BitPay has announced its own multi-signature, open-source wallet called Copay, which is their answer to the growing need for Bitcoin protection, and is a new product that will benefit the online gambling industry, specifically the operators.
Through the multi-signature technology present in Copay, BitPay believes it will succeed in helping its customers acquire more bitcoins and store them in a safe Bitcoin wallet without having to worry about instances of theft or loss.
Its official website regards Copay as a “secure Bitcoin wallet for friends and companies” and that it brings “corporate-level security to ordinary people”. This setup is greatly beneficial to the Bitcoin gambling platform operators since they will be able to have more control of the transactions that are to take place. However, it also promises to be useful for average persons who enjoy placing bets with bitcoins but with a limit.
“With Copay, a small company can for example manage their bitcoin holdings by requiring 3 or 5 officers to sign transactions that spend funds. A household can use a 2 of 3 wallet to manage family funds,” according to the official blog of BitPay.
The multi-signature feature of BitPay’s new wallet enables operators of Bitcoin sports betting sites and casinos to be on top of their companies’ spending while avid bettors, who do not wish to wager more than they should, can take advantage of this, requiring a certain number of their friends or family to regulate their wagering activities.
Although still in beta testing phase, Copay presents several benefits that once fully polished are certain to make Bitcoin transactions much easier and safer. It should be noted, though, that the current system may seem a bit advanced for some users, but plans to simplify the user interface are on its way already.
Starting online gambling businesses in the Bitcoin system may be risky due to the various kinds of threats that usually result in loss and theft of bitcoins. Through Copay, BitPay may have presented a solution to this dilemma, giving startup businesses to feel more secure in handling their bitcoins.
However, not until the multi-signature wallet is through the beta phase, this Bitcoin payment service provider advises users to store small Bitcoin amounts first.