COINiD releases the new Bitcoin storage solution app with hot and cold wallet options

Increase standards: a new Bitcoin storage solution from COINiD

COINiD Group, a Bitcoin startup, recently announced the launch of its new Bitcoin storage solution: COINiD. The new app is designed to improve the quality of other similar apps. To this end, it promises better safety standards, greater speed and a number of advantages and conveniences.

Storage for hot and cold accounts

The new COINiD app supports both hot and cold accounts. This means that it also doubles as an offline storage of cold storage. COINiD is essentially a group of two apps: COINiD Vault and COINiD Wallet.

COINiD wallet works like any other Bitcoin wallet: it facilitates the transaction of Bitcoin between different users, keeps track of the transaction history and allows users to create unsigned transactions and then sign them with COINiD Vault. The two components, the wallet and the vault, communicate via Bluetooth Low Energy or QR Code signals. This not only helps to navigate the nature of offline storage of COINiD Vault, but also ensures that private keys are not exposed online, thus ensuring the security of Bitcoin funds for offline storage.

COINiD VaultOn the other hand, it works a lot like a cold storage portfolio. This application component can be installed separately on another mobile device. The funds can be stored in this vault offline and stay safe for later use. You can also install both app components on a mobile device.

What COINiD has to offer?

COINiD Group is a new ambitious startup that seeks to improve the sector. Its Bitcoin storage solution has been presented as a better alternative to others for several reasons:

Safety

COINiD undertakes the deterministic hierarchical approach in its security protocol. Use a set of keys for multiple addresses and coins when it facilitates transactions. New addresses are also automatically issued after the existing ones are used. This ensures that nobody can violate user accounts, both hot and cold.

COINiD also has an open source platform that guarantees full transparency towards the user for greater trust and security.

Cost effectiveness

Transacting Bitcoin using COINiD Wallet is cheaper than other portfolios thanks to two crucial features. For beginners, it has SegWit support, which means it is able to offer smaller transaction sizes at lower costs. It also has a transaction batch function. This feature allows users to batch the multiple transactions in a group so that it appears as a single transaction. This can reduce transaction costs by up to 90% depending on the size and quantity processed.

Convenience

COINiD It is convenient to use in different aspects. For beginners, it has multiplatform support – this means it can be used on iOS and Android devices with ease. Secondly, the ability to install COINiD Vault separately on a spare mobile device and use it as a cold storage wallet eliminates the need for special hardware. Finally, the app is easy to use thanks to its simple and clear interface: the COINiD Group also has a department dedicated to customer assistance, available 24 hours a day, 7 days a week and always happy to serve.