Understanding BitGo’s Ordinals Inscription Tracking Function for Bitcoin Hot Wallets

03/31/2023 21:59 • Crypto & Markets • 71 views

It is reported that BitGo, a cryptographic hosting service provider, has released an Ordinals inscription tracking function aimed at increasing the security of inscription storage. Users will be able to add this feature to any Bitcoin hot wallet on BitGo. When tracking is enabled, all transactions received by the wallet will be checked for inscriptions. If an inscription is included, the transaction will be frozen to prevent the loss of valuable inscriptions. Bitcoin Ordinals was launched at the end of January. So far, there have been over 600000 inscriptions.

BitGo Launches Bitcoin Ordinals Inscription Tracking Function

Introduction

BitGo, a leading cryptographic hosting service provider, has announced the release of its new Ordinals Inscription Tracking Function for Bitcoin hot wallets. This feature is designed to enhance the security of inscription storage for the users.

What is BitGo’s Ordinals Inscription Tracking Function?

The Ordinals Inscription Tracking Function is an advanced security feature offered by BitGo that enables users to track inscriptions associated with each Bitcoin transaction. By enabling the tracking feature, all incoming transactions will be checked for inscriptions. If an inscription is included, the transaction will be frozen and will not be processed until the user verifies and approves the inscription.

How Does It Work?

When the tracking function is enabled, each incoming transaction will be checked for inscriptions associated with it. If there is an inscription, it will be displayed to the user, allowing them to verify and approve it. Once approved, the transaction will be processed, and the user will receive the Bitcoin.

Why Is Inscription Tracking Important for Bitcoin Hot Wallets?

Bitcoin hot wallets are particularly vulnerable to hacking and cyber-attacks, and without proper security measures, users risk losing valuable inscriptions associated with their transactions. BitGo’s Ordinals Inscription Tracking Function provides an additional layer of security, allowing users to keep their inscriptions safe and secure.

How to Add Ordinals Inscription Tracking Function to a Bitcoin Hot Wallet on BitGo?

Adding the Ordinals Inscription Tracking Function to a Bitcoin hot wallet on BitGo is easy. Simply log in to your BitGo account, navigate to your hot wallet settings, and enable the Ordinals Inscription Tracking Function. Once enabled, all incoming transactions will be checked for inscriptions associated with them.

Conclusion

BitGo’s Ordinals Inscription Tracking Function is a much-needed feature that enhances the security of Bitcoin hot wallets, providing users with peace of mind when making transactions. With the increasing number of cyber-attacks on cryptocurrency wallets, it is crucial to have such advanced security measures in place to safeguard users’ investments.

FAQs

What are Bitcoin Inscriptions?

Bitcoin inscriptions are additional information added to a Bitcoin transaction, such as comments or messages. These inscriptions can contain valuable information, making them vulnerable to theft or loss.

How does the Ordinals Inscription Tracking Function improve Bitcoin security?

The Ordinals Inscription Tracking Function provides an additional layer of security for Bitcoin hot wallets by allowing users to track and approve incoming inscriptions associated with each transaction.

Is the Ordinals Inscription Tracking Function available for all BitGo users?

Yes, the Ordinals Inscription Tracking Function is available to all BitGo users and can be easily enabled from the hot wallet settings.

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