Increased security

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The Bitcoin Cheques will improved anonymity, privacy and security

Increased anonymity

It has been told that Bitcoin is anonymous, but that is not so true. If you know my wallet bitcoin address you can easily look up my balance at block chain. You can even figure out my transaction. I don’t like everybody to be able to do that. It is possible to hide my transactions by spreading it on many addresses, but I think that is not a perfect solution as it adds a lot of unnecessary transactions and possible additional costs.

By using a Bitcoin Cheque, the Bitcoins will be transferred from the Bitcoin Bank’s wallet rather from my personal wallet. In fact, the bank need only one big wallet to hold all its deposits and can keep track of the individual user’s amount in accounting sheets. All users funding, withdraws and payments can be done using this wallet. This way it will be impossible to read from the block-chain which transactions belongs who.

Increased privacy

When making a purchase using this system, the web shop does not need to know my identity. Only the Bitcoin Bank may need to know my identity. The Bitcoin Cheque don’t need to hold my name in order for the receiver to collect the money.


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