The Bank of Bitcoin- The World's Most Secure Bitcoin Service- Unhackable!

[Welsh]

Haha, they maybe "unhackable" but that doesn't mean they can't be stolen, private keys have to be stored somewhere, and I HOPE they don't have them on their computer in a database, because they are hackable then.

A bit of friendly advise, I wouldn't trust a bank for Bitcoin, this is my personal opinion.
But I think it's a valid argument, I believe Bitcoins are very safe if you store your paper wallets yourself.
Why would you trust another person who claims to keep them 100% safe.
Yet, this person could just run off with your coins, when really there is no need for this.

Let's face it, most people have enough logic to use paper wallets and store them safe, either in your personal safe or in a EVEN more secure location.

[scab]

Coming from a dude with 12 posts il pass

[TheBankofBitcoin.com]

If you really see what's going on, you'll see there is no scam- just a good idea, and one that can inspire confidence in the Bitcoin fear-mongering skeptics, especially the ones that have no idea from a technical standpoint what they're talking about.

Kruncha- This is actually my first account, but my partners have been registered which is how I knew to post here. For the record, I did not do all of this by myself, but they want to stay behind the scenes for now. It's argued that because it was my idea, I have to be "the face".   As you can see, it's a joy as expected.

Scab- I'm not really clear on why lots of previous posts equals legitimacy, perhaps that reflects my noob status. And I'm not a dude!

Welsh- Check out the site, that's exactly what we allow you to do. Unlike other Bitcoin services, you and only you store your Private Keys. Most people don't use Bitcoin, let alone know how to use it. The Bank of Bitcoin provides a seamless, user-friendly way to create Paper Wallets and to accept payment, spend Bitcoins, and to transfer to other members out of your Paper Wallet (what we call Paper Vaults). We don't claim to keep them, we don't (and can't)! The idea is that you keep your Private Keys safe. At the same time, you don't have to run Bitcoin software, and creating the Paper Vaults takes seconds. Furthermore, as a Bank Member, you can spend your Bitcoins from any internet-connected device, given you have your Private Key on you. Convenience, security, and control of your Bitcoins. That's the idea.

[prs]

So what services does this site offer? I can't find any. It seems to just be a client-side wallet with the ability print your private key. Nothing the standard bitcoin client doesn't already do.

[Welsh]

If you really see what's going on, you'll see there is no scam- just a good idea, and one that can inspire confidence in the Bitcoin fear-mongering skeptics, especially the ones that have no idea from a technical standpoint what they're talking about.

Kruncha- This is actually my first account, but my partners have been registered which is how I knew to post here. For the record, I did not do all of this by myself, but they want to stay behind the scenes for now. It's argued that because it was my idea, I have to be "the face".   As you can see, it's a joy as expected.

Scab- I'm not really clear on why lots of previous posts equals legitimacy, perhaps that reflects my noob status. And I'm not a dude!

Welsh- Check out the site, that's exactly what we allow you to do. Unlike other Bitcoin services, you and only you store your Private Keys. Most people don't use Bitcoin, let alone know how to use it. The Bank of Bitcoin provides a seamless, user-friendly way to create Paper Wallets and to accept payment, spend Bitcoins, and to transfer to other members out of your Paper Wallet (what we call Paper Vaults). We don't claim to keep them, we don't (and can't)! The idea is that you keep your Private Keys safe. At the same time, you don't have to run Bitcoin software, and creating the Paper Vaults takes seconds. Furthermore, as a Bank Member, you can spend your Bitcoins from any internet-connected device, given you have your Private Key on you. Convenience, security, and control of your Bitcoins. That's the idea.

Yep, my message was to a earlier post.

[Kohloe]

It's a Idea with value some others already had. And failed.

However. Please stop calling it "bank". No one wants to associate a bank with decentralised bitcoins.

[TheBankofBitcoin.com]

Prs- Would love to answer that question.

