On 1 January Bitalo, a bitcoin service provider, launched a new, fully integrated platform, which allows to store and exchange bitcoins, to buy and sell goods, to rent a room in a hotel and earn bitcoins by predicting the price of the cryptocurrency.

The launch has been recently announced by the company in a press release.

According to the company, the most important feature of the new platform is the extraordinary high security of the customer’s funds. The client can get their bitcoins back even if the website of the company is offline and the database is lost. Nobody except the owner, not even the administrators, can ever access the customer’s funds.

The transactions, such as money exchange or commodity trade, go through secure channels. The buyer and seller alone have access to the money during the transaction, including the escrow period. Until both parties involved explicitly agree on the successful deal, the money will not be transferred and will remain in escrow, writes the company on its website.

Such a high security level is made possible by the implementation of user-side encrypted keys which protect the customer’s funds. The company does not know the user’s password and this is what keeps the money safe. 

Bitalo also provides a solution in case of a dispute, when one of the parties involved does not confirm the transaction. The company charges 0.5% of the transaction value to solve the case. 

In addition, the new platform makes it possible to use bitcoin “as real currency.” In other words, almost any service or product can now be brought into the bitcoin community by making an offer on Bitalo.

Bitalo AG is a small stock corporation located in Germany and run by Fabio Bossi and Paweł Makulski with the financial support of Martin Albert as main investor. Besides the new integrated platform, the company offers an educative program, that is, 21 free online lessons that help to understand the history of money, economics, and cryptocurrency.

Andrew Levich