COINiD Releases New Bitcoin Storage Solution App With Hot And Cold Wallet Options
Raising The Standards – A New Bitcoin Storage Solution From COINiD
COINiD Group, a startup in the Bitcoin market, recently announced the launch of its new Bitcoin storage solution: COINiD. The new app has been designed to improve on the qualities of other similar apps. To this end, it promises better security standards, greater speeds, and a range of benefits and conveniences.
Storage For Hot And Cold Accounts
The new COINiD app supports both hot and cold accounts. This means that it also doubles up as an offline cold-storage vault. COINiD is essentially a batch of two apps: COINiD Vault and COINiD Wallet.
COINiD Wallet functions like any other Bitcoin wallet – it facilitates the transaction of Bitcoin between different users, keeps track of transaction history, and allows users to create unsigned transactions and then sign them with COINiD Vault. The two components, the wallet and the vault, communicate via Bluetooth Low Energy signals or QR Codes. This not only helps navigate the offline storage nature of the COINiD Vault but also ensures that private keys are not exposed online, thus ensuring security for your offline storage Bitcoin funds.
COINiD Vault, on the other hand, functions much like a cold storage wallet. This component of the application can be installed separately on another mobile device. Funds can be stored in this vault offline and stay secure for later use. You may also install both components of the app on one mobile device.
What Does COINiD Has To Offer?
COINiD Group is an ambitious new startup seeking to improve the industry. Its Bitcoin storage solution has been presented as a better alternative to others for several reasons:
COINiD undertakes the hierarchical deterministic approach in its security protocol. It utilizes one set of keys for multiple addresses and coins when facilitating transactions. New addresses are also issued automatically after existing ones get used. This ensures that no one can hack into users’ accounts, both hot and cold.
COINiD also has an open-source platform that guarantees full transparency towards the user for better trust and security.
Transacting Bitcoin using COINiD Wallet is cheaper compared to other wallets thanks to two crucial features. For starters, it has SegWit support, which means that it is capable of offering small transaction sizes at lower fees. It also has a transaction-batching feature. This feature enables users to batch several transactions into one group so that it appears as a single transaction. This can lower transaction costs by up to 90% depending on the size and amount transacted.
COINiD is convenient to use in several aspects. For starters, it has cross-platform support – this means that it can be used on iOS and Android devices with ease. Secondly, the ability to install COINiD Vault separately on a spare mobile device and use it as a cold storage wallet eliminates the need for special hardware. Finally, the app is easy to use thanks to its simple and neat interface – the COINiD Group also has a dedicated customer care department that is available 24/7 and always glad to serve.