Virtual currency Bitcoin has suffered a lot of bad press due to a lack of security and regulation for investors but the founders are taking steps to make trading safer for consumers.
Tyler and Cameron Winklevoss, two of the founders of the virtual currency, are concerned about fraudsters ripping off consumers and have set up the Gemini exchange in the US to raise the reputation of the maligned cryptocurrency.
The quandary for Bitcoin is that the attraction for many is the system is a way to transfer value without the rules, cost and regulations of switching cash through the international banking system.
However, a lack of regulation has opened the door to fraudsters and hackers to drain encrypted online wallets of funds.
The brothers fear security worries over the safety of online Bitcoin holdings is stopping investors from taking a stake in the currency.
Gemini is making strides to correct this, but the service is only available in 26 US states and is struggling to gain a licence in the largest financial market in New York.
“We believe Bitcoin should behave to the same rules that protect consumers that are laid down by regulators,” said Cameron Winklevoss.
“Our intention is to safeguard consumers by setting out some rules and a code of practise.”
The brothers also explained that Bitcoin was growing and changing by the day.
“The idea is simple,” said Tyler Winklevoss. “We thought people should have the means of sending monetary value across the internet in the same way as they send an email.”
Bitcoin is one of a number of virtual payment services that central banks and governments refuse to accept as legal tender because the exchange value floats without any control.
“People have a lot of concerns over how Bitcoin works and how safe their investment may be, but when they look deeper, the true concept is revealed and is phenomenal,” said Tyler Winklevoss.
Since Bitcoin was introduced in 2009, the service has suffered from criminal activity, including thefts, Ponzi frauds and accusations of money laundering for serious crime and terrorism.