be a trend as bitcoin grows more valuable.
What do you think about storing bitcoin with a safety deposit box provider? Let us know what you think in the comments below.
Images via Pixabay, and Guardian Vaults.
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