Method for Performing Transactions With Exchangeable Cryptocurrency and Legal Tender Currency

Abstract

A system and method for performing transactions with exchangeable cryptocurrency and legal tender, and more particularly relates to system and method that utilizes a complementary legal tender currency subsystem for operating a banking module, a vaulting module, a legal tender fund module that has accounting information for complementary legal tender, a cache fund module, a crypto-currency module that has accounting information for virtual monetary tokens, a crypto-shares module that has accounting information for virtual share tokens, an escrow fund module, a trust fund module, a payment processing module, banking module, and vaulting module. The modules store, exchange, and maintain accounts for cryptocurrency and legal tender through a payment processing module. The payment processing module allows a customer and manger to transact for products and services through legal tender and cryptocurrency; and then generate revenue for the merchant through affiliate profits, trading the currencies for profit, and lower transaction fees.

What is claimed is: 
     
         1 . A computer-implemented method for performing transactions with exchangeable cryptocurrency and legal tender, the method comprising:
 providing a complementary legal tender currency subsystem, the subsystem comprising a legal tender fund module, a cache fund module, a crypto-currency module, a crypto-shares module, an escrow fund module, a trust fund module, and a payment processing module;   maintaining legal tender fund accounting information for a complementary legal tender currency in the legal tender fund module;   maintaining cache fund accounting information for a cached complementary currency in the cache fund module,   physically storing the complementary legal tender currency and the cached complementary currency in one or more secure facilities;   maintaining crypto-currency accounting information for virtual monetary tokens in the crypto-currency module, the virtual monetary tokens corresponding to the physical complementary legal tender currency accounted for by the legal tender fund accounting information,   paying the virtual monetary tokens upon demand for the physical complementary legal tender currency of corresponding value;   maintaining crypto-share accounting information for virtual share tokens in the crypto-shares module, the virtual share tokens corresponding to the physical cached complementary currency accounted for by the cache fund accounting information, wherein a number of share tokens represent ownership of a percentage of the physical cached currency, wherein the percentage is that of the number of share tokens owned as a percentage of total share tokens outstanding;   exchanging the virtual monetary tokens and the virtual share tokens;   recording the exchange of the virtual monetary tokens and the virtual share tokens, in the legal tender fund accounting information and in the cache fund accounting information;   maintaining escrow fund accounting information for a predominant legal tender currency;   exchanging the predominant legal tender currency for the complementary currency;   recording the exchange of the predominant legal tender currency for the complementary currency, in the legal tender fund accounting information and the cache fund accounting information; and   maintaining a trust fund accounting information for an investment asset including the predominant legal tender currency;   exchanging the investment asset for the complementary currency; and   recording the exchange of the investment asset and the complementary currency in the escrow fund accounting information, the legal tender fund accounting information, and the cache fund accounting information.   
     
     
         2 . The method of claim  30 , wherein a denominated value is embedded in memory in a tangible medium using a unique identifier adapted to allow the tangible medium to certify a bearer seeking to redeem a portion of the denominated value in vaulted physical legal tender. 
     
     
         3 . The method of claim  31 , wherein the complementary currency comprises:
 a piece of durable material comprising a whole number denomination in units of a precious metal wherein the unit is a fraction of a troy ounce;   a predetermined outer form comprising the piece; and   a legible designation of the denomination securely disposed on the outer form.   
     
     
         4 . The method of claim  32 , wherein the durable material comprises a metallic alloy. 
     
     
         5 . The method of claim  33 , wherein the precious metal comprises one or more of gold and silver. 
     
     
         6 . The method of claim  34 , wherein the piece is selected from the set consisting of a round, a rectangle, a note, a bill, and a bar. 
     
     
         7 . The method of claim  35 , wherein the outer form is selected from the set consisting of a coin, an ingot, and a card. 
     
     
         8 . A computer-implemented method for performing transactions with a payment processing module, the method comprising:
 selling, by a merchant, a product or service having a price;   identifying, by a customer, the product or service and the price;   registering, by the customer, a payment card identifier with a payment processing module;   providing the merchant with a commission when the customer registers and creates new Quintric Monetary Tokens;   transmitting, by the customer, a customer unique identifier to the payment processing module through a mobile communication device;   transmitting, by the payment processing module, a passcode and instructions to the customer;   transmitting, by the customer, the passcode, the payment card identifier, and a mobile device identifier;   requesting, by the customer, an amount of first currency at least equal to the price of the product or service to the payment processing module;   receiving, by the customer, sufficient first currency to pay the price of the product or service to the merchant;   receiving, by the customer, additional first currency if the requested amount of currency is greater than the price of the product or service;   generating a fee for the customer purchase transaction;   depositing the fee in at least one of the following: a cache fund module, an escrow fund module, and a trust fund module; and   exchanging, by the merchant, the first currency for a second currency, whereby the exchange realizes one of the following: generates a profit for the merchant and executes a currency exchange at no buy-sell spread.   
     
     
         9 . The method of claim  37 , wherein the customer unique identifier comprises an email address. 
     
     
         10 . The method of claim  37 , wherein the mobile device identifier comprises a phone number. 
     
     
         11 . The method of claim  37 , wherein the first currency comprises a Quintric Monetary Token. 
     
     
         12 . The method of claim  40 , wherein the second currency comprises a legal tender or a crypto-currency.