The complex nature of money has been confounding and enchanting economists for centuries. Money has both tangible and intangible properties. It can be used as both as a form of exchange and/or a store of value. It can be a real and tangible object, like the coins and bills in your pocket. It can also represent intangible things such as the number denoting its value. Some people consider the dual nature of money – what it physically represents versus what it theoretically represents – to be similar to a quantum object, like a photon which has the characteristics of both a particle and light wave. And like some quantum objects, money can change from one moment to the next. A one dollar bill’s worth is determined by a trusted authority, such as the Federal Reserve. But once we begin using it to buy goods and services, that value can change due to market rates. So today a dollar might get you a bottle of water, but tomorrow conditions could change, and you might be able to sell that same bottle of water for two dollars. This complex nature of economic stability continues to be unraveled, even to this day.
Money has constantly been evolving over time. It started with tally sticks, graduated to gold and silver coins and then the world saw the advent of paper currency. With paper currency, we saw a further evolution of money which went from asset backed i.e. gold backed to Fiat currency and it has continued to evolve ever since. From paper currency, we have seen the dawn of digital currency which started with online banking; that is to say Technology based exchange which forged a pathway to the creation of cryptocurrencies. Bitcoin was created and started to function as money because people trusted it and believed that it has value – just like normal money. People started using and accepting Bitcoins as a unit of exchange thus giving rise to many other digital currencies which followed in the footsteps of Bitcoin. This sudden outburst of digital currencies led to the issue of thousands of digital currencies being created without any utilisation pathway.
Bankcoin Reserve was created with the idea of having real world utilisation of its coins. What makes the “Bankcoin Reserve (BCR)” unique is the capability for it to provide secondary mining of up to 10% per annum. “Bankcoin Reserve (BCR)” community sets its pricing mechanism based on the latest high value of gold attained. The last revaluation was determined, the price of gold reached USO $1,765.00 per troy oz.
The current global economy is at a crossroads. With rapid digitisation as well as the evolution of technologies such as blockchain and cryptocurrencies, the participants in the economy have an opportunity to collectively redefine the meaning of money and assets, while also introducing an inclusive and people-centric financial revolution. Unfortunately, the contemporary cryptocurrency payment methods are subject to a variety of vulnerabilities, with price volatility being a major one of them. This volatility discourages users from viewing cryptocurrencies as an alternative tender which in turn makes this digital asset unsuitable for every day or commercial exchanges.
The Bankcoin Reserve has been launched to systematically counter these disadvantages through the development of a universal, decentralised, and innovative monetary system. This is a monetary system that focuses on efficiency, transparency, security and above all utility. The Bankcoin Reserve is a unique currency that filters and combines the new decentralised blockchain and cryptocurrency technology with those of age-old financial traditions, that help empower the user while also focusing on the aspects of growth, accessibility and stability.