• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

Overview of Coinbase’s Security in Brian Armstrong’s Words

Gautham by Gautham
5 years ago
in Cryptocurrency news
Reading Time: 3min read
coinbase, security, aws
Advertisement

Coinbase is one of the leading bitcoin wallet and exchange platform out there at the moment. Founded by Brian Armstrong and Fred Ehrsam, the company has its exchange operations spanning across over 32 countries, along with wallet users from over 190 countries on the platform. Brian Armstrong, in his recent blog post, has explained the company’s journey from being a simple platform hosted on Heroku to the current beast of a platform running over Amazon’s Cloud Services.

Security is one of the main concerns for bitcoin and other digital currency businesses. The ever increasing value of bitcoin combined with the pseudonymity associated with bitcoin transactions has led to increased attacks on bitcoin platforms by hackers and cybercriminals in an attempt to make some quick bucks. There have been many recorded instances of successful hacking incidents where many bitcoin platforms have lost a significant portion of their bitcoin holdings.

Keeping all these things in mind, Coinbase has been constantly upgrading their security. In the blog, Brain Armstrong mentions how they started focusing on Amazon Web Services, the cloud storage and hosting services offered by the international e-commerce major.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Coinbase adopted Amazon’s tech infrastructure within a year of launch. Using Amazon Web Services, Coinbase built their whole security systems from scratch without compromising on the usability of the platform. The company has taken extra care to ensure that there are no single points of failure in their platform that can potential compromise user information and bitcoin stored on the platform. With layered security infrastructure, Coinbase has completely eliminated security threats.

Brian Armstrong equates Coinbase’s security with the ones used by banks, nuclear establishments, government and corporate databanks. All the military, government and private institutions dealing with sensitive data and deadly weapons have to ensure world-class security. With similar security infrastructure, Coinbase assures its users that their bitcoins are safe with the platform.

For a company that claims to handle about 10 percent of the total bitcoins in circulation, it is essential to have such a security setup with multiple built in fail safes. Some of the security features explained by Brian Armstrong in his blog includes the use of two-factor tokens to secure their administrator account on Amazon Web Services. The second factor token is stored in a vault or a safe deposit box in a separate location to provide an additional layer of security apart from the existing crypto-security.

All SSH keys used by Coinbase have a two-factor authentication to prevent any one person from making changes to the codes or the platform. IN addition, the company uses dedicated computers and laptops for SSH related operations, to prevent any accidental infection by malware or phishing attempts over email. These devices are wiped clean once in a while as an added precaution.

SSH audits for various access levels to keep track of activities and changes made to the platform. The SSH logs are all stored for at least 10 years, anticipating its use some time in the future, in case it is needed. Also, Coinbase limits SSH access to those who are less likely to steal, by running multiple background checks on them.

Also, it is not advisable to have a lot of bitcoins on the platform’s hot wallet. It is advisable to store a major portion of bitcoin holdings in a cold storage vault or a wallet to minimize losses in case of an unfortunate incident where a hacker somehow manages to gain access to the hot wallet in spite of all the security precautions.

Brian Armstrong’s blog gives a clear idea of how the company takes its platform’s security very seriously and it is something that all bitcoin platform need to consider to prevent any unforeseen incidents involving their security and funds stored on the platform. He also makes it a point to let the world know that they trust Amazon Web Services and maybe others should also do so. Something which Amazon will be really happy to know.

Ref: Brian Armstrong on Medium | Image: Medium
Tags: amazonawsbitcoinBitcoin Newsblockchain technologycloudcoinbaseNewssecurity
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Gautham

Gautham

Related Posts

Robonomics

Robonomics Network’s XRT goes BSC & PancakeSwap

3 hours ago
Latest Bitcoin Dip Did Little In Offsetting "Wildly Bullish" Bias; Here's Why

Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

4 hours ago
Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

5 hours ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

16 hours ago
Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

17 hours ago
Stellar Lumens XLM XLMUSDT

How Stellar’s Growth In Q1 2021 Could Foster Further Adoption

20 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

On CROSS, NFT Loans is supported

April 15, 2021

Here Come NFT + Games! WaykiChain and Chongqing Mebius Join Hands in a Strategic Partnership

April 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.