Tuesday, March 21

Losing Bitcoin May Be a “Donation,” But Does It Stop Adoption? By CoinTelegraph

©Reuters. Losing Bitcoin May Be a “Donation,” But Does It Stop Adoption?

Cryptocurrency custody solutions have become big business in recent years. Independent storage and security systems intended to hold large amounts of crypto on behalf of clients can attract institutional capital and retail investors waiting on the sidelines, simply because they remove a major fear: losing access to funds that become unrecoverable.

Due to the decentralized nature of major blockchains like or , when a user loses access to their wallet and does not have a backup of their private keys, the funds it contains cannot be recovered. There is no central entity to go to, and no one can control the blockchain to give anyone back access to their funds.

Storing a private key can be challenging as it needs to be kept away from bad actors, but close enough for the user to access it when needed. To deal with the challenges associated with managing cryptocurrencies, many have left their funds on crypto exchanges, creating massive demand for crypto custody services, to the point that the fifth largest bank in The United States is offering a solution.

Read the full article on Cointelegraph

Legal warning: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.