In the past few weeks, the value of several cryptocurrencies, including Bitcoin and Ethereum, has skyrocketed. This change has caused a lot of new people to get involved in investing in these currencies in an attempt to make some quick cash. However, unlike owning a few shares of Microsoft or Apple, there are inherent insecurities in owning cryptocurrencies. Most notably, having a public, or hot, wallet on an exchange holding your coins, is just asking for trouble. In fact, billions of dollars worth of cryptocurrency have been stolen in recent years. However, Arculus has a new solution to the problem.
The basis of cryptocurrency security is in making the wallet that holds those coins unavailable to hackers. This process is called cold storage, or storage that is not accessed regularly, compared to hot storage, which is accessed often. This could mean keeping it on a flash drive or a portable hard drive that is kept disconnected from a computer. However, Arculus’ new process adds a number of layers of security that the normal process is lacking.
In particular, this process has three-factor authentication. You must have something you know, which is your PIN, something you are, which is your biometric lock on your phone, and something you have, which is the Arculus card. This means that, without you, the value of your wallet is zero. In addition, the currency is maintained in an air-gapped state, meaning that it is not connected to the internet – preventing external hackers from stealing from you.
The company has built this technology on the back of its security expertise. They produce metal credit cards for several companies, as well as governmental access badges. With that background, they have produced what could be the most secure way to store and transfer your cryptocurrency assets. The Arculus card should be available soon. To learn more and sign up to be notified of the launch, head to the company’s website.
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