Bitcoin Reserve "BitReserve" Banks To Open its Vaults Soon

The transparent Bitcoin reserve, Bitreserve, will leave beta and become available to the public later this month.

Halsey Minor is the tech entrepreneur that founded CNET in 1993. In 2008, he sold that company to CBS for $1.8 billion and became an investor. Minor was the largest financial backer of Salesforce.com and Grand Central. Forbes recognized the former as one of America's most innovative companies. The latter went on to become Google Voice. Minor's eye for innovation and ability to spot opportunity created jobs, produced wealth, and made him a very wealthy man.

But when the financial crisis hit Minor's banks failed, forcing him to declare bankruptcy.

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Change Money, Change the World

Bitreserve is the entrepreneurial solution to a complacent banking industry - free market competition. Minor's comeback addresses the insolvency problem that collapsed financial giants with real-time proof-of-reserve for its users.

When you transfer your bitcoins to Bitreserve they sell them and then buy fiat currency. Users may hold their bitcoins as dollars, pounds, euros, renminbi, or yen. Regardless of the price of Bitcoin you will retain that value until you spend it - as bitcoins.

Also read: "7 Unique Ways to Spend Your Bitcoin"

Bitreserve users can send money over the Internet with transaction fees as low as .45%. Not only is Bitreserve addressing the issue of Bitcoin's volatility and big banking secrets but they challenge the $22 billion remittances market.

API documentation is available on Bitreserve's website as well as copies of the Reservechain/Reserveledger financial transparency data. That's right; their financial data showing reserves is already public.

Step Right Up Sir, Be A Reserve!

Bitreserve will maintain 100% of its clients' fiat reserves.

"Holding money is its own business model."
-Halsey Minor

Opportunities for Bitreserve to profit lie in investing their reserves. The transparency data includes their asset portfolio. For Bitreserve to work they must be able to prove their reserves, thus preventing failure, preventing bank runs and guaranteeing exchange rates. Unlike the privately held Federal Reserve that sends a different bald man out every four years armed with platitudes and rhetoric.

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What do you think? Comment below!

Images from Bitreserve and Shuterstock.

Last modified (UTC): October 24, 2014 2:02 AM

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