Today we review BitGo. What is BitGo? How does it work? What services do they provide? Should you look at other alternatives instead? This is a few of the questions we help you answer today!
Name of the Company: BitGo
Official Website URL: https://www.bitgo.com/
Owner: Mike Belshe (founded with Ben Davenport)
Overall rating: (4 / 5)
Recommended? : Yes
Businesses exist to solve particular needs and to fill certain gaps in the market. While spotting the market need may be easy, everything that goes into the actualization of the business may be very taxing. The best companies in every niche market are those who are able to identify actual market needs and to deliver the necessary products and services to the clients. What can we say of BitGo? What products and services is this company delivering to customers? Is it relevant and reliable? Are there any pros and cons that customers who rely on BitGo have pointed out?
What is BitGo?
BitGo is a well-established digital asset trust firm which has its headquarters in Palo Alto, California. It was created in 2013 by two ambitious partners, Mike Belshe and Ben Davenport. Belshe and Davenport were and are driven by the belief that digital assets actually drive the global economy. That is why they came together to form a company whose mission was to ‘deliver trust in digital assets”.
The market place, as they discerned, has numerous potential investors who are willing to invest in digital assets save for their lack of trust in this industry. BitGo, therefore, stepped in to deliver services that investors can trust, through the elimination of risk and the creation of sufficient transparency.
Today, BitGo provides its customers with custody services, clearing and settlement services, business wallet service, private blockchain services, and API services. All those who rely on BitGo can attest to the feeling of peace that comes with knowing that this company is working around the clock to secure their digital assets.
How does it work?
We can get a clearer understanding of how BitGo works by expounding on the services it delivers to its clients. Essentially, this company is like a shop for digital assets’ security services. Customers can therefore simply contact the support team at BitGo and ask to provide with the services they require. They can also create a BitGo account, and begin requesting and reviewing various security services. So, how exactly does BitGo go about its business?
BitGo boasts of its very comprehensive digital assets custody solution that is insured for $100 million. Clients can, therefore, be indemnified to the previous financial position in the event of the occurrence of unprecedented losses.
BitGo is all about securing your digital assets. With its top-notch and high-grade security provision approaches, you can rest assured that your digital assets are safe.
This company’s liquidity solutions ensure that your digital currency is safe. This caters for the time at which you are doing transactions and the time of storage (cold storage).
Products and services offered?
BitGo does not offer a unique package or plan, but rather provides distinct services to its clients. The services offered are intertwined with the features offered on the BitGo user account (platform). Clients pay to access the following:
1. Custody services
Investors are in need of secure ways to store and protect their cryptocurrencies. With the BitGo Custody service, these investors get access to:
-Cold storage for their cryptos
A regulatory environment that has third party procedure audits
-the custodial services offered by BitGo Trust Company.
2. Clearing and Settlement services
With the very many inefficiencies that investors are exposed to, BitGo offers the following services to help them have an easier time with the growth of their wealth:
– Efficient and riskless trade clearing and settlement
– Off-chain trades that are meant to reduce risk
– Procedures that reduce human error.
3. Business Wallet Services
Individuals and companies which own cryptocurrencies are keen on ensuring that their transactions are secure, each time they occur. BitGo steps in to ensure that this need is satisfied through the following ways:
– Facilitating the three-key multi-signature protection
– Providing a structured wallet whose access is regulated by authorized parties.
– The administration of control over the transfer of digital currencies.
4. Provision Blockchain services
BitGo offers the latest real-world application by:
– Making close partnerships with its clients to determine all their business needs.
– Creating compliance best practices for the underlying blockchain.
– Determining the objectives of the client in order to set up the necessary architecture required to achieve that goal.
5. API Services
BitGo creates custom API endpoints meant to deliver:
– Extra protection from random and direct spam attacks
– Extra privacy by avoiding Cloud flare.
– Higher rate limits
Is BitGo a Scam or is it Legit?
BitGo is not a scam, it is a genuine company which delivers excellent services in the market. This is the reason this company has managed to earn the trust of huge players in the industry such as Celsius, Netcoins, BitBay, Bitstamp, Civic, Korbit, Ripple, Unocoin, Nexo, Pantera, Virtuoso, The Royal Mint, CME Group, SBI Holdings, and BITCOINIRA.
The ratings given by consumers on consumer trust sites also back up the credibility and excellence that BitGo claims to have in its approach to service delivery. On G2 https://www.g2.com/products/bitgo-cryptocurrency-wallet/reviews, for instance, BitGo has an average rating of (4.3/5) stars, with the security elements in the BitGo wallet being one of the most appreciated features in the realm of digital assets security and storage. On Top 10 Best Bitcoin Wallets (https://top10bestbitcoinwallets.com/wallet-reviews/bitgo/), where BitGo has a (4/5) rating, on can quickly gather that BitGo presents its users with the much-desired ease-of-use which is deployed in the Android, iOs and web platforms.
The company with the lowest fees in the industry when it comes to Bitcoin IRAs is also the one with the absolute best (and most) overall ratings.
BitGo is not an investments company, but rather one that helps you transact and store your digital assets safely. As an investor, therefore, you cannot expect to have any direct monetary gains by simply working with this company. You, however, stand a better chance at having your digital assets such as cryptocurrencies secured in comparison to those investors who store and transact their assets without a security services provider.
Pros and Cons of BitGo
It is always wise (and recommended) to compare the positive sides against the negative ones to get a better overall view of something. As always in our reviews we provide you with some clear points on both sides of the spectrum:
-Allows for safe transactions.
-Helps organizations create a private blockchain.
-Easy to use.
-Presents users with private keys to help them get control over their digital currency.
-Multi-signature feature for extra security.
-The time-consuming verification process for transactions.
-Only supports Bitcoin
Do You Own or represent BitGo?
If you are a representative, or associate of BitGo and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or else you got the e-mail on the about page.
Final words and verdict
Overall rating: (4 / 5)
Ok, I think that sums up the overall view of BitGo pretty good. It is a legit service for sure, however, if it is the right one for you or not is something you have to decide yourself.
You made a wise decision to read this review and you are a smart person so I am absolutely sure that you will find the right company to do business with that suits your particular needs the most.
What I would recommend?
There are many similar services out there. I have many IRA service providers listed on this website, mostly for precious metals and Bitcoin but also for other alternative investments. You can find the best from 2 worlds that I can recommend below:
I hope you found this short review of BitGo to be helpful and that you now have a better understanding of what it is and if it is something for you or not. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com