BiZZBoard Guide for Law Enforcement regarding Cryptocurrency
Updated Apr 30, 2019
- BiZZBoard users don’t make transaction requests to us instead, they transact themselves, directly with a virtual currency network.
- BiZZBoard’s wallet is essentially a backup service, like Dropbox or Amazon Cloud, except much more limited.
- We can only back up one kind of file – an encrypted wallet.
- BiZZBoard is not a financial intermediary. This is different than how virtual currency exchanges operate. We never know any of our users’ private keys.
- We don’t take control of or transmit our users’ virtual currency. BiZZBoard is noncustodial.
- BiZZBoard users can store and spend the same virtual currencies, in as many other industry-standard software wallets as they like… at the same time as they are stored in a Shop wallet.
- Spend virtual currency on a user’s behalf (or against the user’s wishes).
- Freeze or forfeit virtual currency on law enforcement’s behalf.
- Determine the balance of wallets.
BiZZBoard does know its users:
- Verified legal names
- Social security or national ID numbers
Here’s what client-side banking looks like:
- User registers wallet software & encrypted backup from BiZZBoard
- Wallet & keys are decrypted in the user’s browser using their password
- Users send & receive virtual currency using the wallet software as they please
- Wallet is re-encrypted in the user’s browser & backed up to BiZZBoard for future use.