In today’s Bitcoin ecosystem, users too often have to choose between usability or autonomy. Coyno aims to change that. By sitting on a “watch-only” layer on top of user’s bitcoins. “Coyno is like a cryptocurrency Mint.com; it will make Bitcoin more user-friendly, secure, and legally compliant while letting users stay in full control of their funds” Levin Keller, CEO of Coyno said to Digital Money Times. The Berlin-based startup Coyno opens up their watch-only Bitcoin bookkeeper. This is the first step on a journey towards a tool that makes good on Bitcoin’s promise of letting you “be your own bank”. besides being the CEO of Coyno, Mr. Keller is also a member of the Bundesverband Bitcoin (the Bitcoin Foundation’s German affiliate) where he is a vocal advocate of Bitcoin in Germany.
In our previous guide on “What is Bitcoin?”, we talked a bit about the monetary value associated with the Bitcoin protocol. As you may remember, we talked about how the Bitcoin technology can be used to send money to anyone else in the world. But how do these transactions work exactly?
Bitcoin Transactions: How, What and Why?
Bitcoin transactions take part between two people on the Bitcoin network in a true peer-to-peer fashion. Person A sends a [piece of a] Bitcoin to user B, who will see the transaction on the blockchain in mere seconds. And that is the beauty of Bitcoin transactions; they take place instantaneously and are visible on the public ledger we call the blockchain.