Bitalo

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Bitalo is a Bitcoin platform providing several useful services, including a safe hybrid bitcoin wallet and a peer-to-peer exchange service. It is operated by Bitalo AG, a trade registered company based in Germany[1]. An explanatory video was created to show the core concepts of the service more visually.

The service went live on 30th November 2013, at BitcoinExpo conference in London, for which Bitalo AG was the main sponsor.

Bitalo also operates a mining pool.

Hybrid Bitcoin wallet

Unlike traditional Bitcoin online wallets, Bitalo utilizes multi-signature Bitcoin addresses to secure user funds. This approach is *much safer* than many other online wallets, because two private keys are used instead of one to create a special Bitcoin address. Funds stored on this address can be moved only if signatures both from the account holder and from Bitalo are present. User private key is derived from his account password[2], which is never transmitted to Bitalo servers[3].

Peer to peer Exchange

Bitalo doesn't participate in exchange user fiat money - trading is done directly between user bank accounts. You can trade in several currencies, including USD, EUR, GBP, PLN and others. Bitalo acts as an escrow between both parties by freezing the Bitcoins for the time of transaction, making it secure for both the buyer and the seller.

External Links

References

  1. Bitalo - About Us
  2. Using 1024 iterations of Scrypt algorithm
  3. User authentication is achieved using the industry standard Secure Remote Password protocol