Friday, May 23, 2014

Bitcoin Banking Software (Open Bank)

Following on from my post about BitCoin Banks I suggest some developers with banking security-level experience start a project to develop software whereby Banks can build systems to handle BitCoin.  

Maybe a donation from one of the many publicly-owned banks of the base source code could be made to ensure the demise of banks as we know them today, as a little thank you and payback for comprehensively ruining the world economy.

An Open Source project such as this would be very profitable for its developers as premium services can features are usually part of the project such as this.  It would be run very similarly to the Open SSL project.
So this would be an open source project to provide the storage, transmission and manipulation, control of Bitcoin by any institution e.g. a bank, or one of the new generation of BitCoin banks that I envisage will be starting up.

It will have  routines to perform the process above which would be Open Source and will be edited by whoever chooses to do that and these of course then would  be able to be used by an institution, typically a bank at this stage but later on people could develop their own smaller BitCoint banks and charge money.

I suspect that  because of the 'honey pot' type nature of BitCoin in a bank that cyber criminals, would be extremely interested in any entity online that is storing s BitCoin and it would relentlessly be attacked.


Maybe then BitCoin can’t have banks, there is no requirement for them to exist with Bitcoin, so maybe people will just store and transmit then personally: Where there are numbers of bitcoin stored in wallets on millions of hard drives or in a particular locations online like Bit locker. 

It will be interesting to see if Wild West style, the bank I was referring to earlier, makes a resurgence.

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