Post
Topic
Board Bitcoin Discussion
Re: Bitcoin as a currency (an economist view/contribution)
by
limopc
on 04/10/2017, 00:32:51 UTC
The goal is to have Bitcoin and crypto as a currency, where everybody has access to, easily cheaply transfer and transact,... etc.

The current situation and problems in my opinion:
1- it is still require users or adopters to be above average in IT, know what a qr code is, private and public address, the 12 word Fraser for a wallet... etc. This will be sorted out as time passes, but developers should try make things easier and simpler.
2- transaction cost, sending a crypto from someone to another, it is relatively high, so not still convenient to buy a bottle of water or a pizza and it costs the same amount to pay the seller. This simply means the buyer would pay double the price. So, still not convenient as a currency compared to FIAT.

I wonder if this can be sorted out as follows:
All wallets should have a feature like “Ok, this public address is sending to this public address 0.05 USD, let me send with it a private key for this transaction for this amount in particular. Sending through whatever communication, Bluetooth, WiFi, nfc, Sms, whatever. No need for blockchain and mining fees.

Maybe (and here I expect some miners to try to shoot me), maybe we can use wallets already running on thousands of individual mobile phones to do the job of verification. Everybody in the individual users wins. Almost instant, no transaction cost, so it will be convenient to buy a bottle of water with bitcoins.

The receivers wallet may take the senders public address and check it on the blockchain, if it really exists, if it really has the amount transferred. If true, it makes one entry with one single confirmation.

3- till now, Bitcoins and other cryptos appears to me not as currency but as a bullion of gold, a bullion of silver, a bullion of platinum, an ingot of aluminium. It costs money to buy and keep, and it costs money to spend.

4- There should be a way that different blockchains and crypto can “talk” together seamlessly, as in point 2 above, someone having bitcoin in his wallet should be able to send to the receiver directly another crypto, no need for any of them to convert from one crypto to the other. Direct wallet to wallet.

Transfer costs should be minimised to be almost zero, transaction speed should be instant. These two are considered a must to have crypto as currency, not as a bullion.

Hopefully I did not offend anybody, especially miners. Miners should think, what profit would be if the world is actually transacting in crypto.

I know many will see the above as nonsense, a few might see an idea, some might agree some might not.

But constructive discussion will always give the fruits.