Why Security Matters
It’s no secret that the cryptocurrency industry has some bad actors; hacks still occur with alarming frequency. Notable examples include the Bitfinex hack on the BitGo wallet and the Mt. Gox hack, which brought down the exchange.
Of course, you can’t afford for your nest egg to be exposed to such unscrupulous activity; your retirement savings are critical to your future. That’s why, at BitIRA, we’re obsessed with the security of your savings. We’ve burned the midnight oil to create technology and processes to keep your savings as secure as possible.
We set out to provide “The World’s Most Secure Digital Currency IRA.” A service we’d recommend to our own parents and friends without a qualm. Did we succeed?
You be the judge. Other companies may offer some of the measures you’ll read about below, but you’ll never find anyone as obsessed with guarding your savings and your peace-of-mind than us. If you demand the highest level of security for your retirement savings, you will not find a better solution on the market.
What makes BitIRA “The World’s Most Secure Digital Currency IRA”?
1. Multi-Party Computation (MPC) Storage and Management
In pursuit of our commitment to security, BitIRA’s solution has brought in Fireblocks, the leading expert in digital asset protection, to store customers’ assets. Fireblocks uses multi-party computation (MPC) to eliminate having a single point of compromise. With MPC, private keys for digital assets are decentralized across multiple security partners. Much like how a blockchain is decentralized and requires consensus across the network, our solution’s MPC protocol forms a kind of mini internal blockchain that requires consensus between BitIRA and our security partners before any transaction can be initiated. This layered approach keeps our customers’ assets safe.
2. No Personal Device or Keys to Track
You’ve probably heard scare-stories about Bitcoin billionaires who accidentally flushed their crypto wallet down the toilet or misplaced their private keys and lost everything. That’s the exact opposite of how retirement savings should work.
Fortunately, with the storage system that comes with BitIRA’s solution, you don’t have to worry about losing access to your digital assets. Secure access to your stored assets is always maintained, validating transactions and making your assets available when needed.
3. End-to-End Insurance
Insurance can be confusing, so we’ll keep this simple: “end-to-end” means your digital currency is insured, from transit to storage.
Whether your digital currency is in transit or in storage with Fireblocks, it’s insured against:
- Hacking or theft
- Embezzlement or internal theft
- Physical loss
Other Digital Currency IRA companies may offer insurance during the purchase process — but not when your cryptocurrencies are held in custody.
BitIRA’s solution has multiple insurance policies in place through insurance companies with knowledge and experience underwriting digital asset products and dealing with complex financial assets. The primary insurance partner is regulated by the Financial Conduct Authority and the Prudential Regulation Authority and carries an A+ rating from Standard & Poor’s .
Comprehensive insurance serves as an extra safety net on top of our MPC system noted above.
4. CCSS-QSP Level 3 Certification
With BitIRA’s solution, your digital IRA’s storage is compliant with Level 3 CryptoCurrency Security Standards (CCSS). This is the industrial group that defines global standards of security techniques and methodologies for cryptocurrency systems. Few Digital Currency IRA providers can meet the CCSS’s stringent and demanding requirements and earn Level 3 certification.
Have you been looking for a Digital Currency IRA even more obsessed with keeping your money safe than you are? You’ve come to the right place.