"If you're not paying for it, you're the product"
Consider this: Why would any company safeguard large amounts of users' bitcoin for a long period without charge?
After all, running commercial-grade hot and cold wallets is not free. Providing these services entails various direct, indirect and hidden costs, as well as risks, and even temptations.
Is your exchange really holding your bitcoin?
Over the years, multiple exchanges were found to be only partially-reserved due to hacks or due to reckless and even immoral and illegal behaviours.
Some exchanges even went as far as knowingly and intentionally committing exit-scams or engaging in rug-pulls.
These incidents happened before, may be happening now and will probably happen again in the future.
Verifiable custodianship is our standard
The Bitaroo Vault is a state-of-the-art custodial proof-of-funds storage solution that provides unique advantages.
That said, Bitaroo is a strong advocate of self-custody, supporting it with features like instant low-cost withdrawals, batch withdrawals, Lightning Network withdrawals, and Guardian.
However, some users prefer to use us as a custodian for their bitcoin.
Users utilising our long-term custodial services for significant amounts of bitcoin (0.1 BTC and above) and who do not engage in buying, selling, paying BPAY bills, depositing, spending, or withdrawing will have their bitcoin automatically moved to the Bitaroo Vault. A 1-week notice will be sent via email beforehand.
Opting out is straightforward: users simply need to perform at least one of these actions each month—deposit, withdraw, buy, sell, pay, or spend. These actions, whether active or passive (like DCA), can involve any amount, even if it's as small as withdrawing a single satoshi on the Lightning Network.