Crypto custody for large amounts - need advice

Spendulus

legendary

Activity: 2926

Merit: 1386

Quote from: improvebc on April 16, 2018, 01:07:08 AM

We have a task to organise the crypto custody (the storage for large amounts with multisig, multicurrency, key-recovery and other features). We have preselected BitGO, but before making a final decision we’d like to collect feedback.

Have you ever worked with BitGo? Can you leave a feedback? Or suggest an alternative?

Your question seems to show some ignorance of that true nature of crypto currency. This is pretty common.

Bitcoin is held in private keys. These are no more than 50 some digit numbers in base 58.

Translating, your question becomes "How do I safely store a 50 digit number?"

The general answer is to split it up and encode it and place the pieces with several parties.

saturn.network

jr. member

Activity: 193

Merit: 2

Team Saturn

I suggest you think again about holding your own wallets and becoming decentralized, why take the risk of funneling everything through a third party?

improvebc

newbie

Activity: 2

Merit: 0

Thanks everyone for feedback. It realy helps.

NBIToin

newbie

Activity: 29

Merit: 0

I use BitPay and I am very happy with the service.

arunchain

copper member

Activity: 107

Merit: 0

Quote from: bob123 on April 16, 2018, 01:51:21 AM

BitGo and BitPay seem to be the most reputable in this sector.

But if you are accepting bitcoin via a 3rd party you are still relying on their service.

The most secured (and trustless) alternative would be to create multisig addresses yourself and use a full node (hosted on either a dedicated server or VPS)
for receiving/checking transactions.

While i understand it is the most convenient way to accept crypto payments via a 3rd party service, it basically destroys the whole purpose of crypto currencies:
To be your own bank and to not having to trust anyone when using/accepting payments.

***Totally agree as we are dealing in Finance, so instead of trusting any other 3rd party API go for your own address

bob123

legendary

Activity: 1624

Merit: 2509

BitGo and BitPay seem to be the most reputable in this sector.

But if you are accepting bitcoin via a 3rd party you are still relying on their service.

The most secured (and trustless) alternative would be to create multisig addresses yourself and use a full node (hosted on either a dedicated server or VPS)
for receiving/checking transactions.

While i understand it is the most convenient way to accept crypto payments via a 3rd party service, it basically destroys the whole purpose of crypto currencies:
To be your own bank and to not having to trust anyone when using/accepting payments.

improvebc

newbie

Activity: 2

Merit: 0

We have a task to organise the crypto custody (the storage for large amounts with multisig, multicurrency, key-recovery and other features). We have preselected BitGO, but before making a final decision we’d like to collect feedback.

Have you ever worked with BitGo? Can you leave a feedback? Or suggest an alternative?

Topic: Crypto custody for large amounts - need advice (Read 196 times)