Safely Stash Your Bitcash In Virtual Vaults

The popularity of Bitcoin and other crypto-currencies bodes well for promoting a decentralized financial system, but their allure also ups the danger of their theft. Now, virtual vaults have been created to add an extra layer of protection to your Bit-fortune.

According to, there are currently over 13 million Bitcoins in circulation, with a value of over £311 per unit. Though the price fluctuates, this could rise to over £1000 per unit, and over 80 million people are expected to hold Bitcoin "wallets" (online accounts of their Bit-loot) by the end of 2014. The virtual vault Elliptical, created by students from St. John's University, Cambridge, England, holds virtual "keys" for users so that their Bitcoins may be accessed with additional layers of security, while making reports available on the varying market price of the currency. The heavy security makes Elliptical an attractive option for companies, law firms, and financial service providers, including the new Global Advisors Bitcoin Investment Fund (who collaborate to make Bitcoin viable for pensions and insurance providers.)

Elliptical is fully insured, allowing users not to fret that hackers or viruses will act like modern Bit-bank robbers. Creator James Smith explained Elliptical as, “a secure, insured custodian of Bitcoin and other digital currencies, serving a range of enterprise customers." He claims the site, which recently obtained £1.2 million in funding from the Octopus group, is being placed "at the heart of digital currency infrastructure."

So if your faith in the dollar, Euro, or pound is sinking lower than your hope for humanity, perhaps its time to invest in the realm of e-riches. Other vault options, such as Coinbase and Xapo, offer similar vault services.  The scope is serious, and the security is stronger than what you may think you are currently safe with.

No cracking, no hacking.

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