How Does The Bitcoin Bank Work?
Bank Bank
The Bitcoin Bank is the new type of #Bank. It’s an easy to use, decentralized, push button, autonomous Bank running on BANKapi, BANKcoin & the Cloud. The best part of Bitcoin Bank is that anyone can now run their very own Bank right from their phone. It’s both a new kind of bank without people as well as an API for businesses & banks to upgrade into the future on the Blockchain.
API
The #BANKapi is used to run the Bitcoin Bank, anyone can access the API by purchasing BANKcoin, sending BANKcoin to the BANKapi wallet & launching a custom made or default Bitcoin Bank. This API is activated by BANKcoin transactions on the Counterparty layer of the Bitcoin Blockchain.
BANKcoin is representative of $1.00 in deposits on the Bitcoin Bank. BANKcoin is built directly on top of the Bitcoin Blockchain and can be purchased using the BANKapi SwapBot using BTC, XCP and SJCX. Purchasing 1 BANKcoin lets a developer access the BANKapi, 100 BANKcoin is needed to start a new Bank using the BANKapi & 1000 BANKcoin or more in a new account comes with a free BANKcard.
BANKatm is a tool inside the BANKapi that makes every Bitcoin ATM worldwide a deposit location for Bitcoin Bank Accounts. This allows cash in any country to be deposited to a Bitcoin ATM, and the value is deposited to Bitcoin Bank Accounts as BANKcoin, this is the magic of the BANKapi.
Coin
#BANKcoin is used to automate the Smart Jobs running inside the BANKapi, this is the core of Bitcoin Bank. BANKcoin is an XCP asset that represents deposits in the Bitcoin Bank and can be purchased by depositing cash to a BANKatm or by sending BTC to a BANKapi SwapBot Here. BANKcoin is used by developers, businesses or banks to access the BANKapi for REST calls and transaction management. Using BANKcoin to access Bitcoin gives banks, businesses and developers low-cost access to the Public Blockchain & the BANKapi Banking system.
Card
A #BANKcard is available for purchase for $25 each at bank.bitcoininc.co/card The BANKcard is loaded with BANKcoin and can be spent anywhere the BANKcoin is used including Banks, ATMs, Point Of Sales & any Bitcoin Bank. The BANKcard is a NFC tap & pay card that works on most NFC POS payment hardware.
ATM
The #BANKatm API tool connects the Bitcoin Bank to all Bitcoin ATMs, allowing anyone to deposit cash into a Bitcoin Bank account. Each Bitcoin Bank someone runs is loaded with BANKcoin as deposits. When the BANKatm takes cash, using BANKatm, then purchases BTC, sends BTC to a BANKapi SwapBot & then sends BANKcoin to the user’s deposit account. Using the BANKapi any Bitcoin ATM can be used as a BANKcoin deposit location.
APP
The #BANKapp is a mobile banking app for iOS & Android running on Bitcoin. It lets you start a Bank right on your phone using the Cloud. Once you have a Bank started, you can create accounts, send, receive, save & transfer your BANKcoin deposits. The BANKcard connects to your BANKapp using two key authentications and an NFC tap. When a user makes a deposit at a BANKatm, they can select the Bank, the account & the address they are depositing to using their BANKapp QRcode right from their phone.
SMART JOBS:
The BANKapi contains 6 default Smart Jobs running from default settings, each one can be customized when you start a Bank. These #SmartJobs are CEO, Controller, Exchange, Broker, Banker & Teller. Each Smart Job can be tailored for unique rules of operation & can individually connect to APIs, Databases, Clouds & Machine Learning Systems.
CEO/COO - rules of the bank, bylaws & API
Controller - rules of the money storage
Exchange - rules of the exchange
Broker - rules of the trading
Banker - rules of the accounts & addresses
Teller - rules of the purchase & deposits
More information will be available soon as well as the Bitcoin Bank White Paper.
