BitMint Public Exchange establishes an open ledger that captures the movement of BitMint digital coins from their purchaser to their redeemer. BitMint coins are US$ (or equivalent currency) in digital form, so there is no rate of exchange towards the US$. It's 1:1. Unlike typical crypto currencies based on outrageously wasteful proof-of-work, BitMint incentivizes the nodes to confirm transactions with as little ($) as necessary not to hold back transactional flow. BitMint money is held, managed, and stored by the traders, not by BitMint. By contrast, crypto exchanges run the crypto side on behalf of their clients, (holding their private keys) which for them the exchange acts like a nominal bank, alas, without the FDIC insurance. Crypto exchanges work in the shadows, creating the risk of a "Crypto Madoff". The BitMint exchange operates with binary clarity, no need for a tail of reconciliation.