Things Bitcoin Buys: An Offshore Safety Deposit Box

Jayanand Sagar | June 5, 2014 | 8:35 am

Things Bitcoin Buys: An Offshore Safety Deposit Box

Jayanand Sagar | June 5, 2014 | 8:35 am

Bitcoin users will soon be able to use their digital cash to purchase offshore safety deposit boxes, according to an announcement made by Cofres Bitcoin on Thursday.

The company, who’s working in concert with Swiftcoin exchange First National BNAK, is offering what they are calling “state of the art” safety deposit boxes at the Plaza Independencia 823 building in Montevideo, Uruguay.

According to Cofres, per client request, each of the boxes will be Swiss-style numbered accounts that will make use of a Swiftcoin address — serving at the only identifier of the client.

Of course, we won’t get into details about why one would need an offshore safety deposit box, but the company says rental rates start at $1 per day, payable in bitcoin, of course.

So what could one store in these boxes? According to the company’s own Daniel Bruno, gold!

“Gold is remarkably compact, and takes less storage than cash does. A tonne of gold bullion is worth about 38 million dollars, and yet needs only a 14 inch block of space for storage. For this reason, we are able to store gold for as little as 0.1% per annum for volume buyers,” he says. “We have a lot of clients who are aware that in a financial crisis, the wealthy can be seen as ‘hoarders’ or can be blamed for a country’s financial problems. Governments are often pressured into signing legislation that can greatly impact those who have stored gold, or accumulated great wealth.”

According to today’s announcement, box numbers are obtained by downloading a Swiftcoin wallet from the First National BNAK website and generating an address code.

All safety deposit box communications are conducted strictly with the wallet of the same Swiftcoin address as the rental box. No email, no phone calls. A client’s unique Swiftcoin address may, at his request, be his only identifier. This identifier, along with physical possession of the metal key, are required to access the safety deposit box.

Cofres adds that they will be unable to offer citizens or residents of the United States accounts, presumably for legal/regulatory purposes.

[textmarker color=”C24000″]Image[/textmarker] Корзун Андрей

Tags: , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.