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Investing

Banks Use Bitcoin As A “Provable Reserve”?

I heard somewhere long ago that banks had to have a provable reserve of gold to backup their cash supply. If this is the case, then why not use Bitcoin as a provable reserve?

It is easier to prove than gold supply in some cases because it can be done using a Blockchain Wallet Check.

People have been illustrating value of digital projects using Bitcion as a provable reserve, so why don’t the banks start doing it too?

Not only is Bitcoin lighter than gold (physics 101), it also has more sophisticated techniques of gaining value…

Whether it is Bitcoin, or some other coin, or a combination of coins, it is going to be interesting to see what coins are going to be used. Right now there are 1610 currencies showing on Coin Market Cap, but plenty others are off the coinmarketcap page. Also, Coin Market Cap got a new logo!

Spot Gold Price is becoming a thing of the past (sorry guys), but it is easier to make money on the crypto markets than waiting 20 years for Gold to mature. No-one has 20 years to wait for their gold to go up, so people are turning to cryptocurrency as a means of trading. The fact is, NOW is the time that these currencies are being developed, and will change the world forever.

The Blockchain is beautiful because it compiles all the statistics:
https://blockchain.info/charts

Here are some micro-samples of the charts available.

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