Based on this article today on Marketwatch if there was an alt coin say CRD coin for Crude oil trading it would be an instant hit. It stands to reason that an instantly traded currency would rule this fast paced marketplace. To me this is a real world marketplace that stands to benefit from such a perfect trading apparatus.
There has been speculation for months about whether bitcoins might be accepted as legal tender by a major developed nation, whether the Chinese will accept them, or whether big web retailers will take then instead of conventional currencies. But the big breakthrough for digital money is more likely to come from the oil cartel, OPEC.
For decades, oil has been priced in dollars but key member states such as Iran, Algeria or Angola are not particularly friendly to the United States, even if they are not quite as hostile as they once were. They have been making noises about switching the price of oil out of the American currency for years, but have never quite managed to agree on alternative.
The euro was a runner for a while, until it started to implode. But what about bitcoins? It is a global currency, with no central bank trashing its value, and it might well prove a better store of value for countries that know their oil wont last forever. If any single move establishes bitcoin as a serious monetary rival to the dollar, that will be it and there will be more than a few wry smiles in Tehran over that.
PS If any of you devs pick this up keep me in mind
There has been speculation for months about whether bitcoins might be accepted as legal tender by a major developed nation, whether the Chinese will accept them, or whether big web retailers will take then instead of conventional currencies. But the big breakthrough for digital money is more likely to come from the oil cartel, OPEC.
For decades, oil has been priced in dollars but key member states such as Iran, Algeria or Angola are not particularly friendly to the United States, even if they are not quite as hostile as they once were. They have been making noises about switching the price of oil out of the American currency for years, but have never quite managed to agree on alternative.
The euro was a runner for a while, until it started to implode. But what about bitcoins? It is a global currency, with no central bank trashing its value, and it might well prove a better store of value for countries that know their oil wont last forever. If any single move establishes bitcoin as a serious monetary rival to the dollar, that will be it and there will be more than a few wry smiles in Tehran over that.
PS If any of you devs pick this up keep me in mind
So , why make a new altcoin that does the same thing as bitcoin , just for a name?
Look at all the stupid casino,games,bet,lucky,poker coins that came out and look how many are used in online games and how many online betting websites are using bitcoins.
Do you pay with gaseuros at the gas station , with carrefoureuros at the supermarket , with electriceuros your electricity bill?
Well that's a good point, but to think that there will ultimately only be one digital currency is probably not realistic. I guess my thinking is more along the lines of a digital currency that has some intrinsic value based on the crude oil it represents. Like the gold standard used to be for the dollar. I don't know really, it was just an idea that I haven't given a lot of thought to.
Do you now why I used euro and not usd?
Not because I'm an European but to already answer to your future question.
So:
Well that's a good point, but to think that there will ultimately only be one digital currency is probably not realistic
Why not?
With the euro , 20+ (and more coming next decade) currencies have gone extinct.
Give one reason why we would not have only one in the whole world in 100 years.