BitcoinOil GmbH announces further details of its secure BTCO Multi-currency Wallets and unveils the creation of BTCO’s Listing Platform, thus putting an end to many ingrown problems in the current crypto industry. The BTCO team thinks that the overall industry of cryptocurrency is not where is should or can be at this point. They accredit this to many problems arising from poor security and improper guidance. With a closer look at the world’s current number 1 cryptocurrency, Bitcoin (BTC), it becomes clear that it is in dire need of safety improvements.
BTC’s Current Problems
The existing Bitcoin wallets have turned out to be extremely vulnerable, especially when it comes to hacking attacks and theft. Exchange wallet services, online wallets and hardware wallets are all unable to resist phishing attacks and in turn compromise holders’ private keys. This type of security breach affects the privacy of Bitcoin users and allows hackers to divert their funds into different accounts.
In the past, several solutions, including cold storage of Bitcoin, have been proposed to address existing security issues. While they have significantly improved the security concerns associated with Bitcoin storage, they have in a way defeated the entire purpose of cryptocurrencies – fast and easy availability.
BitcoilOil Solution: Safe Multi-currency Wallet
BitcoinOil has taken all current vulnerabilities and previous solutions into consideration before proposing and unveiling its paramount solution- The BitcoinOil Wallet. The BitcoinOil Wallet will not only support payments but be designed ﬁrst and foremost to serve as another access point to users’ personal accounts of BTCO. The multi asset wallet will essentially just be a display, as all assets will be held in blockchain as a security measure. Private keys will be encrypted and will only be available to account owners.
The interface for the multi asset wallet will be geared towards ease of use, so that even newcomers to the crypto world and non-technical users are able to use the wallet with ease. It is anticipated that, on current market conditions, in 2-4 years BitcoinOil GmbH will be able to accumulate as many as 30 cryptocurrencies in its wallet.
A backup function (with seed wording) will be available to enable users to restore their wallets to new computers.
Users will also benefit from a high-level security thanks to multi-signature technology and multiple hot and cold backups. The multi-currency wallet will support various cryptocurrencies. The private key to each BitcoinOil Wallet will be secured via an industry-standard hot & cold storage solution. A 2FA function will also be implemented for maximum security.
All transfers between multi-asset wallets will be free of charges. The payment systems are integrated with the liquidity center, which allows them to use the relevant exchange rate, a minimum commission for conversion, as well as reduced conversion time and the time period required to transfer funds to an account. To access a wallets contents, security is guaranteed by additional layers of verification, such as iris recognition. In addition, wallet functionalities will be implemented, making it possible to send BitcoinOil to any other user in the community without downloading a wallet.
To provide users with more possibilities and commodities, in the future BitcoinOil will implement trading features in the BitcoinOil. People will trade with their wallets, without the need to login in to any cryptocurrency exchange.
Bitcoil Oil Solution: Multi-project Listing Platform
Apart from coinizing investments and physical assets, BitcoinOil will create a platform to list exclusive projects that are sponsored by BTCO Blockchain Fund.
The main focus of the BTCO Blockchain Fund will be to strategically invest in vetted crypto blockchain projects as well as provide an array of professional services, such as strategic counseling, relationship management, IEOs, exchange listing referrals and more. By investing in startups and early stage projects launched on BitcoinOil’s blockchain, the BTCO Blockchain Fund will be able to retain a portion of each company’s coins/tokens as service fees, a percentage of which is intended to be distributed via airdrop to the BitcoinOil coin holders.
Therefore, BitcoinOil will bring together a team of investment experts consisting of startup advisors, renowned crypto and investment bloggers, experienced investors and entrepreneurs, to undertake due diligence and screening of all proposed projects to ensure the BTCO Blockchain Fund identifies preferred visionary projects and proceeds only with the ones that have the maximum ROI potential.
Bitcoil Oil Solution: Secure BitcoinOil Card
One additional BitcoinOil solution addresses historical transaction-related issues. The BitcoinOil Card will replace traditional debit and credit cards, making it easy to use for payments and even easier to accumulate discounts. It has the functionality of a standard Visa or Mastercard debit card but is additionally linked to a user’s BitcoinOil cryptocurrency wallet. The main advantage of this structure is the ability to swiftly load the card directly from a BitcoinOil user’s address in his/her cryptocurrency wallet. This enables a quick conversion from BitcoinOil coins to EUR, USD or GBP to be spent on any POS terminal accepting Visa and Mastercard or used at any ATM.
The main stimulus for the adoption and use of BitcoinOil Cards is the accumulation of discounts and the increased level of security. The biggest fraudulent factors ingrained in the current BTC payment structure are double spending, chargebacks and fraudulent charges in “card not present” transactions. Using an AI Fraud Detection service will enable BitcoinOil to provide the highest possible level of biometric or pin entry security checkpoints on a user’s device, while also using other blockchain security measures and event monitoring. The double log on both the respective blockchain of the cryptocurrency used and the authentic blockchain tx log reinforces each transaction and eliminates the double spending issue.
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