Disaster Recovery Updates to Secure Your Bitcoin

[mistaPhi]

This post details recent updates that have been made to help ensure that all wallet holders are able to access the Bitcoin holdings from their wallets should any unforeseen circumstances occur. Please review and take the simple step of adding a Bitcoin Recovery Address to your wallet. If anything goes wrong on your end or with the DCS Bitcoin wallets, automated processes will handle each case as documented below.


When the Dev is unable to support the Wallets


Per the original design, wallets with valid Bitcoin recovery addresses would automatically send the available Bitcoin balance to the specified recovery address if the dev failed to log into the platform within 30 days and the available Bitcoin balance is at least 0.0002 BTC.

New Updates:

1) This 30-day period has decreased to 21 days, so automated payments will be sent to the recovery address if dev fails to log in within 21 days.


2) New registrations will be disabled if dev fails to log in within 21 days, preventing new wallets from being created.




3) Early Warning Notification: The system will send email notifications to users if the dev has not logged in within 14 days, suggesting that support for the wallets is not available.




Likewise, and email notification will be sent again should the dev return.




4) Domain registrations have been secured for a minimum of 2 years and all server hosting is on auto-pay. This helps to extend the operation of the platform should the dev be unable to maintain system support.


NOTE: Credits will continue to convert into Bitcoin for as long as the service is operational and Bitcoin is available in the vault.




When a site is down for 7 days

Should any of the existing wallet sites remain inaccessible for a period of 7 days, a back-end process will automatically transfer the wallet's Bitcoin balance to the specified recovery address if the available balance is at least 0.0002 BTC.

New Update: Credits will continue to convert even while the website is down and automated payments will continue to be made whenever the available Bitcoin balance reaches 0.0002 BTC.




Wallet holders fail to login within the specified Dormancy Period

If a user fails to log in within the specified period, the system will continue to operate as designed.

An email notification will be sent seven (7) days before the dormancy period ends, reminding the wallet holder to log in and that failure to do so will result in their wallet going dormant.




If the user fails to log in within the specified time, their wallet will be flagged as dormant and the following will occur:

1) All Credits will be forfeited

2) If the wallet's Bitcoin balance is at least 0.0004 BTC, the entire Bitcoin balance will automatically be sent to the specified Bitcoin recovery address and an email notification of the transfer will be sent.

New Update: An email notification will be sent to the wallet holder if/when an automated payment is sent.




NOTE: Dormant wallets remain operational and can be used whenever the wallet holder returns.





TAKEAWAYS

* Be sure to specify a Bitcoin recovery address for your DCS wallet so your Bitcoin can be sent to you should any unforeseen circumstances arise.

* Take the time to review any email correspondence that is sent from the system, particularly if the email is not generated from your wallet's notifications settings.

[kinikhan]

Thank you for the update.

I use Ledger to manage my BTC and Ledger Live automatically generates new address. As long as I select one address from my Ledger, the address should be good to use as my BTC recovery address, correct?

What is consider "Dormant"? I have gone months without logging in before (I'll try not to anymore).

Thank you so much for setting up this contingency plan to insure the investors are protected. Much appreciated Mista Phi.

[mistaPhi]

Thank you for the update.

I use Ledger to manage my BTC and Ledger Live automatically generates new address. As long as I select one address from my Ledger, the address should be good to use as my BTC recovery address, correct?

What is consider "Dormant"? I have gone months without logging in before (I'll try not to anymore).

Thank you so much for setting up this contingency plan to insure the investors are protected. Much appreciated Mista Phi.

My pleasure kinikhan...

Regarding your Ledger, the answer would be yes. Once any wallet generates an address, it maintains that address and the private key to that address as well. So any BTC payments that sent to that address (now or in the future) will be received and be spendable from that wallet.

"Dormant" is simply a term used to signify the state of a wallet as viewed by the system. When a wallet goes into a dormant state (indicating that a user has not logged in within a time that they've defined), a few events are automatically triggered.

1. The wallet's credits balance is forfeited (ie. removed, deleted, taken away)
2. Any open orders to buy credits are closed (thus releasing the BTC that is held for such purchase)
3. The wallet's Bitcoin balance is sent to the Bitcoin recovery address that is specified.

It's only when a wallet enters a dormant state that these events occur. Beyond this, the wallets perform just like any other wallet and can continue to be used as such. And a wallet is only flagged as being dormant when a user does not log in within the Dormant Wallet Settings defined in their wallet settings.

No need to fret if you don't log in regularly b/c this setting defaults to 10 years; so you have plenty of time to sleep on it. The system will also send out an email notification 7 days before a wallet is scheduled to go dormant, just as a reminder for you to log in.

Hope that clears things up a bit, but always feel free to inquire if you have more questions.

[kinikhan]

Awesome! Thank you.