Zero cost, zero handling fee, permanent free currency exchange

In the near future, Bitcoin Storage may become a central hub for exchanging things we consider valuable. It allows us to store our electronic assets in cloud services and flexibly exchange them between different assets and currencies.

Currently Bitcoin holds nearly $2.7 million in reserves in various currencies (USD, GBP, NZD, etc.). Their liability to members ranges from $100,000 to $2.6 million. How do I know this? Because they provide a实时可证明偿还能力报告on their official website as shown below.

This is a refreshing move. Imagine if you could ask your bank to give you their latest asset and debt report. In a world of部分准备金banking, when we are in a financial crisis like the 2008 subprime mortgage crisis, it becomes very dangerous to try to withdraw money from the bank because the banking system is not functioning properly. The recent money shortage in Cyprus and Greece saw hordes of residents flooding into bank ATMs only to find that there were withdrawal restrictions, only to realize that they had to remove most of the restrictions in these countries in order to save the crisis. In stark contrast, Bitcoin Reserve has given us a strong demonstration that the reserve assets they hold are far beyond the scope of their obligations to members. Knowing that I can freely convert my assets into Bitcoin or other fiat currencies within their system makes me feel more secure about the security of my assets.

Connect to BitStore

On July 2, 2015, BitReserve announced that they had developed a new应用程序编程接口that allows developers to freely develop on the BitReserve system. This interface allows people to freely develop on this platform without going through a long and tiring regulatory process, because BitReserve has already done the preparation for them. Therefore, anyone can freely develop applications to serve your customers to safely transfer value in a one-to-one support. Something like this has never happened in our traditional legal banking system. Any entrepreneur is very likely to see this gap in the financial market and eventually enter this field without any obstacles.

I believe we are about to see a complete transformation of the financial system due to the emergence of technological change forces such as FinTech. It is time to make a change. How many things in our daily lives have been digitized!
Newspaper = online article Encyclopedia = Wikipedia Television broadcast = online streaming Telephone = Internet phone Letter = email There are too many to list here.

One thing we should notice in all the above mentioned things is that these electronic services are almost free or as close to free as we can think of. YouTube, WikiPedia, Skype, Gmail these web applications are not only free but also add great value to the internet ecosystem.

I believe this is what Bitcoin will bring to the way we hold assets online. Why should we pay fees to electronically convert one currency to another when it is often just a simple change in a database? BitStore now offers free conversions of the currencies they hold (outside of Perfect Money) at the mid-market rate. This is a great start and they have already traded nearly $1.52 million worth of value within the system.

Where will Bit Energy Storage take us?

I found this image in a YouTube video presentation by Eric Benz on the social mandate required for cloud banking.

Imagine a platform that allows any kind of value to be transferred through any online portal like Bitcoin, bank transfer, PayPal, play platform, wallet, phone bill & gift card (Amazon). And allows us to cancel the order at any end link at will.

PS: Currently BitStorm only accepts Bitcoin in and out, but this will change. We will be able to transfer various forms of value into their system, such as bank transfers.

This also means that all currencies supported by BitSaving are free to exchange worldwide (and they seem to be adding new currencies almost every month). In addition, they have expanded into emerging markets like Mexico and India.

BitStorm currently offers 16种法定货币and 4种完美货币. I think they will continue to expand until they can exchange for all stable fiat currencies. I am a Bitcoin advocate, but I also agree that fiat currencies are necessary until we can find a better financial system than the traditional official banking system.

Halsey Miner has pointed out many times that if a single parent is given $100 to pay the bills for the next week, he converts the money into Bitcoin and loses 20% of the profit that week. This can mean the difference between going hungry and going hungry for a poor family. Holding Bitcoin with unstable prices in life is not feasible for everyone. Until the Bitcoin market covers a wider range of possibilities, Bitcoin is not an asset that people above the poverty line should hold. However, families who live far above the poverty line should look for new alternatives in the FinTech industry in order to maximize their benefits. It is not fair to be charged a large fee by the bank for an overdraft one day in January.

Smart apps and debit cards

Imagine an app that lets you send money to anyone, anywhere in the world for free. This changes everything. There are a lot of unbanked areas of the world. They can now convert local valuables into any form of value they want.

If you live in Venezuela and witness inflation as high as 800%, you can convert your money into other more stable currencies.
If you are a gold lover, store money in the form of gold and pay directly with your gold card.
If your friend in Thailand needs to pay for a beer, you can send the money directly from your GBP card and transfer it into Thai Baht for free.

On the Bitcoin platform, all currency conversions are免费且无障碍. You just need to turn them into any form of value you want.

The Bitcoin Savings debit card lets you keep your money in your favorite currency, allowing you to spend it worldwide. And there are zero fees to convert from your currency of choice to retailers. The only way for me to do this right now is to use my credit card abroad, because there are fees for using debit cards abroad. It's really hard to believe that with all the technology we have, we still have to pay fees to use bank cards abroad. High fees for large purchases.

in conclusion

We don't need third parties like Western Union that profit from the poor who need money the most. Reduce the fees charged to these poor people and provide people with money transfers back home. What we really need is a new generation of FinTech organizations like Bitcoin Reserve that minimize the high profits of banks. Make our currency exchange system efficient and widely used.

When Bitcoin Reserve builds applications and we can freely convert fiat currency in and out of their system, I believe Bitcoin Reserve can really provide great value to consumers. Also, don’t forget all the developers we mentioned building applications on the Bitcoin Reserve API. It will be very interesting in the next few years, let’s wait and see.