Bitcoin Forum

While at university I have been studying computer systems and how websites/software deal with transactions. The laws and amount of encryption needed for all of this is immense.

My idea is to simply shrink the process down into a simplified system using bitcoin or a bitcoin LIKE currency.

Due to the laws in many country's handling county currency such as $ or £, many companies have to jump through hoops and create more systems then needed that constitutes in us having to pay more fee's for a service OR having to upload ID/confirmation processes before even using a website/software's currency features.

Using bitcoin as a front end of a website/software currency system bypasses MOST if not ALL of theese laws simplifying the process and reducing initial cost/fees for users.

My idea will NOT constitue bitcoin as it is too unstable (price fluctuations) for most websites/software to use as a ground to do business on. My idea revolves around the engine that I aim to create, creating it's own currency with user inputted variables (mining enabled or not(100% pre-mine for stable prices). With my idea the currencies used are not listed on crypto-currency exchange sites but instead are handled at a static exchange site by the service provider (website/software manufactures) which in turn still allows you to trade in "REAL MONEY" but bypasses the unstability that most software/website's are afraid of.

You will be able to buy some of the new currency from the website/software at a set price and you would trade that currency like you would with "REAL MONEY" and at the end of the ordeal exchange the currency back into "REAL MONEY" if the website/software allowed you to do so.

It would save everyone involved in the process (be it the customer or the business) time and money and make everything evolved around internet transactions simplified and cheaper for everyone.

My main reason for posting is to see the response from people and their arguments either For/Against my idea and to see if anyone has any more of an insight into the process's i have briefly explained here for more understanding.

Please if you have any arguments keep them constructive please do not leave single word posts or posts such as "unfeasable will never work" please back your arguments up with a reasoning behind them and we will all gain from this forum post.

thank you for reading (sorry for the length)

--jdsalmon123

Bitcoin price fluctuations will not matter too much if transactions are quick.

Having a 100% pre-mine will result in lots of scam accusations.

Your best option is to use Bitcoin and benefit from the existing network effects.

when i talk about bitcoin fluctuations I mean long term, if say a game (only using it as an example as i am developing one to use this system as a test) sold upgrades/misc items for bitcoin.

Users would buy these items but if bitcoin fluctuates -40% (not saying it will just hypothetical) many users who bought theese items would feel less inclined to invest/purchase again OR possible become annoyed at the game and blame the developers for the fall. oppositely if it rises NEW users who haven't invested into the item will feel the same for the opposite reason. have a static crypto currency solves this while also solving the currency issues that companies have when making/developing systems that handle peoples money.

use colored coins or counterparty to issue the currency.

I do not think using a third party service would be a good idea if this idea/project was to be accepted by companies they would possibly be stepping over copyright AND if it was to work I would want the companies to host the currency's main wallet and for them to establish full control from there. using a 3rd part tool introduces restrictions that companies may not be willing to follow.

i would use idea's from their software/ways of doing things but it would be software/freeware that was built from the ground up to allow companies full control over currencies that they are creating for whatever reason they may want it for.