Bitcoin is a revolutionary digital asset. We as a Bitcoin exchange take security of our user’s asset seriously. Bitcoin's security is based on the core Bitcoin private key encryption algorithm. Cryptography experts believe Bitcoin's cryptographic foundation (SHA256 and EDSA) is unbreakable based on current decryption capabilities. The main problem that remains is safely storing the private key which the industry usually does via a cold wallet (absolutely no contact with the Internet wallet) to hold large quantities of bitcoins. But how do you design and run a truly secure cold wallet? BlcEx has long implemented and improved on its security program and is now sharing it openly. We hope to help promote best practices amongst new entrants in the industry and to also explore new ideas with partners to ensure we stay a leader in Bitcoin security. We are always receptive to new suggestions from experts in the community, and look forward to operating the safest and simplest Bitcoin wallet.
1 Any equipment connected to the internet is inherently vulnerable.
2 USB drives are unsafe as USB disks may be compromised with viruses. Such a USB virus may automatically record data in a computer network after it's inserted and steal the contents within.
3 No security practice can be reliant on one individual. Any access to cold wallet must require confirmation of two authorized parties.
4 Everyone has the potential to suffer from an unexpected event. Others need to be authorized to access offsite backups in order to ensure safety.
5 Individuals may be kidnapped, so important data must be saved in the highest security bank safe and require in-person access.
•Private key generation and backup
•Depositing bitcoins from online hot wallet to offline cold wallet
•Retrieving bitcoins from offline cold wallet
•Our security protocol empowers us to achieve