I posted versions of this in the Economy section, but got no traction at all. Maybe this should go in the Trading section, but I'm asking for technical implementation ideas here.

The terms "note" and "receipt" are used interchangeably here.

Inert, physical notes offer anonymity, higher adoption rate in the local physical world, instantly verified transactions, and reversibility of transactions.

The masses will have high demand for all these things in their money. These features are mandatory for true adoption, but do not exist in cryptocoins.

Notes can be issued on anything, any cryptocoin, any metal, any stores of grain, any commodity, at any time. They're just receipts. Transacting with these receipts offers all the said, mandatory benefits I just described.

However, the non-physical, cryptographic, public nature of cryptocoins make it so the said, mandatory benefits do not exist when transacting with the cryptocoin commodity itself.

Receipts for cryptocoin reserves must be and eventually will be used as actual money so we can enjoy the said, mandatory benefits. Otherwise cryptocoins will be nothing more than they are today, which isn't very useful.

Any entity that people trust not to evaporate with their commodity can successfully issue and redeem notes on anything at any time there is a demand, including right now.

Nothing at any time, including right now, keeps anybody from doing this with any commodity, including cryptocoins: "You can give me that thing and I'll write you a receipt for it, and we can swap back anytime you want".

It's really as simple as that for the receipts to be used as money. This is going to happen, guaranteed. The more popular, the sooner.

The receipt issuer has to come up with a way to successfully identify counterfeits and to combat other fraud vectors.

A decentralized, p2p network of banking software and/or receipt issuing ATMs should be implemented to accomplish this in such a way to minimize note issuing by private, fractional reserve banks.

Any ideas and discussion are most welcome!!