World Amazing Stuff: World's first bitcoin vault opens in London

World's first bitcoin vault opens in London

A Bitcoin storage service that is insured against the loss and theft of the digital currency has launched in London very recently in London.

Elliptic Vault claims to be the world’s first insured Bitcoin storage service, with Lloyds of London underwriting any loss or theft for a fee of around two per cent each year. Customers specify a limit to their cover in pounds, so if the value of bitcoins rises quickly against sterling they will need to raise their premiums.

Elliptic require photographic ID and proof of address before storing any bitcoins and their terms and conditions say they will cooperate with any national laws, opening the door to a situation in which the government could see who is storing bitcoins and their total value.