Everything You Should Know About Casa Security for Bitcoins

Project Reviews / 14.09.2020

Cryptocurrency theft is a billion-dollar business. No, you’re not reading this wrong. Still unbelieving? How about some stats to put this into perspective? According to CipherTrace, the world’s first Blockchain Forensics team, by June of this year, crypto theft had hit the $ 1.36 Billion mark. At that rate, 2020 is going to be the second-costliest year in crypto theft after 2019. In that year, crypto heists topped $ 4.5 Billion. 

As a crypto trader or holder, there are many advantages you aim to reap from the digital assets. The current statistics can be quite worrisome for you and your crypto cache. It would be wise to look into your cryptos’ best security, considering the amount of capital at stake. 

Where Casa Security Comes in

The promises of strong encryption and the hack-proof nature of the blockchain fool crypto owner. Unbeknown to them, though, it is easy to commit cybercrimes even without technical know-how. For as cheap as $1.04, anyone can acquire crypto heist malware from the dark web. According to Rick McElroy of cybersecurity company Carbon Black, the malware comes with customer service to boot!

The dark web has an estimated 12,000 market places teeming with hackers for hire. Such grim statistics portend doom to any crypto holder. Fortunately, though for Bitcoin holders, Casa, a New York-based cybersecurity firm, has developed The Casa App, designed to provide the highest cryptographic key security and usability level. 

How Casa Works

Thieves target private keys. These control a crypto wallet. Many crypto owners, therefore, seek ways of storing them and back up information. Fearing the loss of access, they avoid the use of encryption services or common storage forms. However, the selected methods, while mitigating theft, open up doors for theft. Cryptocurrency security lacks failsafe features. Once you lose your security credentials, you’ve no recourse. The Casa security protocol uses advanced technology to minimize theft or/and loss of private keys.

Casa offers a multi-signature wallet, which safeguards the investors’ private keys. It creates five keys to protect users’ bitcoin. The user stores one key on their phone. Casa keeps the second, which acts as a backup if you lose any of the other four. Finally, the remaining three are stored on Trezor or Ledger hardware wallets.

To transact, one needs to use two/three of the three to five keys to sign in to their wallet. Users have full control of their key management. Additionally, Casa supports them by phone and email.

Casa’s Security Offerings

Customers on Casa can choose any of the following plans.

Gold Casa Plan

The gold membership plan is Casa’s entry-level product. Priced at $ 10 a month, it offers a safe and affordable means of protection. You access your account by using 2of 3 multi-signatures. The plan comes with recovery services for your keys, working with an existing bitcoin wallet.

Platinum Casa Plan

The platinum membership plan is an upgrade to the gold plan. The fees charged is $ 150 per month. Again, Users are entitled to recovery services for their private keys. To transact, you need 3 of 5 multi-signatures. Extra features include video verification, 24/7 client services, and emergency support. Finally, you get a standard wallet for your funds. 

Diamond Casa Plan

The diamond plan is Casa’s premium offering. Accordingly, it offers the highest level of security compared to other membership plans. It is bespoke, charging Users a $ 420 per month access fee. On top of the platinum plan features, You get a dedicated advisor and estate planning security. Moreover, you get a customizable hardware package. 

Notable Add-Ons

Casa does more than secure your bitcoin. Inbuilt are the following features and functions

  • Free wallet- the plans come with a bitcoin wallet for smaller transactions. These make everyday transactions convenient
  • Android and iOS Support- The Casa App is compatible with both Android and Apple products. Therefore widely available.
  • Multi-device access-Users can install and access Casa on up to five different devices. This function enhances the convenience of using the service.
  • Multi-location Access- Any user may Access Casa from up to five different locations. Thus user security increases.
  • It is seedless- You don’t need to record a seed phrase. When you lose one of your keys, you can easily replace it using other devices to send the funds to your newly created keyset.
  • World-class service-Those on platinum and diamond plans get free initial hardware. They also get replacements if these get lost.
  • Multi-person set up- Keys may be distributed within a group. In turn, this boosts security and checks spending.
  • Minimal knowledge- Casa collects as little user data as possible. As such, user security is enhanced.

Streamlining Bitcoin Inheritance

Casa Covenant is a bitcoin inheritance service. It is a combination of effective security, a well-established technical procedure, and robust legal methods to facilitate bitcoins passing from owners to their heirs. The service is accessible by Diamond plan members only.

Three keys are used to finalize the inheritance. These are the Casa recovery key, Estate lawyer key, and Safety deposit key. All are products of the Keymaster system. To reduce fraud, Casa merges the multi-signature system with the judicial systems and estate planning industry. The company also added another key to the client’s 3 of 5 keys to make it a 3 of 6 keys complex. 

The customer’s lawyer keeps the added key. Upon the bitcoin owner’s demise, the lawyer accesses the safety key through a court order. The estate lawyer keeps one of the client’s keys in a hardware wallet and other relevant documents for the inheritance process. The inheritance process requires the signatures of 3 of 5 key holders for it to be valid.

Casa guides the customer’s lawyers on managing the keys. Further, it advises on how the heirs get the bitcoins. Moreover, The company educates the heir on using the key-master to get the funds safely.

Final Thoughts

The rising cases of cryptocurrency heists are troubling. Through the dark web, anyone can get malware to carry out crypto theft on the cheap. Additionally, the dark web is crawling with hackers for hire. 

These realities are ominous to crypto owners. It is, therefore, vital that they find better security for their funds. Casa has developed an application for Bitcoin Customers. It combines reliable security protocols and simplicity of use to protect customers’ wallets.

Furthermore, its solutions are affordable. Also, it has add ons that make it attractive. The bitcoin inheritance feature, for example, stands out. For every Bitcoin owner out there, this is a must-have security product.

After realizing the setbacks of centralization in the financial industry, Carol has dedicated her career to apprise everyone on the benefits of blockchain technology. When she is not writing, she’s probably somewhere in the park reading a book.