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Author Topic: Using crypto currency as replacement for all other forms of payments  (Read 81 times)
idoadler
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July 22, 2018, 07:11:50 PM
 #1

Hello fellow forum members,

I am looking to come up with an approach to replace the entire payment systems in a country with block chain crypto coin.

how would you go about achieving that.

please consider the following:

1. No more volatility than any other coin
2. complete identification of whoever owns coins
3. limited available currency per year
4. no mining, at least not the way it is done today
5. centralized control (central bank)
6. recognized in global economy
7. used for national and international transactions

would love to hear your thought, please do not post if you do not have anything constructive to contribute

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Marlo Stanfield
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July 22, 2018, 07:15:08 PM
 #2

Why would you want to use a blockchain for something that's supposed to have centralized control? What's wrong with using a database?
idoadler
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July 22, 2018, 07:48:05 PM
 #3

That's a great question, blockchain provdes for both public (open) chain as well as private (closed) chain, both taking advantage of blockchain technology.

I think there is agreement within the community that in any case, due to evolution of farm groups, the distributed control is more fiction than truth, and even if it was true, the distributed control prohibit innovation and change.

usage is not binary, either use public chain and use it the way bitcoin does or not use it at all, there is a balance which is based on the use case, and this is the balance I am trying to achieve with this post

let move on from distributed and consider working assumption we will use block chain (which does have significant benefits on just using a DB) and move from there

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August 01, 2018, 07:57:59 AM
 #4

this is not as easy as you think and in my country, the government forbids cryptocurrency to buy or sell food and beverage, clothing and other tools with bitcoin,
this is blocking our common goal
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August 01, 2018, 09:01:00 AM
 #5

i will be glad if crypto will be used in paying bills or any forms of payments . it will make life more easier because we don't need to go to any store to pay for bills or go buy things and shopping in short it will become instant and me convenient . But today i used bitcoin for paying my internet , electricity , water and many more i save lots of time and less hassle .
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August 01, 2018, 10:08:01 AM
 #6

I think it is much better with a decentralized system just like what is bitcoin now. Why do we even want a centralized one where someone is in control. I think we;ve had enough of the government controlling everything.
candy69
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August 01, 2018, 10:18:42 AM
 #7

Traditional payment system is very problematic, so more and more people would use cryptocurrency for all their online payments in future. It is a hassle free, as you can send or receive payments all over the world in no time.

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August 03, 2018, 05:13:16 AM
 #8

We should just be aware that the crypto currency will never replace other payment methods for goods and services. Crypto currency can go in parallel with such means of payment and as an addition to them. That is, the Crypto currency will never be the main one in the issue of payments. This is a very specific type of payment and it will not be used by all.

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August 03, 2018, 05:17:11 AM
 #9

Yes I think its  easier for us to use bitcoin as a payment system in paying our bills.No need to worry in hassel way in any bayad center just using our mobile phones and internet connection.
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August 03, 2018, 05:25:44 AM
 #10

1. No more volatility than any other coin

For this to happen the coin would need to be backed by something stable, or have a significant amount of value stored in it with huge buy and sell walls so the price never moves... By much.

2. complete identification of whoever owns coins

I'm not entirely sure how this could be done directly on the blockchain. The cryptocurrency platform needs to be open and have disposable and interchangeable addresses to accept payments. In order to have complete identification, you would need a central database that issues addresses/private keys to individuals that register their identity with said entity, at least AFAIK...

3. limited available currency per year

Not entirely sure what you mean by this one. Limited supply? Or limited inflation? Limited deflation? You could easily create a crypto currency that has a 1% - 2% inflation rate.

4. no mining, at least not the way it is done today

Then this would need to be proof of stake. Now this makes sense for a centralized crypto currency that is controlled by the central banks. Essentially every wallet would be a savings wallet with a percentage earned per year. However, this would mean the inflation rate would raise at the same rate as your earnings, therefore negating any earnings from proof of stake, as your currency is constantly being devalued.


5. centralized control (central bank)

See #2. They could have a private blockchain and only issue private keys to those that submit proper identity verification.

6. recognized in global economy

This coin would need to be backed by a world superpower for this to happen and the centralized coin be taken seriously.

7. used for national and international transactions

Each state actor would likely have their own coin at this point, as it gives them complete and utter control over their people. For international transactions, they could just use atomic swaps to exchange one currency for the other.
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August 03, 2018, 05:28:58 AM
 #11

You should contact Mike Hearn at E3, they are working on a private Blockchain with those features, specifically designed to be the opposite of what people want in Crypto currencies. The guys at Ripple will also be able to help you, because they also strive to be the ultimate solutions for Banks.

You want to design a private database, not a Crypto currency.  Roll Eyes

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August 03, 2018, 05:53:59 AM
 #12

5. centralized control (central bank)

this is more than enough to make it possible. because it will basically be the same as fiat and bank accounts. people are using them and they wouldn't mind switching to blockchain or cryptocurrency. they may not even know it and whilst using the same bank account they had they may be using cryptocurrencies.
but no matter what you do you can never replace ALL forms of payment. people want other options so they will always use other options including decentralized currencies such as bitcoin.

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marginal
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August 03, 2018, 07:59:51 AM
 #13

In my humble opinion cryptocurrency is far not ready to become a real world currency that we will replace our payment method system with, cryptocurrency need to pass through many regulations and corrections until it would be able to use it.
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August 09, 2018, 11:01:28 AM
 #14

I think one more thing is that everywhere in the country is covered by the Internet
betty11
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August 09, 2018, 11:21:33 AM
 #15

You have a nice idea, but some of your parameters are not supportive of the blockchain initiative. If the central system controls the currency, then the system is defeated already. This will lead to manipulations.

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August 09, 2018, 11:31:32 AM
 #16

It is a nice initiative that you want to use cryptocurrency as replacement for all kinds of payments but mine problem is the idea that you want to make is centralized. Cryptocurrencies are all about decentralization. I believe that crypto world will buy the idea of decentralization rather than centralization.

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August 09, 2018, 11:38:02 AM
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 A deep and comprehensive forecaste for the future of money would need to look beyond the decentralisaton and encryption features of money, and would also need to examine the unit of account, the social agreememts and the value context. The future, if civilisation is to have one, will be found in services that create sustainability and regeneration. And so there is your answer…
 Crypto/Bitcoin enthusiasts often focus on the technology, but technology alone does not address the question adequately.
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August 09, 2018, 11:48:06 AM
 #18

I think they won’t replace fiat money for a very long time. BUT there will be parallel economies independent from government’s violence and people will use all sorts of currencies to voluntary trade with each other.
Decentralization cannot be technically stopped (unless you destroy the Internet) so it’s just a matter of time when governments will become obsolete/irrelevant, and perhaps even slowly die out.
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