Last updated on March 18th, 2015 at 12:32 am
Although we all love to spend our Bitcoins, some of us are still waiting for that day when the cryptocurrency is going to be worth way more than it does now. While we wait, we store our coins in standard wallets and almost forget about them. But what can that do for you, besides helping you collect dusty Bitcoins? Well, there’s a solution for that now: BitEnsure, the first Bitcoin savings account and interest bearing wallet that will boost your crypto-savings.
As the idea of earning interest on our digital coins looks promising, Bitcoin Examiner talked to John Jones, the creator of BitEnsure, to find out more about this fresh new service, born within the trading group Metaneural Engineering, which provides the interest profits for the customers.
With the possibility of making more profit from your Bitcoins and the safety guarantees provided by BitEnsure, this wallet looks like a legitimate way of saving your virtual coins for a rainy day.
An interest bearing Bitcoin wallet is somewhat a new concept. How would you describe it?
John Jones – It’s a normal Bitcoin wallet, in that coins can be transferred to a Bitcoin address, held there, and can be withdrawn to another address. The major difference is while the coins are being held in the wallet they are being invested in our various investment platforms to make a small profit. We keep a percentage of that profit and pass some of it on to our customers. Our interest bearing wallets are similar to Certificate of Deposits. Certificate of Deposits are similar to savings accounts in that they are insured but they are different from savings accounts in that the Certificate of Deposits has a specific, fixed term (often monthly, three months, six months, or one to five years), and, usually, a fixed interest rate.
We offer a few different account types: with a two week account, you get 2% interest, a one month account provides 5% Interest, a three month account is equal to 17% interest. While a term is in progress the user cannot withdraw their coins without a penalty. The penalty is equal to the percentage interest that stands to be gained by completing the full term.
Why would Bitcoin users rather use BitEnsure?
I think the major reason people would rather use BitEnsure as a wallet to store their coins is simply because doing so will earn them a profit on their coins without lifting a finger. The second reason is all our deposits are insured by us, therefore if the site is hacked or there is some other catastrophe they will receive the coins they are entitled to.
What can BitEnsure bring to the world of Bitcoin?
Firstly, we believe BitEnsure fulfills a need, there are many who are hoarding their coins and waiting for the price of Bitcoins to go up. They’re seeking a place to store their coins that is secure and it’s our supposition that if they could find such a place and also make a profit on their coins they would be enthusiastic to do so.
Secondly, especially due to the recent Ponzi scheme perpetrated by someone claiming to be in the Bitcoin savings account business, we believe we can bring some legitimacy to the Bitcoin world. It is very rare to find the world of Bitcoin interfacing with that of the legitimate financial investing world, but we can provide that. Any connection between the Bitcoin world and our ordinary world is a plus for Bitcoin in my opinion.
What must people do to create a wallet at BitEnsure?
They can simply go to Bitensure.com, click on the “register” link in the upper right-hand corner, choose a username and password, an account term, and enter their email. Once logged in they can deposit coins to a uniquely generated address provided to them instantly. Once the funds are deposited that address will be deleted and never used again to heighten security. Now they simply wait for their term to complete, collect their Bitcoin interest profit and choose to continue with another term or withdraw coins to an address of their choice.
Any thoughts about the future of Bitcoin?
We are very optimistic about the future of Bitcoin and cryptocurrencies in general, that’s why we’ve entered the Bitcoin business. We believe cryptocurrencies represent an evolution in the thinking of man and is nothing short of a step into a new era: the era of decentralization of power, wealth and information. Until now the central banks, in particular the Federal Reserve Bank, has centralized our currency and thereby created a monopoly on the fruits of our efforts.
Make no mistake! Currency represents the sweat and effort of the everyday person who must work to earn it, therefore what the Federal Reserve system has done is literally creating a form of modern day slavery. Most people don’t know this but the Federal Reserve Bank is just about as “Federal” as Federal Express, it’s a privately owned business that is not a part of the US government but charges the US government interest on the currency they magically create. Why must we buy into their false system?
The answer is we do not, and people are slowly coming to this realization. When they do, Bitcoin and other crytocurrencies will be there as an alternative, that is world-changing. In conclusion, I believe Bitcoin is a beacon of light leading the way toward the future of our financial system and, consequently, how we disseminate the fruits of our labors.