Many other bitcoin companies allow for instant withdrawals of your bitcoin balance. However, this places your bitcoins at risk as your bitcoins are held on an internet connected server. Whilst this is considered standard practice, from day one at Coinfloor, the decision was made to hold 100% of customer-owned bitcoins in cold storage, with encrypted keys stored in underground vaults and protected through smart contract technology known as “Multisig”.

There are currently no technologies or processes that can ensure the same level of security for a hot or warm wallet as can be attained with cold storage. However, in our recent customer survey, 50% of respondents listed quick bitcoin withdrawals as the top feature they would like to see on Coinfloor. In order to offer quicker withdrawals without compromising on our cold storage policy, we are using company-owned bitcoins to fund our Advance Withdrawal service. We’ve made this choice to improve your experience while maintaining our commitment to 100% cold storage, so that you gain increased convenience without compromising security.

Coinfloor Team