eCash.io: A Cold Storage Bitcoin Wallet Service

By
Neil Sardesai @@neilsardesai
6 years ago

It can be difficult for the average user to keep his or her Bitcoins safe. If you keep your BTC in an online wallet, it’s possible for the service to get hacked and for your Bitcoins to get stolen, like what happened with Inputs.io. 4100 BTC were stolen from Inputs.io, which is roughly worth $3.5 million at the time of this post. If you store your Bitcoins locally using something like Bitcoin-QT, you have to be sure to make secure, encrypted backups to avoid losing your coins. There’s really no perfect solution that combines security and convenience. Even the widely-trusted and used Blockchain.info carries some risks (albeit significantly less than other such services). So what is a Bitcoin user to do? eCash.io wants to solve this problem with its new, highly secure wallet service.

eCash.io is a new web wallet based in Amsterdam. The service claims to be “the first company to offer a 100% cold storage service using Armory.” For those who don’t know, Armory is considered one of the most secure and advanced desktop wallet clients.

“The web server runs a watching-only wallet without private keys. The private keys are stored offline, on a computer never connected to the internet, at an undisclosed location. Funds are divided over multiple paper wallets, capped at 100-500 BTC per wallet.”

Here are just some of the security features that eCash.io offers:

  • SMS / text message withdrawal notifications
  • Email confirmation required for withdrawals
  • CloudFlare DDOS protection
  • Two-factor authentication
  • Security questions upon each failed login attempt (optional)
  • Delayed withdrawals: you can cancel withdrawals up to 6 hours — combined with SMS notifications, hackers simply have no chance.
  • 100% of funds in cold storage – no funds stored online
  • Webserver runs armoryd.py (Bitcoin Armory technology) and a watching-only wallet

Of course, it’s important to be skeptical about any service you trust with your valuable BTC. Some have already compared eCash.io with the ill-fated Inputs.io. eCash.io founder, Mathijs Koenraadt (morningtime on Bitcointalk), offered this statement regarding Inputs.io:

“Inputs.io kept a hot wallet on the web server. I will not do that, it will be a watch-only armory wallet. Transactions signed on the offline computer.”

Furthermore, eCash.io is interested to hear the community’s suggestions for new features.

At the moment, eCash.io is in the testing stage, and you can sign up for the private beta on the website.

As such, you should NOT put your life savings here. But if you want to test out a new wallet service that promises an insane amount of security, be sure to try out eCash.io.

Update: eCash.io may also support other cryptocurrencies.

“Initially supporting Bitcoin we may expand to include Ripple, Litecoin and other cryptocurrencies on the rise.”

Last modified (UTC): April 24, 2014 16:08

Click Here To Read More News of: ArmoryBitcoinsecurity
Show comments