El Salvador Strengthens Bitcoin Security with New Address Strategy
El Salvador is boosting Bitcoin security by distributing its cryptocurrency reserves across multiple addresses, instead of a single one, enhancing transparency and safety. The move comes as the nation, holding $682 million in Bitcoin, aims to maintain a more secure and transparent cryptocurrency system.
In a strategic move to enhance the security of its Bitcoin reserves, El Salvador has decided to distribute its holdings across multiple new addresses, departing from the practice of using a single address. The nation aims to increase both security and transparency through this maneuver.
The National Bitcoin Office announced on platform X that each address would hold up to 500 Bitcoins, approximately valued at $54 million based on the latest market prices. Additionally, a public dashboard has been introduced to provide the public with transparent access to the cumulative balance of these addresses.
El Salvador has been steadfastly consolidating its Bitcoin holdings, which currently amount to around $682 million in the volatile cryptocurrency market. This latest development signifies El Salvador's commitment to maintaining a robust and transparent cryptocurrency ecosystem.
(With inputs from agencies.)
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