Tethered Money


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It's a big deal. Money today is fungible. Which is how it can be used in unintended ways -- fraud, abuse, or neglect. And to prevent this corruption we erect an elaborate system of checks and balances that creates an enormous friction on the basic movement of money. We spend tremendous amount of effort on crafting contracts to make sure that the recipient of money does with it what he or she agreed to do, and nothing else. Then we employe a bunch of accountants and task them with following up on where the money went, and how it was used. And when we find a discrepancy, oh then, we call up the lawyers, and pay them to chase our money back to its intended purpose. As a result business is costly, slow and inefficient.

Tethered money will alleviate this burden. BitMint Digital Money is cryptographically linked to its intended purpose, and is useless for any other payment. The recipient of BitMint digital money cannot divert it, neither by mistake, nor by ill-purpose. He has no motivation to steal it because it does him no good. Technology keeps money flow on its proper rails. BitMint technology translates the terms of any business arrangement to payment guidance fused into the BitMint money string. The contract is written into the BitMint coin, and travels with it wherever it goes. Moreover, the advanced BitMint coin expresses both cash and loans, both debit and credit. Transparency is user controlled. The BitMint crypto-rails keep the money where it should be, used for the purpose it was paid for. BitMint tethered money prevents the abuse for which today you need an army of accountants and lawyers to hold it tight. Yes, it's a big deal.

Security: Tethering money is an efficient anti-theft device, it's how we win the Cyber War!

More in our book Tethered Money: Managing Digital Currency Transactions