Security is one of our top priorities in our services. Due to the fact that bitcoin transactions are immutable and the concern about secure storage is common, we want to offer yet another security layer for safe storage of your bitcoins. It’s our pleasure to introduce Vault – our newest addition to our service offering, which enables to time lock your bitcoins for long-term holding.
In Vault you can store bitcoins and choose a time lock period that will hold any withdrawal requests until the time lock time is up. The time lock can be set from 12 hours to 30 days. So when you decide to withdraw bitcoins from the vault, the predetermined time lock is set for the operation. Every withdrawal request will also be validated via email and additionally with SMS-message if you want.
Time lock cannot be bypassed, so use the Vault only for the assets you don’t wish to use actively but to store for longer periods of time.
The maintenance fee for Vault is 1€/month and it’s already available for all customers on their Coinmotion accounts.
Also published on Medium.