You mentioned the Bitcoin client. Yes, you can download and install the Bitcoin client and do it that way. Here are the disadvantages:

Running Bitcoin software on your own computer or other device typically requires downloading the full Bitcoin "block chain". The block chain is the full history of all Bitcoin transactions which have occured since the inception of Bitcoin. This is currently about 7GB of data and growing quickly. Maintaining a full copy of the block chain requires an ever-increasing allocation of memory, and the constant downloading of new transactions makes it impractical (and essentially impossible for slower Internet connections).
Our solution is to download and store the block chain on our server. We use our memory and bandwith, thus freeing up your resources, making Bitcoin easily accessible to all.

Another major drawback of using Bitcoin is that if you want to spend or transfer Bitcoins to someone else, then you would have to do this from the same computer or device that they were stored on. If they were stored on your computer at home, you would not be able to send them from your computer at work, for example. If they were stored on a laptop or smartphone, then you would have to carry that with you in order to spend them from different places...and the loss, malfunction or hacking of that device would mean the loss of your Bitcoins.
Our solution is to provide an online service which allows you to spend you Bitcoins from any Internet-connected device (desktop, laptop, tablet, smartphone) anywhere in the world. You could receive Bitcoins using your laptop and later send them from your smartphone, for example, using the user-friendly seamless interface that the Bank provides. You simply log on and send the Bitcoins where you want them to go, without transmitting your Private Key over the internet.

An even larger drawback is the issue of security. As mentioned above, if you are running Bitcoin software on your own device and that device malfunctions, is hacked or is simply lost, then your Bitcoins are lost. Also, running the software yourself can expose your IP address to hackers, making yourself a target for their attacks.
The Bank of Bitcoin solution is to move your Private Keys to a form of storage which can't be hacked. If you decide to use an online service that does not give YOU complete control of the Private Keys necessary to access your Bitcoins (Mt. Gox, for example) there is always the possibility that the site can get hacked or shut down for any number of reasons (even by an unscrupulous site owner or employee) and your Bitcoins would be lost. This has actually happened many times to many Bitcoin services.

You can send Bitcoins to other Bank Members instantly and for free, and we are adding Merchant Services so online merchants can easily accept Bitcoin payments. The Bank of Bitcoins aims to provide user-friendly, convenient, and secure Bitcoin access and storage to the masses.

[TheBankofBitcoin.com]

Kohloe, thanks for your input. "Bank" does have meaning outside of government control. I appreciate that you see the value. There are those who have failed- we are ready to demonstrate how we're doing it better.

[kazriko]

An interesting idea, but it goes against some of the protections of having a paper wallet in the first place. The paper wallet idea is that the key exists only as a barcode on a piece of paper and has never been exposed to the internet at all. The best way to generate one of these is completely offline on a dumb printer. The best way to use them is as a savings account, and when you do a withdrawal, you pull the entire thing out all at once, transfer the part you want to spend to an active wallet, and put the rest back into a new paper wallet.

With this, your private key is probably seen on the internet at least once when it is created, and if they were unscrupulous they could store it there when that happens. Also, every time you spend money it has exposure to the internet. This is where the unhackable thing falls apart. If someone did get into their systems or into the system you use to scan your private key paper wallet in, then they can spend anything that you don't use from your wallet in that transaction.

So, if it's legitimate, it could be a slightly more secure version of the current online wallets. If not, they could be accumulating private keys until they get enough stored up that it's worth filching them all. The only way to be sure it's the former and not the latter would be offline generation of the paper vaults.

[Kruncha]

I must admit, I don't like the term 'Bank', and I agree with what kazriko^^ said. but, other than that, you've given reasonable answers for a reasonable idea. Although, I'm the type to sit back and watch for a while, I wish you luck.

K.

[scab]

No bank is completly safe.. Say someone holds your family hostage i bet youd empty all the accounts in a sec

[kokjo]

a) Nothing is Unhackable.
b) This is stupid! the whole concept of bitcoin banks is ridiculous.
c) DO NOT TRUST PEOPLE WHO SAY THEY WANT TO "STORE" YOUR BITCOINS!

[Stefan]

Nice idea, time will show if it's really unhackable

[OpenYourEyes]

This screams "scam" to me, but hey I could be wrong.

