Private banks have made enormous progress at improving technologies for our convenience such as online banking, easy payments, etc. What does it matter if our money is not in our pockets, but in a bank?
Does it even matter that it is not even money, but a credit (called currency) lent to the bank? What we want is convenience and ease-of-use.
The security of the monetary system is hardly our responsibility.
However the current monetary system is destroying our economies with debt, interest payments, inflation, and derivatives, all adding up to a crushing invisible tax on productive people.
In order to continue transacting and saving in a monetary disaster (happens every 40 years or so, and currently overdue), we need a ready-made alternative money.
- Difficulty onboarding (obtaining coins),
- Still not having your money in your pocket
- Inconvenience of payments
1. Onboarding
Currently acquisition of crypto- or precious coins are dependent on:
- Fiat currency to purchase the coin (or mining rig), and
- Permission from banks and governments.
Whereas a crypto credit on the strength of production capacity (the tried and proven credit scores banks use) is created exactly as bankscreate loans. The crypto credit supply is thus simply tradable IOUs created when a vendor accepts payment. The amount of credit and the terms a vendor will accept depends on the credit score of the trading partner. Thus participants are free of fiat and permission. (Crypto credit is of course still obtainable with fiat, crypto- or precious coin as well)
2. Wallet
Having your money in your pocket is like carry a coin purse under your control and ownership. That means you are not dependant on a government (currency), bank, a blockchain, or vault, to make a payment. However it quickly raises the question of security. Unlike physical gold/silver coins that can be stolen, modern crypto wallets typically have two factor authentication and easy online backup, making theft or loss of a device irrelevant. The different between this proposal and an electronic wallet carrying a key to a coin in a vault or blockchain, is that there is no vault or blockchain. The independent wallets are thus lightweight enough to run on mobile devices. It is like having physical coins securely in your possession.
3. Convenience
Payments would simply take place over any of the means of communication commonly available such as NFC, SMS, HTTP, etc., and making use of the myriad of services (APIs) already available for conversions, pricing, barcodes, etc.
Solution
The solution proposed is an independent mobile wallet; independent of banks, vaults, blockchains, and level-two’s, (even of other wallets) that contains local transactions. Partners are identified when a transaction is to take place, and mutual interrogation (for credit rating, for eg.) is private. Just as a stolen wallet cannot be accessed, so the credit score of a personal wallet cannot be altered by the owner. In order to promote acceptance, in competition with banks, it will need to make payments easier than contemporaries. In some countries there is still a window of opportunity before banks get on board with the tools already in use in East Asia. Flexible terms (with each transaction) can make it attractive for vendors to accept crypto credit at a premium, or as part payment. Crypto wallet