How are we offering interests on BTC in CoinBank?
We launched CoinBank in December last year and since its release has seen tremendous success due to the rising interest in cryptocurrency worldwide. Witnessing this success motivated me to improve upon our existing setup and provide other lucrative features in our application i.e. FDs.
CoinBank is a revolutionary product in the domain of BTC. Not only does it provide the best in class security as a BTC wallet, but it also offers a new feature that allows you to grow your BTC via FDs. And why not? FDs help you to grow your money stored in BTC. We provide interest rates from 1–1.33% per month, which gives a unique advantage over banks which have much lower incentives for deposits.
Value of BTC in US Dollars over the period 2013–2017
Like any other financial institution/lender/organization, your BTC stored in FDs are invested into various projects across a broad portfolio by us. We also own numerous mining farms at multiple locations across the world to profitably mine BTC.
BTC mining is the process of adding transaction records to Bitcoin’s public ledger of past transactions. It is a very processing-intensive and complicated process, which requires top notch hardware and has high power consumption demands. Estimates indicate that by 2020, BTC mining could consume 14,000 megawatts of electricity, comparable to half of New England’s generating capacity or all of Denmark’s consumption.
Miners receive a specific amount of transaction fees as well as some newly created BTC, depending upon the size of the mathematical operations.
Having realized the energy-intensive nature of BTC mining at an early stage, we’re actively expanding all over the world owing to the accessibility to cheap electricity and powerful computing devices.
The profit generated from these investments/projects is then redistributed to assure guaranteed returns on your BTC FDs. Unlike other wallets which do not provide easy backup options, CoinBank provides an additional feature where you can quickly restore your data by using a 12-word key phrase in case you lose access to your BTC wallet.