Good to be sceptical but even better if you could provide some reasoning for why you think it's a scam.

I'm always sceptical, well paranoid I should say.

A few things:

The whois information for the domain is private.

The site just has that 'scam' look (Can't explain what I mean by that)

The fact that the OP seems to have used an alter ego to promote the site, here, judging from the grammar/wording:
 Paper Vault is always in quotation marks; the hyphenation of certain words, which isn't common, or correct to use; and the fact that account only has one post promoting the site

The 'owner' of the site claims to be this person (woman) on LinkedIn, so if the OP can post a picture of themselves on here holding a note saying "Bank of Bitcoin", I'll shut my mouth: just to make sure they haven't set up a fake profile with a random photo to make it/them seem more legitimate.


As I say, I'm paranoid, so I could be wrong, but I'll be keeping away.

[TheBankofBitcoin.com]

Krazriko and Kruncha- Thanks very much for your understanding and input. Whenever we deal with Private Keys, nothing is sent or seen over the internet. Regarding the generation of your Private Keys, this is done on a page using client-side javascript and is never revealed online or transmitted in any way. Your Private Key is in fact not seen online, or by us. For someone to get into the system you referred to (the client-side webpage where you enter your Private Key), they would have to be hacked into your individual computer and watching what you were typing. When you want to create a transaction, you do enter the Private Key on your computer on the client-side webpage, and when you click submit the Private Key is not submitted- ONLY the transaction string and other public information, like your public Bitcoin Address as well as that of the recipient.

The webpage, including the java-script program, is sent over the internet onto the user's computer- and then, on the user's computer the Private Key is generated. However, if you're paranoid, once you clicked on the "Create Paper Vault" page, you could immediately disconnect your ethernet or wifi. You could even save the page, go offline, load the saved page and generate new keys. There really is no need for that, but if it makes you feel better then I guess it works

Furthermore, you don't have to send the whole contents of your Paper Wallet to your Active Wallet when you want to access your Bitcoins. You can choose exactly how much you want to send to the Active Wallet. I hope I addressed that concern, I had to contact one of our programmers to double-check that my reasoning was correct.  

[TheBankofBitcoin.com]

Stefan- Thanks.


Open Your Eyes- that looks like it may have been a friend of one of my partners, heh it wasn't me. Or perhaps a user, to be optimistic. We do have users, but that seems rather strange as the website wasn't complete until the beginning of this month. I'll post a picture, or send it to you in a PM if that's alright.

The whois information lists my name, it is definitely not private. It may have made my mailing address private, but that may be something they do as a policy. Seen here:  http://whois.domaintools.com/thebankofbitcoin.com

Scab- Although it requires some technical understanding, we never have access to the Private Keys in your Paper Vaults. Even if my family was being held hostage as you put it, we couldn't spend your wealth. We are legitimate.

[OpenYourEyes]

Stefan- Thanks.

 I'll post a picture, or send it to you in a PM if that's alright.

Sure, go ahead.

The whois information lists my name, it is definitely not private. It may have made my mailing address private, but that may be something they do as a policy. Seen here:  http://whois.domaintools.com/thebankofbitcoin.com

I've never seen a domain registrar publish only a name and nothing more (even if whois protection is used, they still publish the proxy details), but you may want to change that to add a little more trust.

[Illimensky]

I fail to see why another entity is required to store Bitcoins.

Isn't one of the main points of Bitcoin decentralization?  If so, why introduce more centralization?

[Kruncha]

I fail to see why another entity is required to store Bitcoins.

Isn't one of the main points of Bitcoin decentralization?  If so, why introduce more centralization?

I believe the idea is to make Bitcoin more accessible to the every day user - In the same way windows made PC's accessible (It doesn't mean it's the best, just an easy alternative).

K.

[Illimensky]

[...]

I believe the idea is to make Bitcoin more accessible to the every day user - In the same way windows made PC's accessible (It doesn't mean it's the best, just an easy alternative).

K.

How is storing a wallet on a computer not "accessible to the every day user"?