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August 26, 2013, 05:52:06 AM |
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Hey guys,
I have this idea for a bitcoin service going through my head. It would be a bank for bitcoins, with interest and high security.
Here is how it would work:
To create an account all you do is enter a security password on the main page. Then a public and private bitcoin address is created, and you are given the public key. The password you enter is hashed and then stored along with your public key in a database. This is the only data that is stored on a (secure) server.
The private key is immediately sent, along with the hash of your password, off to a printer that prints both along with 9 random addresses and hashes on a page. This page then goes into a safe. (Maybe even have the printer set up in the safe also.)
To retrieve your money, you fill out a form on the website, which asks for your public key and password, along with a target bitcoin address. (The public key is like your username, and is for extra security.)
Your public key and hashed password is crosschecked with the database, and if found (and if the account has funds), the hashed password is sent to a person who has to enter the safe, sort through the pages (they will be time stamped, so it will be possible to find the page the address is on fairly quickly), find the address with the private key, and then use the private key to send the money to the target address. The safe will be timed so that it can only be opened once or twice a day.
Other security features:
If you choose to remove less than the total amount in your account, a new private address is created and printed. This way the private address will only be seen and entered once before being destroyed.
Insurance up to a certain amount will be issued per account.
About the interest:
Users will be charged some fee (maybe 1-5%) for storing their money in the bank. This fee will be charged when they withdraw. (IE if you withdraw BTC10, BTC9.99 will be sent to you, and BTC0.01 will be charged and sent to the company's account.
This fee will be used for maintenance and equipment, and for insurance if it is ever needed. Every month a certain amount of net profit of the website, which comes from fees and ad revenue, will be deposited to the public address of all the active accounts. This amount will be based on how much is currently deposited in the account, so this acts as compound interest.
Maybe there is no market for this. I don't know, which is why I am posting it. If there is a market for it, I might need some help creating it.
Thanks!
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