As I have started to trade stocks more, I have started to really appreciate the blockchain's rapid settlement of transactions. Banking and brokerage account transactions take days to settle, and if you move money at the wrong time you get a "Good Faith Violation", which is basically just legalese for "double-spend protection", and it happens much more quickly and efficiently with a blockchain. You can't pretend that there is no utility in the distributed ledger technology, because there obviously is.
Plus it is permanent. I know that some people may not like that, but it means that you know for certain if money was transferred to you that it cannot be undone.
Here’s another interesting idea: retailers and bankers in general require a lot of information about you for the sole reason that they can prove it is really you making the transaction.
If using Bitcoin though, who cares? As long as the money is sent, it does not matter because there is nothing to dispute.
So for a service, just send the crypto and use whatever email account as an identifier. If you are buying a physical object, why should you provide anything other than an address to ship to?
Of course it isn’t that simple because the government “must” know all this information for its own purposes, but it could be that simple, which is amazing.
As I have started to trade stocks more, I have started to really appreciate the blockchain's rapid settlement of transactions. Banking and brokerage account transactions take days to settle, and if you move money at the wrong time you get a "Good Faith Violation", which is basically just legalese for "double-spend protection", and it happens much more quickly and efficiently with a blockchain. You can't pretend that there is no utility in the distributed ledger technology, because there obviously is.
Plus it is permanent. I know that some people may not like that, but it means that you know for certain if money was transferred to you that it cannot be undone.
Here’s another interesting idea: retailers and bankers in general require a lot of information about you for the sole reason that they can prove it is really you making the transaction.
If using Bitcoin though, who cares? As long as the money is sent, it does not matter because there is nothing to dispute.
So for a service, just send the crypto and use whatever email account as an identifier. If you are buying a physical object, why should you provide anything other than an address to ship to?
Of course it isn’t that simple because the government “must” know all this information for its own purposes, but it could be that simple, which is amazing.