Cryptocurrency storage provider eCoinConcepts announced the launch of BitStash device that is used to store and spend bitcoin. With the new device, the firm expects to contribute to the mass adoption of digital currency.
The company’s CTO, Trevor Murphy, stated: “Existing methods for Bitcoin storage and spending are too complicated for mass public adoption, and existing online storage solutions carry too many risks. What we’ve created is a new, easy-to-use global solution that involves absolutely no third parties and comes with government-grade anti-theft security features like tamper detection and self-destruct circuitry, making this the ultimate way for customers to store and spend their Bitcoin.”
“It is for a world where shopping on overstock.com with your iPad is simple to do from your couch, but totally secure,” Murphy explained.
“Existing best practices for Bitcoin are too complicated for mass user adoption, and online storage solutions have too many risks,” he added.
eCoinConcepts stated: “BIP70 payment protocol support and easy-to-use wallet software deliver unprecedented usability and simplicity.” Automatic balancing between three wallets ensures the correct amount of bitcoin is always available in each wallet.
Bitcoin is rapidly expanding in the market, given the large number of companies that start accepting digital currency payments. Until now, people could not find safe and secure way to store and spend their virtual money. And now, BitStash presented a new device that is the most secure method of storing bitcoin today. Simplicity of usage and high level security are the two main features of the device. It generates unique Bitcoin addresses for every transaction what improves consumer privacy.
To use BitStash you need to plug in the device, download and set up the app. BitStash includes mobile wallet for spending cryptocurrency on the go, wallet for day-to-day trading operations and online shopping and a true cold storage wallet for long-term money storage. Global 2 Factor authentication and Color Captcha solutions of the device reduces the risk of malware.
The device supports the MultiSig P2SH transactions and plans to launch APIs in Q1 of 2015 for other wallet companies to integrate with the hardware.
BitStash was created by former Citigroup executive and ATD co-founder Steve Swanson and TradingEdge co-founder Trevor Murphy. Wall Street veterans intended to meet the Government’s security standards and eliminate the possibility of hacker attacks.
Customers can now pre-order the device (with credit card or bitcoin) at BitStash’s official website and get a $100 discount. The company aims at receiving the funding of US$50,000.