Bits of Gold's Security Updates
One of our main goals for 2017 is to further secure the Bits of Gold website. As an Israeli Bitcoin company, we have encountered computer hacking attempts from the start, as hackers seek to undermine and tamper with our website's security. Due to the exclusive nature of the Bitcoin world (the inability to cancel a transaction, as well as relative anonymity), a significant number of large Bitcoin companies have come up against hacking attempts (Poloniex, Bitfinex, Bitstamp and more). However, Bits of Gold is in a different position. We provide exchange services, as opposed to trading platforms, which is why we do not store our clients' money at any given point. As a result, clients who use our website are guarded from dangers like money theft, unlike clients who use the abovementioned trading platforms.
That being said, at the beginning of the year we decided to devote 2017 to reinforcing our security measures. Seeing as we are an Israeli based cryptocurrency exchange, our clients don't have a "balance" with which to freely buy or sell Bitcoins. Money/Bitcoins that come our way are immediately exchanged and transmitted to the client. It is an OTC transaction (over the counter). Money is handed in and an exchange is completed. We exchange the Bitcoin using a mechanism similar to "currency exchange" providers, where shekels are converted into Euros (only we enable people to exchange money online!). The fact that we do not store our clients' money over time reduces our exposure to danger. Nevertheless, we still aim to provide optimal security measures.
Seeing as Bits of Gold is expected to continue its growing trend over the coming years on an international scale, this is the opportune time to enhance our security. In order to ensure the highest security level for our website, we have recently begun working with security experts who, among other things, specialize in the Bitcoin market. Our clients will enjoy the following improvements:
1. Upon entering your account on our website, you will be able to add another verification measure (2. FA – Google Authenticator).
2. You will periodically receive an automatic request to change your entry password.
3. When you wish to order a new purchase, you will have the option of saving the wallet's address, but the default will be to ask you for a new wallet each time you place an order, so as to ensure that you confirm the address and access to your wallet.
You will see several important updates throughout the year that will be installed for security measures. These changes will be added to the important security updates that have already been implemented behind the scenes, so as to further secure our websites. Clearly, in order to enhance your safety, we highly recommend following the instructions that follow the security updates, which we will send you via e-mail or newsletters.
In addition, we would like to take this opportunity to remind you once again to backup your Bitcoin wallet. All wallets have a backup option and we highly recommend you devote several minutes of your time to setting up a backup. There are frequent attempts to hack accounts made by people who seek to obtain your personal details, for example, by sending you misleading e-mails that appear as though we sent them. If you are in doubt as to whether or not Bits of Gold has sent you a particular e-mail, do not hesitate to calland inquire. It is extremely important to use your judgment. For example, we will not ask you to send us any kind of password via e-mail, certainly not the password for your Bitcoin wallet. If we do contact you, make sure we are speaking about a specific order or request that you made, as opposed to something general. If you are uncertain we are the ones who contacted you, then ask to call back the service provider via the telephone number that appears on our website.
It goes without saying that we are working incessantly to improve our clients' ability to buy and sell securely on our website and beyond. For example, we have begun working with one of the most well-known and secure cold storage wallets in the world - Trezor. The wallet provides the most secure way to store your Bitcoin by using a physical device that enables you to approve transactions by physically pressing on it. We will share further details with you in the near future. Also, over the past several months we have been working with the most popular wallet company in the world, known as Bitgo, which allows customers to use Multi-Sig technologies in order to transfer Bitcoins. We are certain that our cooperation with Bitgo is an extremely important and positive development for our company and our clients.
To sum up, we believe Bits of Gold, in its current form, provides its clients with a simple, convenient and highly secured shopping experience in the Israeli, European and international market. We will continue to update you regarding technological advances that will provide you with the best possible service.
Image Credit: Gigaom Illustration
Bits of Gold team.