Why storage fees for bitcoin?

I can understand for metals that Goldmoney need to charge, to cover the cost of fees.

But bitcoin? All you're storing is a wallet address in a database? I think this is unfair and I'd like to see his charge dropped.

Why do you charge storage fees?

This puts me off using Goldmoney as I can easily buy bitcoin elsewhere without incurring holding fees and still get high security.

Answers

  • GoldIsCurrencyGoldIsCurrency Posts: 1,753 Gold ✭✭✭✭✭
    edited January 21
    Everywhere else you buy bitcoin from you have to store in a wallet which is hackable, not secure. Goldmoney is offering secure storage, that is the difference.

    Secure and Protected Bitcoin Storage
    Utilizing offline, password-protected hardware wallets stored in a physically secure and professionally managed environment ensures a level of trust and security that only Goldmoney can offer.

    Industry-Leading Secure ‘Cold’ Storage
    Our deep knowledge of cryptocurrencies along with our established and unmatched relationships with some of the world’s leading vault providers mean that we can provide you second-to-none security. Goldmoney stores and secures our client-held cryptocurrencies in what is known as offline “cold-storage”, with private keys stored in a password-protected hardware wallet, which is stored securely with one of our professional vaulting partner. This is a powerful and innovative way to secure bitcoin, virtually eliminating our vulnerabilities to hackers and attacks commonly faced by cryptocurrency exchanges.

    https://www.goldmoney.com/holding-cryptocurrencies
  • paddy10tellyspaddy10tellys Posts: 231 Bronze ✭✭✭
    @GoldIsCurrency some questions: Who is the professional vaulting partner you refer to? Are the deposits insured? Who does the audits?

    Compare & contrast your service to say - using a Trezor ... so little folk (me) understand your offer ...
  • GoldIsCurrencyGoldIsCurrency Posts: 1,753 Gold ✭✭✭✭✭
    @paddy10tellys I don't work for Goldmoney so those questions would be better answered by someone that does. My presumptuous understanding is the vaulting partner is Brinks, KPMG would be the auditor and I would expect the deposit to be insured as Goldmoney is responsible for safeguarding the assets.

    Can you please confirm the above @MaxLamb ?
  • paddy10tellyspaddy10tellys Posts: 231 Bronze ✭✭✭
    @GoldIsCurrency Thx for your reply. I always thought you were an alias for Josh, or one of the others, posting incognito. Silly me!
  • DuggoDuggo Posts: 1 Tin ✭
    Why are the storage fees for Bitcoin so high? They should be lower than Gold.
Sign In or Register to comment.