That article is huge, I didn't read everything, but it's pretty nice to see a lot of good information on a site such as IEEE Spectrum.
Of course they are more interested in the blockchain and the POW model than Bitcoin itself, but that's pretty nice anyway.
Topic: IEEE - The Future of the Web Looks a Lot Like Bitcoin (Read 518 times)
Just like the cell phone, cryptotech is slowly integrating into our every day lives. Now that even the banks are starting to look at it, I think it won't be too long until wide spread adoption begins. The so called "killer app" will actually just be when the first major bank allows direct trade of bitcoins<->fiat. It has to happen because of game theory!
I'm not 100% with this, but I've been wondering whether the big financial institution that moves first might be the big payment processors (VISA/Mastercard/Unionpay). They have less to lose from adopting bitcoin directly, and they will know that less well informed consumers will trust their brand.
And speaking of brand trust, think about the developing situation with capital controls around the world; this does affect brand perception for these companies, because their product cannot be used in a growing number of nations. They would be wise to begin innovating some kind of hardware wallet or bitcoin denominated card payment system, otherwise there is a risk that some critical mass of consumers begin to (however irrationally) associate the failure of fiat based cards with the payment processors themselves. "This VISA card crap is useless round here, cash and bitcoin seem to be the thing"
They will move but only when its 100% tested that the blockchain could deal with their current % of transaction volume. At this rate it will take several years since apparently the 8MB increase every 2 year on the blocksize seems the most liked method.
I don't agree with that rationale. The potential tx/second for the card system is reduced as more countries are subject to capital controls. So far we have:
- Iceland
- Venezuela
- Argentina
- Greece (all but guaranteed)
Potential near term capital controls:
- Portugal
- Spain
- France
- Italy
Why would they care what the carrying capacity of Bitcoin is, when their own capacity is being diminished anyway?
Just like the cell phone, cryptotech is slowly integrating into our every day lives. Now that even the banks are starting to look at it, I think it won't be too long until wide spread adoption begins. The so called "killer app" will actually just be when the first major bank allows direct trade of bitcoins<->fiat. It has to happen because of game theory!
I'm not 100% with this, but I've been wondering whether the big financial institution that moves first might be the big payment processors (VISA/Mastercard/Unionpay). They have less to lose from adopting bitcoin directly, and they will know that less well informed consumers will trust their brand.
And speaking of brand trust, think about the developing situation with capital controls around the world; this does affect brand perception for these companies, because their product cannot be used in a growing number of nations. They would be wise to begin innovating some kind of hardware wallet or bitcoin denominated card payment system, otherwise there is a risk that some critical mass of consumers begin to (however irrationally) associate the failure of fiat based cards with the payment processors themselves. "This VISA card crap is useless round here, cash and bitcoin seem to be the thing"
They will move but only when its 100% tested that the blockchain could deal with their current % of transaction volume. At this rate it will take several years since apparently the 8MB increase every 2 year on the blocksize seems the most liked method.
Just like the cell phone, cryptotech is slowly integrating into our every day lives. Now that even the banks are starting to look at it, I think it won't be too long until wide spread adoption begins. The so called "killer app" will actually just be when the first major bank allows direct trade of bitcoins<->fiat. It has to happen because of game theory!
Bitcoin's killer app is certainly not direct trade against fiat by major banks. Bitcoin's killer app is being accepted and used by farmers in large scale, because this would form the foundation of a closed loop BTC-only economy without the need to convert to fiat anymore.
The banks can't do anything about it. They will cease to exist in their current form (which is very good) and will be replaced by fin-tech/insurance companies that will operate on much lower margins because of increased competition. It's not possible to compete against Bitcoin as a transaction system and generate profits at the same time. Bitcoin is too efficient to make that possible.
ya.ya.yo!
Just like the cell phone, cryptotech is slowly integrating into our every day lives. Now that even the banks are starting to look at it, I think it won't be too long until wide spread adoption begins. The so called "killer app" will actually just be when the first major bank allows direct trade of bitcoins<->fiat. It has to happen because of game theory!
I'm not 100% with this, but I've been wondering whether the big financial institution that moves first might be the big payment processors (VISA/Mastercard/Unionpay). They have less to lose from adopting bitcoin directly, and they will know that less well informed consumers will trust their brand.
And speaking of brand trust, think about the developing situation with capital controls around the world; this does affect brand perception for these companies, because their product cannot be used in a growing number of nations. They would be wise to begin innovating some kind of hardware wallet or bitcoin denominated card payment system, otherwise there is a risk that some critical mass of consumers begin to (however irrationally) associate the failure of fiat based cards with the payment processors themselves. "This VISA card crap is useless round here, cash and bitcoin seem to be the thing"
Just saw this great article over at IEEE which described how the future of web looks a lot like bitcoin . However even that focuses on how the protocol behind it is what matters.
http://spectrum.ieee.org/computing/networks/the-future-of-the-web-looks-a-lot-like-bitcoin
http://spectrum.ieee.org/computing/networks/the-future-of-the-web-looks-a-lot-like-bitcoin
Eventually the entire internet will be decentralized, if not under the bitcoin blockchain, under something like maidsafe and the meganet stuff by kim dotcom.
Just like the cell phone, cryptotech is slowly integrating into our every day lives. Now that even the banks are starting to look at it, I think it won't be too long until wide spread adoption begins. The so called "killer app" will actually just be when the first major bank allows direct trade of bitcoins<->fiat. It has to happen because of game theory!
Just saw this great article over at IEEE which described how the future of web looks a lot like bitcoin . However even that focuses on how the protocol behind it is what matters.
http://spectrum.ieee.org/computing/networks/the-future-of-the-web-looks-a-lot-like-bitcoin
http://spectrum.ieee.org/computing/networks/the-future-of-the-web-looks-a-lot-like-bitcoin
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