! I'm a miner, collector, and purveyor of fine Bitcoins and Altcoins, and I am fascinated with the concept of cryptocurrency as the next wave of world enlightenment.
You ever have one of those moments in the shower where everything becomes clear in one "A-HA!" moment? This is one of those for me.
I've been running a number of different things in my head because I believe, with the right set of circumstances, we're sitting on the cusp of cryptocurrency becoming an everyday household world.
But, we're not there yet. First, a brief history, and then where we need to go next. 1. Being the first to market, Bitcoin emulates current currency standards Keep in mind, this is not a slight against BTC. This is merely an observation on my part.
Cryptocurrency was created with the idea that the central banking systems were flawed. It gave a small number of people a majority of control over the money, and whoever controls the money controls the world. When Satoshi created the Bitcoin concept (and the blockchain), he envisioned a free and open marketplace where no one bank controlled everything.
Problem is, that same behavior was emulated in the early adopters. A very small amount of people own more than half of the Bitcoins in circulation.
. Given the opportunity, those people jumped on the chance to be
the controlling interest. This scarcity drove up the price, and (combined with some mainstream press) made it impossible for the average joe to mine (further increasing scarcity). Which leads to... 2. Alternative Coins
The creation of other currencies allowed the developers to fix the "flaws" in the system (high-powered mining rigs, algorithm changes, etc). Litecoin, Dogecoin, Peercoin, Namecoin... all of these came from a desire to be a part of the crypto cause, without the steep barrier to entry that Bitcoin had created. And this was good: competition, as is the case in most other scenarios, means that the user has options. This is leading to a very interesting scenario: community currencies. Certain groups of people tend to gravitate toward similar ideals. Thought leaders in one group will champion one coin over another. This leads to a segmented group of currencies accepted by certain groups (not unlike the world currencies we have now - the only difference being socio-economical instead of geographical).
Which leads us to an upcoming problem: Cryptocurrency is experiencing what people call... 3. The Android Effect
Anyone familiar with the mobile phone tech scene knows what this means. Android, not unlike cryptocurrency, is gives you the ability to morph the mobile operating system into something that you have control over (you can style it how you want, with what apps and widgets you want). With this comes the idea of "segmentation" - different carriers having different versions of the same operating system. This may sound good in theory, but it means that developers have to create apps for 4 or 5 "flavors" of android instead of one unifying system.
Cryptocurrency is in this same state at the moment. To paraphrase what I mentioned above, different communities are accepting different coins (formed mostly around said coins, but that could change as time goes forward) which segments the cryptocurrency ideal, making it hard for the mainstream to accept.
It's hard enough to get a person to accept (for example) just Bitcoins. To throw in Litecoins, Namecoins, Dogecoins... it's a lot of work that creates a barrier to entry. The wrong solution
The obvious solution would be to pick a coin standard, but that goes against the entire ideal that cryptocurrency represents. The joy of this is that you do get the freedom to choose your flavor, and to belong to that community.
And that brings me to the crux of this article. An idea I had in the shower that (I think) may help to turn cryptocurrency into what it truly is: a revolution. The (IMO) Right Solution
Instead of a single unifying currency, we need a way to allow the segments to exist co-habitually, but still allow merchants and individuals to accept only the coins they choose to.
And that way, in my opinion, puts that power in the hands of the people it belongs to: the user.
We need an app that will work for multiple cryptocurrencies simultaneously.
Think about it: your wallet (you know, that thing in your back pocket) more than likely contains more than just cash. You have credit cards, cash, gift cards - in short, you have multiple types of currency. If you want to buy Dunkin Donuts coffee, you see if you still have a gift card. If not, you buy it with cash or credit.
Why can't crypto wallets work the same way?
We need a system that will convert cryptocurrency on-the-fly to the recipients choice of currency. A business only takes Bitcoins, but all you have is Litecoins? No problem: the app converts for you on the fly through an exchange service. Want to tip someone in dogecoins, but you only have Litecoins? Conversion, sending, done.
This allows people to keep the currency they love, and are connected to, and still join the cryptocurrency movement in whole by creating order between the various currencies.
I'm not a back-end coder guy. My forte is design and user experience, but if you're out there building something like this right now, I'll help you however I can.
I strongly believe, after months of watching, participating, and analyzing the community, that this is the most natural next steps.
And what of Android, of whom this effect is named after? They've started a bit of a unification process. For them, it's taking the various "base apps" and spinning them off to their own separate apps. This gives the user complete control over their own phone - the whole point of Android.
Whew! OK, so I'm tired after typing this. I'd love to hear your commentary, and (if I'm wrong) I'd love to know what your solution is.
We're all in this for the same reasons, whether you're Bitcoin, Litecoin, Dogecoin, or whatever... I think that this idea is worth exploring, so we can all enjoy the currency we hold and love.
I have no current value for namecoins, however I would like to move my mining rigs from bitcoin as they are no longer achieving real rewards. submitted by
I want to create a paper wallet for cold storage. I have one for most cryptocurrencies, so I want a namecoin one.
Can someone help?
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