Say Hello to SuredBits
SuredBits is a bitcoin loss protection service. Our mission is to promote safe bitcoin storing practices for all bitcoin holders: individuals or businesses with small or large balances alike. Users can go to our site and create a loss protection policy for a bitcoin address that they own within minutes. It’s also free if you don’t lose access to your address.
We utilize a rarely-used parameter in bitcoin protocol called nLockTime transactions (“nLockTimeTx”). SuredBits creates an nLockTimeTx from your address containing the bitcoins you want to protect (“protected address”) to a receiving address to be transacted at the conclusion of your policy.
“No Fees til You Lose Your Keys”
You have the option of choosing a receiving address. It can be one that you also own OR it can be a SuredBits controlled address. If you would like to designate another address you own as your receiving address, be sure it is not from the same wallet or device as your protected address. If you choose to use SuredBits as your receiving address, we would relay those funds to a new, secure bitcoin address that you control minus a small service fee. Just remember: “No Fees Til You Lose Your Keys!” We feel the option of using SuredBits as a receiving address is logical — if you lose the private key to your protected address, there’s a possibility you may have lost the private key to your chosen receiving address as well. Using SuredBits as a receiving address allows for your bitcoins to never be lost.
If you still have access to your protected address near the end of your policy, simply move your bitcoins to a new address and the nLockTimeTx will be voided. If you lose the private key to the protected address or if the funds in that address don’t move for whatever reason, then the nLockTimeTx will be executed and the funds will be transferred to your specified receiving address. To some extent, we like to think of an nLockTimeTx as a post-dated check; it is a pre-determined, pre-signed transaction to be conducted on a future date.
P.S. In this blog, we will be contributing “micro-posts” — they’ll always take just a few minutes to read. We want to strive for fast, efficient, and to-the-point posts. As always, we are more than happy to answer any questions — either comment here or tweet us at @suredbits!