Bitcoin was created a kind of digital currency which did not only provide anonymity to people but also was beyond the control of physical existence and government. But, after the sudden disappearance of Mt.Gox the experts hold the opinion that “it is not secure to keep your bitcoin digitally rather it would be more secure if you print out those zeros and ones of the digital money into paper”.
Alex the chief technology investment strategist for Casey Research is of the view that “Opening bitcoin online account is like more or less a brokerage account of Zimbabwe”. On the other hand, Flip Filipowski the chairman and CEO of SilkRoad Equity suggests that “Printing form of bitcoin can be kept in pocket or posted at home wall, and it is offering enough assurance of safety”. Apart from this, Daley suggests that “Put your bitcoin offline and there should be a secret key for ensuring the security of the bitcoin”. He further adds, if the site is hacked, there is no chance of recovery unless you do not have engineered any secured method of recovery.
After the disappearance of MT.Gox site, there is hue and cry across the globe regarding the safety and security of the bitcoin. No doubt, millions of dollars have been disappeared along with the site and people are more concerned about the security.Besides, Tom Robinson the co founder of London based company “Elliptic” holds the view that we have launched this company for “cold storage” and give you the same safety and security which is enjoyed by a bank account holder. It goes without saying, this company is not regulated company but it is insured for theft.
Recently, all the famous exchanges of bitcoin have collectively passed a statement against the MT.Gox and said the few actors should be weeded out. On the other hand, there is no online wallet that accepts the bitcoin. Google wallet does not accept bitcoin and “Blockchain” the famous bitcoin wallet App of apple store has been deleted by the apple.
Source: http://www.marketwatch.com/story/to-secure-your-bitcoins-print-them-out-2014-02-26