Islamic Market Open to Banks That Use Bankcoins Patented Product
400 distressed banks in the US now have an opportunity to rebuild& grow
Brisbane, QLD -- (SBWire) -- 10/24/2014 --Bankcoin Reserve announced today byitsChairman, Gary McAlister,that they have just been granted the patent on a new method for Banks & Financial Institutions using crypto currency for savings & deposit taking. Example Bankcoin mines/mints interest/new coin, mines/mints transaction fees, proof of stake, POS. Patent number: 2014101156 priority date 18 September 2014.
An innovation patent lasts up to 8 years and is designed to protect inventions that do not meet the inventive threshold required for standard patents. This patent is unique and only possible because the technology inside it is so new, the wallet houses the fraud & security protection, block chain statistics & block explorer mix that with the Bankcoin Reserve Insurance, fixed cap 100Mall mined, fixed price $1300, ability to mint new coin and mine transaction fees meaning no usury and you have the perfect product for the banks and financial institutions to engage, easily implement and profit from. A full description of the process is available to representatives in the banking and financial sector.
When asked how it works McAlister says: Think of it like this, a customer client comes into your bank and asks for a Bankcoin term deposit over 12 months. At the end of that term the bank pays the customer client 4%they earned on top of what theydeposited; now the bank has to find that from somewhere else take from Peter to pay Paul. Well not with this new method.The bank acquires Bankcoin to the value of the term deposit which is allocated to the customer clientand lets it mint new coin up to 10% pa and mine the external network transaction fees. So the bank uses what it’s minted and mined, converts it to fiat and pays the term deposit out. So it saved 4% and actually makes up to an additional 6% free and clear. Now this starts to get your attention when you are talking about 10% of $1.3B $130M.10% of $13B $1.3B.First moverswill gain the most advantage.
McAlister is also in conversations with those in the Islamic banking sector as this new product does not have an interest component, what is seen to be interest/usury is actually the minting of new coin. What this means is banks all around the world can adopt this new product and attract those in the Islamic sector and give them the opportunity to open up savings and term deposits at their banks. This is a huge untapped market.
Also the 400 distressed banks that the FDIC mentioned in an article not so long ago now have access to a new product and new markets of which they can take full advantage. A lot of these banks are community banks and building societies, family run generational banks that build communities and know everyone by name.These banks could definitely use this new product to rebuild and get back to sound money ethical principles.
About Bankcoin Reserve
The Bankcoin Reserve (BCR) does not sell Bankcoin; it was instituted to provide the Bankcoin community with security and a stable price & mechanism which we have delivered. The Bankcoin Reserve has 10M Bankcoin as a security position should any issues arise throughout the Bankcoin network. The Bankcoin Reserve is a self-regulated Reserve and complies with all national and international regulations. We can work with the FDIC in relation to this new product, insurance etc.
Gary is now available for speaking engagements covering the patent, process and setup with real time wallets that are minting and mining to prove the process can be implemented immediately.
Bankcoin Reserve, BCR
51 Adelaide Street Brisbane,
Queensland, Australia, 4001
Nina Taylor, Enquires
Phone: (61) 0403963399
Media Relations Contact
Bankcoin Reserve, BCR
61 0466 826 313
View this press release online at: http://rwire.com/556972