The year is 2024. It seemed like a piece of nostalgia to open a new bank account and get a free toaster, but this wasn’t any ordinary toaster, and it certainly wasn’t any ordinary bank. The new Internet of Things Toaster was one of the coolest gadgets of all times, and the Global Bank of Bitcoin was a charter member of Bitcoin’s new Central Bank based in Luxembourg.
Having launched as a Kickstarter project in 2022, raising millions in the process, this kitchen appliance elevated “toast” to the level of a new communal food with a designer flair. Old-fashioned bread could have 3D-printed toasted-inlays ranging from jams and spreads, to vitamins and dietary additives, to sweeteners and energy laces.
But what people found most magical was its ability to have animated hi-res images print-toasted onto the surface and brought to life through the use of edible electro-jellies. This next-gen food-tech had given rise to a myriad of party games, where “players” told stories about the animated scenes and “toasted” the other participants by eating the face of their favorite protagonist, one bite at a time, until both the story and the food were totally consumed.
For this new crypto-bank, it was the perfect crypto-gadget to draw attention to their crypto-currency. Similar to traditional banks, accountholders could apply for home mortgages, car loans, and establish retirement accounts. But unlike today’s highly monitored, highly regulated banking world, the Central Bank of Bitcoin’s charter was to be more of an anti-central bank, serving as a pass-through shell without taking ownership of the currency, but rigorously guarding the anonymity of the accounts and transactions, as well as the integrity of the networks, at the same time, adding a systems layer to promote wider scale adoption.
Even the super-libertarian backers of cryptocurrencies had begun to realize the limitations of operating without a support structure, and in its absence a myriad of proprietary technologies, destructive thinking, and bad actors had begun rearing their ugly heads.
While the original purpose of Bitcoin was to build a counterculture currency and transaction network free from the intrusion and prying eyes of big government, its role has begun to evolve into more of a checks-and-balance system to offset abuses by the worlds existing banking system.
Here’s why creating a Central Bank for Bitcoin may be the next logical step.