Bitcoins and Regional Currencies

[Mageant]

It seems to me that Bitcoins would work well together with a regional currency to combine the best of both systems for an entirely government-independent monetary system.

Bitcoins do have the disadvantage of not being well suited for small purchases in shops. You need to have a computer or smartphone with Internet connection with you and waiting for the transaction to confirm takes too long.

This role could be filled by a regional currency (bills) instead. This would also have the adavantage for the shop owner that it's easier for him to put up prices in some kind of currency with a more stable value.

Bitcoins would be used for bigger or interregional transactions or Internet shops.

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[benjamindees]

That has basically been my thought for the past several months.  At first glance, paper money seems like a good idea.  But the logistics are daunting.  Counterfeiting is a concern.

So eventually I ended up at basically the same place as fellowtraveler, who proposes integrating his Open Transactions software with Bitcoin.  This provides the best of both worlds -- instant clearing, relatively stable prices, and Bitcoin backing.

I think you will be surprised to see Bitcoin POS systems become viable over the next year or so.  Smartphones are ubiquitous and the pieces are coming together to make it work.

[Hans0]

benjamindees, I believe you are correct. bitcoin has properties that make them unsuitable for POS because a transaction takes time to be confirmed. I believe bitcoin will be more of a backing currency, too, that underlies a more liquid currency (like the USD or EUR! maybe they will be measured against bitcoin one day. the gold standard is long gone anyway).

[duddha]

Hello World !


My name is Bernd (Austria/Europe) and this is my first post in this forum.

I just finished watching a documentary about the history and "spirit" of money ("Der Geist des Geldes", german).
In the end they presented some infos about regional currencies; and after having read about Bitcoins during the last weeks i was immediately sure that combining those two currencies would be a huge step !

Now after some recherche i found this post. I had to smile a little because your posts are not long ago about the same idea; probably composed from different parts of the world


I'm very excited about this !
If people were offered a simple and easy to use solution for using Bitcoins and convert them from- and back to regional currencies that would be the beginning of a decentralized monetary revolution. Regions that are becoming more and more independent and at the same time connected across the globe. All this without having to feed (many of the) transcontinental organizations in between.

One important question: Will it spread quick enough so that it can't be broken down easily ?


What do you think ?
Or was I just caught thinking some utopical thoughts ?    (...I'm good in this but at the same time try to keep realistic...)


Best regads,

Bernd

[Hans0]

Bernd, bitcoin will spread like an uncontrollable disease - because it actually is uncontrollable! I explained a lot about that already. Please read my previous posts (the longer ones). Click on my user name.