A bitcoin-based blockchain company called Bitxoe is looking to establish a new product that will make BTC transactions much safer and more secure for users.
Bitxoe Is Making BTC Safer
One of the biggest concerns surrounding the bitcoin market today is a lack of safety. Many exchanges and wallets have been attacked and robbed, with hackers making off with sometimes millions of dollars in crypto funds. In addition, many of these platforms often do not offer insurance, and as a result, the attackers get away with their malicious behavior. The people wind up losing their money to bad actors, and nobody takes the blame.
It’s an unfair quality that has spread to the edges of the crypto market over the years, and Bitxoe is looking to ensure problems like these become part of the distant past. Bitxoe has noticed that one of the major issues stemming from recent transactions is that they are not refundable. Crypto addresses are often very long and complicated, as they consist of several letters, numbers, and symbols, and if you’re copying the address, you must do it precisely or you risk sending the money either to the wrong recipient or losing the funds in space.
The way Bitxoe works is this: users must first initiate a transaction. They then lock the funds they’re looking to send up in an escrow account. These funds are not released until the customer is ready. This ensures that there are fewer problems or risks when the money is sent and keeps the bitcoin or crypto in question safe and secure for the receiver.
Devashish Biswas – founder of the venture – says that the platform is now in beta and will be ready for the public to try out soon. He expressed enthusiasm over the product’s release, stating:
We are quite happy to exceed our user expectations when it comes to having a bitcoin escrow service to fall back on. We are a team of cryptocurrency enthusiasts, so we know exactly what we would want in an automated bitcoin escrow platform to protect the buyer and merchant interests and that’s exactly what we are delivering. We look forward to becoming the go-to-choice when there’s a need to make sure a service is performed, or a product delivered before bitcoin can be easily released.
One of the other big factors of the product is that it ensures the entire transaction process becomes fully automated, meaning it is left out of human hands and is thus less prone to error. Roughly 99 percent of all transactions will not require attention from Bitxoe, the company explained in a press release.
Ready for Release Soon
Biswas further stated:
The cryptocurrency buyers and seller can start an exchange transaction with each other directly, while the Bitxoe platform makes sure each party gets their coins as per their transaction terms.