Bitreserve, a money service built on bitcoin that allows people to hold bitcoin as real-world, stable currency and send money and convert currencies without using a bank, has launched a new website today called Changemoney.org. The new website provides a real-time view of how much Bitreserve holds in different currencies, where its members are located, which currencies they’re holding and where they’re sending it.
The website, which went live today, lists more than $1.25 million in the Bitreserve wallet. It lists the wallet’s value in bitcoin, national currencies and “other” currencies.
“Changemoney.org is a tool derived from our real-time transparency innovations that allows anyone who visits the micro-site to visualize how value is being held, transferred, and converted in Bitreserve’s cloud money system,” said Tim Parsa, president of global strategy and markets.
“In addition to highlighting Bitrserve’s transparency, Changemoney.org is also intended to promote the benefits of holding value in the cloud. With Bitreserve, people can hold value in the form they feel most comfortable – be that gold, U.S. dollars, Swiss Francs, or bitcoin – and that value can be moved instantly and for free to anyone in the world and anytime.”
Visitors can move the globe on the site and see how Bitreserve’s money has moved, Parsa told CCN.com. “Bitreseve puts consumers and businesses back in control of their money and makes transferring value in any form to anyone in the world fast, free, and easy, the same way email does for communication,” he said.
Changemoney.org also allows visitors to see where Bitreserve members are located – not specific streets or addresses, but their general location.
“Our hope is to provide a forum for our members to share their personal experiences with Bitreserve and digital currencies. At Bitreserve, transparency and security are both core values that inform every aspect of our system and service” Parsa added.
“Just as with our Reservechain and Reserveledger, transaction data is anonymized to protect our members’ privacy,” Parsa told CCN.com. “Bitreserve demonstrates that financial services like banks do not have to be black boxes where undisclosed risk piles up until they blow up. We want to replace that black box model with a glass house paradigm, so that everyone can see what’s going on inside. Our real-time transparency means consumer protection. People work very hard for their money, and they should know exactly what financial institutions are doing with it.”
There is no charge for sending money. There is a charge to convert from one bitcurrency to another.
Bitcurrencies are not redeemable for the fiat currency with which they share a denomination. They can be exchanged among members or converted back to bitcoin and sent over the Bitcoin Network. For the time being, the system is bitcoin-in/bitcoin-out.
“We are committed to driving all our forex commissions down until we are the least expensive place to convert any type of value into any other type of value,” Parsa said. “Because we are counterparty to all conversions in our system, and because our long-term business model is not predicated on forex commissions, we can commit to constantly lowering those conversion costs.”
Bitreserve’s bitmoney will eventually be accepted for payment and cash-out in Grupo Salinas’ 2,600 retail and banking locations in Mexico and throughout Latin America.
“The benefits for Latinos in the U.S., Mexico, and throughout Latin America will be huge. Consumers and businesses will save billions in USD equivalents per year once we are fully-integrated with Grupo Salinas. And Grupo Salinas will have made yet another huge stride toward bringing basic financial services to hundreds of millions of people throughout Latin America.”
Grupo Salinas is a pioneer in bringing basic financial services to the poor and working class through its retail and banking arm Grupo Elektra, according to Parsa.
Bitreserve also announced the launch of the bitrupee (BitINR) and bitpeso (BitMXN), two developing world currencies now supported by Bitreserve’s cloud money system.
Bitreserve now supports eight real-world currencies, four precious metals, and bitcoin, and offers its service in eight languages.
“Bitreserve makes digital currency as easy to use and understand as email. Changemoney.org helps to illustrate how fast, easy, and global Bitreserve’s service is.”
Images from Shutterstock.