You don't see the dollar failing as a result of cryptos or on its own merit? And you're right, the attention is spreading like wildfire on a dry, hot, windy summer day.
You are viewing a single comment's thread from:
You don't see the dollar failing as a result of cryptos or on its own merit? And you're right, the attention is spreading like wildfire on a dry, hot, windy summer day.
The main problem with cryptos is that since it is from one party directly to another party what happens if a bitcoin transaction goes wrong? Say you pay for an item and its never sent? Unless there is a proper escrow system in place that's going to be a very large problem. I imagine a system will be thought up once bitcoin is the mainstream payment but I can't see the dollar completely vanishing. Some form of it will remain if nothing else.
Its crazy that you bring this up! I was thinking the same thing when I was contemplating how craigslist could make a fortune in crypto. Imagine that they had "craigcoin" and the option was to place that in escrow with craigslist for example. Now, we meet to change the item or service, and we do a digital handshake off of our phones to release the escrow, with options to do timed drops and what not. I realize this wouldn't be perfect, and I am sure there is a genius nerd somewhere that could do way better than that, but I completely agree with you.
See now thats a very interesting concept. Craigslist could make a killing if they charged a small fee for them being the escrow moderators. We need a large company to develop a bitcoin payment system that allows it to go mainstream. I also just thought, a lot of people won't like the feeling that $3000 in bitcoin could shoot down in value at any moment. What if you went to pay for something and the BTC value shot down right before you went to pay.
They would require more BTC to make the transaction. It is volatile now, but I think eventually it will stable out, that could take years though. For now it is simply getting in on this technological boom before it becomes much more difficult to make profit off of it.