Canadian bitcoin wallet provider Coinkite announced that it has made its starter membership totally free and eliminated a 1% withdrawal fee, including terminal transactions.
The new transactions will be free for those members, who started using the service before November 18th. Besides, the deposit limit will total 5 bitcoins. The multisig accounts will have unlimited balance, while the hotwallet will have a limit of 1 bitcoin.
The announcement comes after the company’s recent launch of miltisig technology supporting up to 15 signatories in November. Until today, the number of signatories supported at the majority of bitcoin wallet platforms was limited to 5 signatures. Coinkite thus became the first company that significantly expanded its wallet’s support.
“With this new feature, we wanted to be able to offer something to the crypto-currency advocates that are nervous whenever a service holds their precious private keys. Now you can decide if any or all of the private keys for a shared account will be kept secret from Coinkite. We are using BIP32 extended public keys, and every payment address for the account will be unique,” Coinkite’s CEO Rodolfo Novak said to CryptoCoinsNews.
Multisig addresses can be used in various ways. It could be utilized for distributing bitcoin ownership between different people within the one business, as well as for improving security of your personal wallet. The bitcoin user doesn’t have to store the private keys on just one device as multisig addresses require more than one signature to transfer bitcoins from one particular address.
The distribution of private keys on a number of storage options, such as paper wallets and hardware devices, allows bitcoin users not to worry about the risk of losing their money in case of hacker attacks.
The users can also generate private keys offline or online and also can import a public key and sign a message to prove ownership. The key generation tool is a separate file that can be downloaded and users can generate the keys offline. To keep the keys offline the users can either upload an encrypted version of the keys to Coinkite’s servers, or upload an unencrypted version to ensure payment automation.
In addition, new multisig technology includes the co-signing page feature, which enables any user of the shared account to suggest a new transaction that will be showed at the pages of other users of the account. The cosingers can either approve the transaction or deny it.