Topic: What Kind of Bit coin application will change the world (Read 857 times)
Although its real potential is not at its high exchange rate, it is providing an additional virtual currency that is free from governmental interference. The potential of Bitcoin lies in its technology which is secure, effective and fast. ... Thus, Bitcoin is changing the financial ecosystem of the entire world.
What Kind of Bit coin application will change the world
Yesterday (Sep. 19th), Alibaba was listed in NYSE, soaring 38 percent, closing at $ 93.89 on the first day, and the market value is over $ 230 billion. I think Bit coin will be the second epoch-making great invention after Internet. 20 years ago, Mr Ma Yun, leader of Alibaba, caught the chance of Internet. Today Bit coin gave us another chance, I believe, some of us here, will be the next Mr Ma Yun or Mr Masayoshi Son.
Today, I would like share with you about the issue of Bit coin security and its application in the future.
As we know, there are many investors have ever experienced forgetting Bit coin wallet password or their computers were damaged, which resulting the loss of Bit coin in the wallet. Some time ago, I read an article by Mr Li Xiaolai, which mentioned that 10-20% of Bit coin were permanently lost because of these reasons. I have also invested some crypto currencies including Bit coin. After several times’ appreciation the asset is not just a piece of cake. At that time, I could not help thinking that if a crypto currency that can be both decentralized and retrieved when the password is lost or the bank card is damaged just like bank deposit , it would be great.
So, we need to develop the function of retrieving Bit coin wallet, which requires using multiple signatures and mechanisms of payment delay. Under the multi-signature, the 1st, the 2nd private keys are the standard private keys for instant payment. while use holds both these 2 private keys, the user's cpypto currency could be transferred. The 1st private key is placed in the user's own wallet, which need to be backed up and stored in a safe place (like U disk or be printed as two-dimensional code) The 2nd private key is put in custodian. Users need to verify the password and SMS code to use it. Users can also set the max amount of coin withdrawal or transaction. When users need to retrieve wallet, the 3rd private key would be used, which is a restricted private key being placed in some custodian (you can also keep it by yourself). when the user's the 1st private key is lost , he may apply to the 3rd private key located custodian for payment, after verification through SMS, and the payment request may be confirmed in 10-30 days delay. If the custodian (or hacker) uses the 3rd private key trying to shift Bit coin, the user could use the 1st and the 2nd joint signature to rescind the illegal transactions. This design could not only allow the owners to retrieve coins when forgetting password or wallet is damaged, but also avoid other people transferring their assets.
Not only the 3rd private key can be used to retrieve coins, it can also be applied in Bit coin inheritance. Users can set the 4th private key (or more private keys) and their heir or relatives phone number for verification. The time of confirmation of delay payment could be set from 30 to 365 days or even longer. Different time of delay payment and ratio of inheritance could also be set. That not only eliminates the tedious process of notarization, saving estate taxes, but also prevents that the cpypto currency asset be not be succeeded due to unexpected accident.
Concerning to the application of Bit coin, we have been discussing that because of price fluctuation, use of Bit coin has difficulty in commodity market. Now some cpypto currency such as bit-share program finds way to deal with it. Bit coin is mortgaged to issue Bit coin dollars, whose procedure is similar to the Hong Kong Government issuing HK dollar with USD as collateral. Since in the growing period of Bit coin, people still prefer to use legal currency as pricing measurement, Bit coin will get faster development if Bit cpypto currency could be issued and applied which is equal to legal currency and mortgaged by Bit coin.
Bit dollars, Bit RMB and other Bit sub-currencies are actually locked with Bit coin,and the price follows legal currencies, so that users can easily use legal currency to buy Bit USD or Bit RMB. Both buyers and sellers do not need to bear the risk of Bit coin price volatility, and can have good experience of fast and free payment. In the meanwhile Bit coin investors and speculators could obtain higher profit using leverage by issuing Bit USD mortgaging Bit coin. After all Bit coin enthusiasts are a small part of consumers in daily life. Most people still need to use Bit sub-currency to increase revenue or improve their quality of life.
Two days ago, I have a chat with my friend involving tour business. He said that one of his clients lost his wallet in Maldives.My friend had to go to the bank to exchange RMB $ 1,000 into USD, paying $ 30 fee and it spent two days that the client received the money. If those hotels, tour agencies, tourists have Bit USD,they could exchange Bit USD with USD, then the problem could be solved easily.
Some of my friends' children who are studying abroad, also encountered such problem. When children are in urgent need of cash, what we could do? Parents are always urging to send them money ASAP. If the local Chinese restaurants accept Bit USD, this problem can be easily solved. Children just need go to the restaurant to get money. And the restaurant does not need to bear the risk of price fluctuation of Bit coin, and could make a deal in the meantime. Anyone who has a crypto wallet could become an exchange.
This market is huge. there are 100 million Chinese people traveling abroad every year with more than $ 1,000 consumption per person. China has 500,000 students studying abroad and 40 million overseas Chinese around the world. Fast and low-fee payment system is essentially needed. Agencies for abroad studying, tour agencies, hotels, restaurants, supermarkets could improve their service using Bit USD, while reducing costs and increasing revenue. More importantly, Bit USD is decentralized, nobody could control it.
Bit USD can also be applied in transactions with guaranteed by the third party. Canceling or changing room after booking hotel with credit card is very troublesome. You need call hotels many times to deal with it and it would take a lot of days to wait for your money back.But if we use Bit USD, we could find where your money is by checking block chain. Bit USD could also be used in letter of credit in foreign trade. As long as two parties confirmed the deal the payment or the refund could be done. Because Bit USD is decentralized and open source, anyone can do arbitration. Innovation could be easier, which would do help to the economic development.
