How BTCJam handles Transaction Malleability

The recent statement by Mt. Gox claiming that transaction malleability needed to be fixed before Mt. Gox could resume bitcoin withdrawals has left many wondering whether there is a fatal technical flaw with Bitcoin.  Gavin Andersen and many others were quick to point out that this has been known about since 2011, is not an issue, and that there are ways to easily address this for exchanges and wallets.

At BTCJam, we have put a lot of thought into how we handle security. We have been highly conscious about security from the day BTCJam was first started. The way we implement transaction verifications makes us absolutely secure against an attack similar to Mt. Gox.

For the technically inclined, we store the set of addresses, timestamp and amount. Unlike the Transaction ID this can not be changed or duplicated by third parties.

We have a very experienced team who handles millions of credit card transactions per day. For us, security is absolutely paramount. We will keep a vigilant eye on security and make sure our customers can enjoy all the benefits of bitcoin without having to worry about investing or storing their coins with us.

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