Bitcoin community Archives

The new technology enhances client identity verification before performing self-trades on its platform.

LOS ANGELES, Sept. 4, 2019 /PRNewswire/ — Bitcoin IRA, the world’s first, largest and most secure digital asset IRA technology company that allows clients to purchase cryptocurrencies for their retirement accounts, today announced Advanced Biometric Security (ABS) is now available on its 24/7 self-trading retirement platform.

The ABS biometric security process uses machine learning, face-based biometrics and verification to confirm the identity of the person performing self-trades on the Bitcoin IRA platform. The ABS feature goes beyond traditional authentication methods to deliver a significantly higher level of assurance and establish a trusted digital identity.

Advanced Biometric Security feature is available today to all individuals completing an application online and it will be expanded to self-trading later in September.

This new feature follows the company’s announcement in June of its partnership with BitGo Trust Company. As part of the announcement, Bitcoin IRA, with custody provided by BitGo Trust Company, now provides its clients 30% lower custody fees. BitGo Trust Company carries $100 million custody insurance, military-grade security with SOC 2 Type 2 certification and bank-grade Class III vaults.

Chris Kline, COO of Bitcoin IRA said:

“Security is of paramount importance to self-directed cryptocurrency investors. In addition to our world-class custody security offering with BitGo Trust our new feature elevates the standard in the industry by going beyond traditional security methods.”

Individuals looking to add cryptocurrencies to their retirement accounts can visit bitcoinira.com. Existing clients can add Advanced Biometric Security by visiting app.bitcoinira.com/verification.

ABOUT BITCOIN IRA
Bitcoin IRA, available at bitcoinira.com, is the world’s first, largest and most secure digital asset IRA technology company that allows clients to purchase and sell cryptocurrencies and other digital assets for their retirement accounts.

The company provides the technology for self-directed retirement accounts which allows clients to set up a qualified digital asset IRA account, transfer funds from an existing IRA custodian, execute cryptocurrency trades in real-time 24/7 through a leading OTC liquidity partner and then move the funds into an industry-leading multi-signature digital wallet from BitGo, Inc.

Since 2016, Bitcoin IRA has processed over $350 million in investments, gained over 4,000 clients and received more than 450 5-star client reviews. The company has been featured extensively in the media, with coverage in Forbes magazine, CNBC, and The Wall Street Journal, among other publications.

Bitcoin IRA is a financial services technology provider and as such is not a financial adviser, cryptocurrency exchange, custodian, wallet provider, initial coin offering (ICO), or money transmitter. Bitcoin IRA is privately funded and based in Los Angeles.

Learn more about Bitcoin IRA at bitcoinira.com or call 877-936-7175.

Recently some Bitcoin core programmers suggested a move that could lead to changing Bitcoin Proof of Work algorithm. This suggestion has met a wild argument among the Bitcoin community where others are discarding it as not necessary.

It is obvious that the Bitcoin Community is not having the best time in 2017. These can be deduced from the anger some users and miners expressed in Major Bitcoin Forum like Bitcointalk.org. It is rightly so because scaling problem is not for one man, but the whole Bitcoin community. Some controversial scaling measures have been proposed including the impending of Hard Fork. However, the latest and may be the most controversial measure is the change of PoW. The programmers who suggested this approach have a strong belief that this is the long awaited solution to Bitcoin scaling issue. The team who believes that a change in the Bitcoin proof of work is the way to go for Bitcoin recently established a website where they can systematically showcase their idea and try to win the favors of the majority.

How does the bitcoin PoW (Proof of Work) operate?

The original developers of Bitcoin saw it fit to decentralize it as much as possible. Bitcoin proof of work is the number calculations and operations that have to be made by nodes in order to reach the required consensus when making changes to the Bitcoin network. This has made Bitcoin unique because a single person cannot make significant changes to it.

What are the reactions of the Bitcoin community in regards to the approach?

The Idea to change the codes for the working methodology of Bitcoin has not been received well by the community. There are those who believe that changing the Bitcoin proof of work will violate the very existence of Bitcoin. They further argue that the people who wrote the codes knew very well which brick those codes represent in the “bitcoin house”.

Why change the proof of work?

The group of programmers has stood their ground in the argument. They claim that if the proof of work codes are changed, it will remove the mushrooming “gang” of miners which are preventing the network to scale. They say that the most miners are so self-centered that they can even mine empty blocks. They do not bother about how congested the network might become.

Tag: Bitcoin community

Bitcoin IRA™ Now Offers Advanced Biometric Security For Its 24/7 Self-Trading IRA Platform

The Complex Twists of Bitcoin Scaling and a possible change in PoW Algorithm