2013-07-16 Will bitcoin ever be used for gas pumps, parking meters and pool.

[patricktim]

http://www.coindesk.com/will-bitcoin-ever-be-used-for-gas-pumps-parking-meters-and-pool-tables/

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[BitChick]

I hope so.

from the article:

“People need to be comfortable having a small stash of bitcoins. What this is kind of fits that mould,” he says of the Bitwasher project. “Everyone should walk around with 1-2 bitcoins that they can use for small transactions only. If enough people are doing that, then the volality of currency goes down and the value of the currency increases.”

The article seems to be more about the logistics of how we can get to a point of handling smaller transactions.  I agree it could be useful but we still have a long way to go.

[FreeMoney]

“People need to be comfortable having a small stash of bitcoins. What this is kind of fits that mould,” he says of the Bitwasher project. “Everyone should walk around with 1-2 bitcoins that they can use for small transactions only. If enough people are doing that, then the volality of currency goes down and the value of the currency increases. speculators will get super excited.”

The value has a long way to go and it isn't going to be smooth. I mean what would happen if it was smoothly going up? People would get ahead of it of course.

[kjlimo]

I agree with FreeMoney.  I don't see why the volatility of the price goes away because a bunch of people have small balances.  The "volatility" is caused by a small number of trades on exchanges being used as "the price" of a bitcoin. 

If more people have bitcoins, there are less on the exchanges for trading.  It doesn't have to mean up, down or sideways for price volatility; however, I'm sure increased adoption would increase the price due to scarcity.

I like this guy.  He has the time, energy & business model to act on everything I wish I could.  I hope that he has success, because I've been dreaming about implementing bitcoin everywhere for the past couple years.

I will gladly try to sell his devices.  I'm not concerned about too many transactions on the chain.  If this is truely a problem, it will just speed up the parsing options to be implemented, right?

Perhaps, we should test that theory out & get I0coins back up & running!

Bitpay accepts zero confirmation transactions & has not received a reversal in over thousands & thousands of transactions!

Of course, the more you flaunt it, the higher the chances of getting attacked.  We'll need to be ready for this, but currently Bitpay has no problem taking on that risk at this time.

[aigeezer]

I hope so.

from the article:

“People need to be comfortable having a small stash of bitcoins. What this is kind of fits that mould,” he says of the Bitwasher project. “Everyone should walk around with 1-2 bitcoins that they can use for small transactions only. If enough people are doing that, then the volality of currency goes down and the value of the currency increases.”

The article seems to be more about the logistics of how we can get to a point of handling smaller transactions.  I agree it could be useful but we still have a long way to go.

I don't think he has thought through his own example. First, one or two BTC is about one or two hundred bucks in fiat at the moment, possibly much more in future - a lot of money for most people to walk around with for small transactions, especially from a global perspective. It's as though he imagines a BTC to be a physical coin worth about a dime or a quarter. Secondly, for his vision to be true some day - 21 million BTC would somehow have to be shared as walking-around money by some 7 billion people, giving each person about 0.007 BTC, I think, with none left over for other purposes.

Interesting concept, unfortunate example. Perhaps Satoshis would work out better.