Some weeks ago, the mining team for Bitcoinz USA suffered a security breach that resulted in the loss of several hundred Bitcoins. Fortunately, our team was able to recover the missing coins shortly thereafter. After the coins were recovered, it became quite apparent that the company had to take greater caution with the storage and security of the Bitcoins that it plans to use in the near future for the Bitcoinz USA automated machines.
To continue, throughout the past few weeks, the company has received several e-mails from shareholders asking for a comment on the Bitcoin security issues that have been making headlines around the world. For the most part, it ‘s the management teams belief that traditionally in order to safely store Bitcoins that a reliable backup system and a good encryption scheme was needed. Otherwise, one misstep or security breach can actually wipe out anyone’s Bitcoin holdings in moments.
The security of Bitcoin storage has become a huge issue and in the company’s opinion has temporarily slowed the surge in momentum for the demand of Bitcoins resulting in radical Bitcoin price swings. While Bitcoinz USA has revamped its security protocol. The company and its management team have also recognized that there is a huge market demand for Bitcoin security applications.
As a result, Bitcoinz USA plans to make its Bitcoin storage application, “Vault 51” available to the consumer market for personal and individual use. The company’s new security application is impenetrable and it is our belief that this new security application will have a huge impact on the Bitcoin ecosystem and renew confidence in Bitcoins in general. Over the next few days we’ll continue to discuss Vault 51 through out our social media networks as the company prepares for the Vault 51 security application product launch in the next couple of weeks.