Welcome to the world of Bitcoin Banking.
It appears Bitcoin is beginning to head down the regulatory straight and narrow. The virtual currency initially considered by many as nothing more than Japanese digital tiddlywinks for computer nerds and later as the cryptocurrency du jour among drug dealers, hitmen and terrorists is about to get a giant boost in respectability by it's entry into the global banking system via Circle Bank.
Bitcoin was cobbled together from the spare parts of many disciplines. The resulting algorithmic precision and cryptographic ingenuity combine to achieve something which although sought after for ages, proved impossible,..until now!
Decentralized verifiable consensus without the need for trust,... i.e. no trusted middleman required.
It's is the rocket fuel which has propelled Bitcoin up and out of the primordial muck of paper fiat currencies and currency is just the beginning!
It is Promethean.
Satoshi Nakamoto's brainchild has sent shockwaves across the global financial system. In five short years the Bitcoin Network has grown to surpass the combined processing power of the world's top 500 supercomputers.
It is estimated that over 30,000 developers are now actively working on Bitcoin related projects.
Some experts see the vast potential in blockchain technology as a way to wring out hundreds of billions in savings for consumers (people) the world over, others,... not so much.
Stunningly, there are staunch advocates for the people's right to usury.
Take the head brass at MasterCard who recently dispatched a team of lobbyists to capitol hill. I doubt saving people hundreds of billions tops their to do list.
Another particularly active detractor of Bitcoin was Senator Joe Manchin of Virginia.
In february 2014 Sen. Manchin concluded Bitcoin was helping to facilitate criminal activities and sent a letter demanding immediate action. If acted upon it would have amounted to a regulatory exorcism of the perceived monetary mephistopheles.
Instead, one month later,... Sen. Manchin clarified his position.
While still leery of the criminal misuses which have been associated with cryptocurrencies, Sen. Manchin expressed moderation in his position regarding Bitcoin blockchain technology. Presumably because of it's potential for promoting the general welfare.
Sen. Manchin deserves respect for his honesty and courage.
Whether you embrace Bitcoin or not, the future of money, as with many other things, seems destined for a virtual as well as real existence.
To his credit, many people agree with Sen. Manchin and will not be hurdling their sofas to test drive Circle Bitcoin Bank,... yet.
But the company and it's backers have bet 26 million dollars that many more of you will.
Circle is based in Boston MA.
CEO Jeremy Allaire - Bio
- Circle offers global service with instant Bitcoin transactions.
- Bitcoin 2.0 ease of use requiring no advanced technical skills. Balances displayed in dollars according to realtime value.
- State of the art multisignature and cold storage security.
- Linking of credit cards, debit cards and bank accounts for instant two way transfers.
- Receive $10 of Bitcoin for free with sign up. (Limited Time)
- Full US banking regulatory compliance
- Insurance against theft.
- All at no charge!
What's the downside? No free toaster oven.
Test Drive Circle Bitcoin Bank
