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News Link • Currencies

Canadian Bank Builds Vaults for Safeguarding Cryptocurrencies

•, Iyke Aru

 These threats may come in the form of theft, natural disaster, fire accidents, unauthorized use, loss, e.t.c. In order to guard against these threats and eventualities, owners take deliberate measures to protect and preserve those belongings that they cherish.

Digital Assets are Drawing Attention
One of the common and most reliable ways of securing personal belongings is by storing them in bank vaults. Therefore, the pronouncement by Canada based bank, VersaBank Inc. of building a vault for cryptocurrencies reveals the importance attached to these digital assets.

Blockchain and cryptocurrencies are in their early stages of development, however, the reactions that events around the ecosystem are generating points towards a whole lot of potentials within the industry. Digital assets are products of blockchains whose ownership depends of the ability to retain the private keys that enable access. These private keys are usually very delicate entities due to the fact that losing them automatically implies losing every coin and asset to which they are tied.

It's All About Your Private Keys
Losing one private key effectively means that such digital assets, like Bitcoins are lost forever. One may wonder why an entity of such value would be so delicate to protect. The truth is, this system is a part of the security upon which the technology is built. Considering the value that can be stored in a cryptocurrency wallet, stepping down on the security process could have a backfiring effect, leading to rampant cases of property theft.

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