During its infancy, when it was considered to be little more than a fad or the “dead” and virtual currency of the black market, it was hard to imagine that anyone would ever take the Bitcoin seriously. Yet, it is now widely-recognised, has been used to buy houses and other physical goods in the real world, and is seen by increasing numbers from the mainstream as a viable investment.
However, as with all investments and currencies, there are still risks and any accountant or financial advisor who directs a client to a Bitcoin investment without first considering its suitability risks facing accusations of professional negligence. London and Brighton based lawyers Healys LLP can provide advice regarding your legal rights in the event of any such situation.
Insured Bitcoin storage service
In 2014 it was announced that Lloyds of London would underwrite the world’s first Bitcoin storage service. This represented a landmark moment in the development of the Bitcoin. The insurance product, Elliptic Vault, would keep Bitcoins in an ultra secure physical location, where they would be further securely encrypted.
“Securing your Bitcoins involves implementing advanced encryption and even then you are still at risk of losing them. Elliptic Vault secures your Bitcoins for you and is insured against theft or loss, so our customers can have peace of mind that their Bitcoins are safe,” said the founder of Elliptic Vault.
Until the development of the product there had been little in the way of insurance protecting the assets of Bitcoin holders. This meant that in the event of loss, there was little if any available recourse to a claim for professional negligence. London lawyers specialising in investment claims agreed that Elliptic Vault represented an important development in the history of the online currency.
“We know a lot of people are concerned about the security of their Bitcoin holdings,” said Elliptic’s founder. “We are providing a service that will give people peace of mind that their Bitcoins are safe and secure.”
Healys LLP professional negligence offices in London and Brighton
Professionals, despite their many qualifications and assurances of an outstanding service, do sometimes fail to provide a service that is of an adequate standard, and in cases of accountancy, legal or investment advice, engineering or architectural services, the results of any shortcomings can be both costly and traumatic.
Fortunately, most professionals have insurance in place to ensure that clients have recourse to compensation in the event that they sustain financial loss as a result of negligence.
Healys LLP professional negligence lawyers in London and Brighton have extensive experience of these types of claims and can help you decide when to litigate and when to seek another kind of resolution.
For more information about how we may be able to help you, contact us today.