• Crypto Custody Firm BitGo releases security features aimed at Bitcoin Ordinals Inscriptions
• This tool is designed to protect owners of Ordinals Inscriptions from accidental transfers or mining fees
• The new tool enables users to add Inscription tracking to any bitcoin hot wallet on BitGo
BitGo Releases Security Features Aimed at Bitcoin Ordinals
Crypto custodian services provider BitGo has released a security feature specifically designed to protect owners of Bitcoin Ordinals Inscriptions. The tool will enable users to add tracking to any bitcoin hot wallet on the platform, so that any transaction received into the wallet will be checked for inscriptions and frozen if inscribed. This will help prevent valuable inscriptions from being accidentally transferred or sent to mining fees.
What are Bitcoin Ordinals?
Bitcoin Ordinals was introduced at the end of January as a way for people to inscribe text, images and even videos directly onto the Bitcoin blockchain. Due to its newness, wallets cannot yet easily receive, send or store Ordinals Inscriptions, leaving them vulnerable in case of an accidental transfer.
How Does BitGo’s Tool Work?
The security tool released by BitGo is intended to provide much needed protection for high-value inscriptions stored on their platform. It essentially works by freezing any transaction received into a wallet that contains an inscription, so that it cannot be sent out or lost in a mining fee. This helps ensure that valuable inscriptions remain safe and secure within the platform.
Why Is This Tool Important?
The launch of this tool is important because it provides added security for users who are storing high-value inscriptions on the platform. By providing protection against accidental transfers or mining fees, this tool makes it easier for people to store sensitive information without having to worry about losing it due to an oversight or error.
In conclusion, BitGo’s new security tool is an important step forward in increasing safety and security when dealing with high-value Bitcoin Ordinals Inscriptions. By enabling tracking and freezing transactions containing these inscriptions, users can rest assured that their valuable information remains safe and secure within the platform.