Post
Topic
Board Bitcoin Discussion
Re: Why would there be just one cryptocurrency?
by
Xester
on 11/03/2017, 09:20:22 UTC
Correct me if I'm wrong, and move me if this is the wrong board, but in my opinion we should not focus on how to make Bitcoin do everything. Right now Bitcoin works well as a store of value, digital gold if you will. A $1 transaction fee means nothing to a $1,000,000 transaction. It does however severely cripple smaller payments, something that a cryptocurrency could be very good at.

Now it is my understanding that the point of SegWit/BU is to allow Bitcoin to be used for smaller payments by bringing that transaction fee down. Instead of making Bitcoin the jack of all trades, why not have multiple cryptocurrencies that each excel in their own areas? Leave Bitcoin exactly as is, and invest money and time into establishing a micropayment currency, a smart contract currency, etc...

Just some food for though.
Johnny


tl;dr
Why try and make Bitcoin do everything instead of having an ecosystem of specialized currencies?

One possible solution for this problem is to require each country to make their own local cryptocurrency. Those national cryptocurrencies will be exchanged to bitcoin to purchase items abroad but local transactions will make use of local crytpcurrency. In this way the volume of transactions using bitcoin will be lessened making the transactions much faster and with lower fees.