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Physical Bitcoin, or a special type of Bitcoin wallet, which can be used to store Bitcoins more securely offline, is increasingly being used by high-profile investors and entrepreneurs globally
Investments, Physical Bitcoin, Alistair Milne
Physical Bitcoin, or a special type of Bitcoin wallet, which can be used to store Bitcoins more securely offline, is increasingly being used by high-profile investors and entrepreneurs globally, due to its ability to protect Bitcoin from any form of hacking attacks and security breaches.
Bitcoin enthusiasts and investors have lost substantial amounts of their Bitcoin holdings in various security breaches and hacking attacks. That’s why investors have begun to exploit physical Bitcoin as an alternative long-term investment method.
The primary purpose of a physical Bitcoin is to store the digital currency under a tamper-evident seal as a long-term investment for enhanced security. Since the private key of the offline Bitcoin wallet remains hidden under a seal, any of the Bitcoins stored within the offline wallet cannot be activated or hacked before the owner of the wallet activates it online and broadcasts it to the public Blockchain.
When activated, Bitcoins stored within the physical wallet can be transferred to an online wallet and spent ordinarily.
Currently, there are many methods of storing Bitcoins offline and many firms who offer physical Bitcoin products. Denarium Bitcoin, for instance, stores physical Bitcoin in a gold-plated coin which is integrated into a decorative frame.
Alistair Milne, an entrepreneur and an angel investor of various successful technology startups, recently purchased a Denarium Bitcoin physical wallet as a long-term investment for his family.
I will give this @DenariumBitcoin coin to my son in 15.5 years when he turns 18. Should be worth something! #bitcoin pic.twitter.com/9TZd3M0vdy— Alistair Milne (@alistairmilne) September 3, 2016
I will give this @DenariumBitcoin coin to my son in 15.5 years when he turns 18. Should be worth something! #bitcoin pic.twitter.com/9TZd3M0vdy
Although major exchanges and wallet providers in the market have advanced security measures and technologies to protect user funds, any platform or software which is connected to the internet has the possibility of getting breached.
Considering the risks involved in storing Bitcoin in exchanges - as seen in the Bitfinex security breach earlier this year - it is much more secure to store and invest Bitcoin through physical Bitcoin if an investor wants a secure long-term investment.
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