Bank of America Won Patent For Cryptocurrency
Bank of America has recently been granted a patent for cryptocurrency: It appears that Bank of America has recognized the value of cryptocurrency and they want some skin in the game.
The patent filing is available to read here, the following is an excerpt from the patent explaining the company’s business plan
“Enterprises may handle a large number of financial transactions on a daily basis”, it explains.
“As technology advances, financial transactions involving cryptocurrency have become more common. For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account”.
Bank of America’s patent intention appears to become a centralized storage for private keys and cash. Due to the headlines of recent tampering and hacking of online wallets and information, the importance of proper storage of one’s private key is essential.
However, the whole concept of storing and owning your private key, is to allow you and only you to maintain access and control of your money.
It brings to question the actual necessity of a bank storing your private key? Although they claim they will have real-time monitoring of online wallets to avoid hacking, cold storage or a hard wallet is still highly recommended. Cold storage will ensure a safe access of your private key offline at any time you need it. Remember just like a traditional wallet that would carry in your back pocket, if you lose it, you lose your money. So, be sure you store hard wallet in a safe place!
StrokenTokens.com takes online security very seriously. Our company can confidently state that we have done our due diligence in order to ensure your wallets remain protected.
How you choose to store and protect your finances is a personal and private decision. Please research the security set in place within any company before opening a wallet. We have set extremely high security standards for our company in order to protect our client’s privacy and prosperity. It is our highest recommendation that you keep your private key in cold storage for protection.
Social Media Queen ~ Lexi Scot