A former bitcoin enthusiast and now the co-founder of BenEdict, a bitcoin exchange and blockchain company, has created a solution that can help bitcoin users avoid the digital currency’s volatility.
The BenEdicts solution uses smart contracts to manage bitcoin transactions, which allows users to transfer their funds anonymously.
The company recently raised $1.2 million in venture capital backing, according to CoinDesk.
The money comes from two investors, who are raising money through a Series B round led by Sequoia Capital.
BenEdiction’s business model has two parts.
First, the company provides users with the ability to trade digital currencies with their own money.
Second, the exchange can help users convert their bitcoin into fiat currency, which can be used for online purchases or for goods and services.
“In our world, bitcoin has gone through a huge change and there are lots of ways to trade,” Edict said.
“This is the only way for people to have a secure way to exchange their money with each other.”
The first step in this process is to establish a trusted party to transfer funds to.
Ben Edicts solution lets users buy or sell bitcoin directly from a third party, with an exchange rate of up to 1 percent.
That third party will then provide the bitcoin to the user’s account and send the funds to the customer.
“The third party can be a merchant, a credit card company, a bank, or anything else you can imagine,” Edicts said.
For this exchange, Edict believes that the first step is to have an established relationship with the third party.
This means that the third-party can provide the user with a Bitcoin address that can be traced to the owner, so that users can use the account to send the bitcoins to their wallet.
For the second step, the third parties can provide a Bitcoin exchange rate, with the buyer getting paid in bitcoins, and the seller receiving bitcoins in fiat currency.
“There’s no third party transaction fee, which means that you don’t have to worry about any of that,” Ediction said.
The third part of the BenEdision solution is the exchange rate.
The buyer of the bitcoins can then send them to the seller and receive back their fiat currency amount.
This is a process called escrow, which Edicts calls “the gold standard of the bitcoin market.”
Edicts’ solution is similar to the Bitcoin Cash network, which was created to address concerns that Bitcoin Cash was too unstable and that users could lose their money.
While the Ben Ediction platform is designed to offer a low-cost, low-risk solution to bitcoin transactions in the future, the Ben EDicts team says that it is also designed to be more flexible in future.
“We’re not really worried about the volatility, we’re not trying to make it too easy,” Edictions said.
“We don’t want people to be left in the dark.”
Ben Edictions is looking to expand into other areas, including the U.S. and China, as it seeks to develop a customer base for the business.
The Ben Edisons team is also working on a mobile wallet app that could potentially expand into China and other countries.
