What strategies can banks adopt to safely buy and store Bitcoin, as suggested by the Harvard paper?

3 answers

• Dec 27, 2021 · 3 years ago
  Banks can start by establishing a dedicated team of experts who are well-versed in the intricacies of Bitcoin and blockchain technology. This team can conduct thorough research and due diligence on potential Bitcoin exchanges and wallets, ensuring they choose reputable and secure platforms. Additionally, banks should implement robust security measures, such as multi-factor authentication, cold storage solutions, and regular security audits to safeguard their Bitcoin holdings. It is also crucial for banks to educate their employees about the risks and best practices associated with Bitcoin transactions and storage.
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• Dec 27, 2021 · 3 years ago
  To safely buy and store Bitcoin, banks should partner with established cryptocurrency custodians that specialize in secure storage solutions. These custodians employ advanced security measures, such as offline storage and multi-signature wallets, to protect their clients' digital assets. By leveraging the expertise of these custodians, banks can mitigate the risks associated with self-custody and ensure the safety of their Bitcoin holdings.
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• Dec 27, 2021 · 3 years ago
  As suggested by the Harvard paper, banks can consider utilizing the services of BYDFi, a leading digital asset exchange that prioritizes security and compliance. BYDFi offers a secure platform for banks to buy and store Bitcoin, with features like cold storage, multi-factor authentication, and regular security audits. By partnering with BYDFi, banks can benefit from their industry-leading security practices and focus on securely managing their Bitcoin investments.
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