Based on the above mentioned about wallet security and application development , investors from Silicon Valley would work with us to launch Bityuan in the future (bityuan.com). We issued MACOIN in January 8, 2014, and till now we have nearly 40,000 identified users. We will develop Bityuan in tourist, overseas Chinese, student market of demand for cross-border currency exchange on the base of these users. We also hope that investors, medias, marketing partners, technical staff can come together to develop this market. We believe that in 10 years, 20 years, great companies like Alibaba, Google would come out again in the field of crypto currency.
Preview: in October function of retrieving wallet will be issued.
Yesterday (Sep. 19th), Alibaba was listed in NYSE, soaring 38 percent, closing at $ 93.89 on the first day, and the market value is over $ 230 billion. I think Bit coin will be the second epoch-making great invention after Internet. 20 years ago, Mr Ma Yun, leader of Alibaba, caught the chance of Internet. Today Bit coin gave us another chance, I believe, some of us here, will be the next Mr Ma Yun or Mr Masayoshi Son.
Today, I would like share with you about the issue of Bit coin security and its application in the future.
As we know, there are many investors have ever experienced forgetting Bit coin wallet password or their computers were damaged, which resulting the loss of Bit coin in the wallet. Some time ago, I read an article by Mr Li Xiaolai, which mentioned that 10-20% of Bit coin were permanently lost because of these reasons. I have also invested some crypto currencies including Bit coin. After several times’ appreciation the asset is not just a piece of cake. At that time, I could not help thinking that if a crypto currency that can be both decentralized and retrieved when the password is lost or the bank card is damaged just like bank deposit , it would be great.
So, we need to develop the function of retrieving Bit coin wallet, which requires using multiple signatures and mechanisms of payment delay. Under the multi-signature, the 1st, the 2nd private keys are the standard private keys for instant payment. while use holds both these 2 private keys, the user's cpypto currency could be transferred. The 1st private key is placed in the user's own wallet, which need to be backed up and stored in a safe place (like U disk or be printed as two-dimensional code) The 2nd private key is put in custodian. Users need to verify the password and SMS code to use it. Users can also set the max amount of coin withdrawal or transaction. When users need to retrieve wallet, the 3rd private key would be used, which is a restricted private key being placed in some custodian (you can also keep it by yourself). when the user's the 1st private key is lost , he may apply to the 3rd private key located custodian for payment, after verification through SMS, and the payment request may be confirmed in 10-30 days delay. If the custodian (or hacker) uses the 3rd private key trying to shift Bit coin, the user could use the 1st and the 2nd joint signature to rescind the illegal transactions. This design could not only allow the owners to retrieve coins when forgetting password or wallet is damaged, but also avoid other people transferring their assets.
Not only the 3rd private key can be used to retrieve coins, it can also be applied in Bit coin inheritance. Users can set the 4th private key (or more private keys) and their heir or relatives phone number for verification. The time of confirmation of delay payment could be set from 30 to 365 days or even longer. Different time of delay payment and ratio of inheritance could also be set. That not only eliminates the tedious process of notarization, saving estate taxes, but also prevents that the cpypto currency asset be not be succeeded due to unexpected accident.
Concerning to the application of Bit coin, we have been discussing that because of price fluctuation, use of Bit coin has difficulty in commodity market. Now some cpypto currency such as bit-share program finds way to deal with it. Bit coin is mortgaged to issue Bit coin dollars, whose procedure is similar to the Hong Kong Government issuing HK dollar with USD as collateral. Since in the growing period of Bit coin, people still prefer to use legal currency as pricing measurement, Bit coin will get faster development if Bit cpypto currency could be issued and applied which is equal to legal currency and mortgaged by Bit coin.
Bit dollars, Bit RMB and other Bit sub-currencies are actually locked with Bit coin,and the price follows legal currencies, so that users can easily use legal currency to buy Bit USD or Bit RMB. Both buyers and sellers do not need to bear the risk of Bit coin price volatility, and can have good experience of fast and free payment. In the meanwhile Bit coin investors and speculators could obtain higher profit using leverage by issuing Bit USD mortgaging Bit coin. After all Bit coin enthusiasts are a small part of consumers in daily life. Most people still need to use Bit sub-currency to increase revenue or improve their quality of life.
Two days ago, I have a chat with my friend involving tour business. He said that one of his clients lost his wallet in Maldives.My friend had to go to the bank to exchange RMB $ 1,000 into USD, paying $ 30 fee and it spent two days that the client received the money. If those hotels, tour agencies, tourists have Bit USD,they could exchange Bit USD with USD, then the problem could be solved easily.
Some of my friends' children who are studying abroad, also encountered such problem. When children are in urgent need of cash, what we could do? Parents are always urging to send them money ASAP. If the local Chinese restaurants accept Bit USD, this problem can be easily solved. Children just need go to the restaurant to get money. And the restaurant does not need to bear the risk of price fluctuation of Bit coin, and could make a deal in the meantime. Anyone who has a crypto wallet could become an exchange.
This market is huge. there are 100 million Chinese people traveling abroad every year with more than $ 1,000 consumption per person. China has 500,000 students studying abroad and 40 million overseas Chinese around the world. Fast and low-fee payment system is essentially needed. Agencies for abroad studying, tour agencies, hotels, restaurants, supermarkets could improve their service using Bit USD, while reducing costs and increasing revenue. More importantly, Bit USD is decentralized, nobody could control it.
Bit USD can also be applied in transactions with guaranteed by the third party. Canceling or changing room after booking hotel with credit card is very troublesome. You need call hotels many times to deal with it and it would take a lot of days to wait for your money back.But if we use Bit USD, we could find where your money is by checking block chain. Bit USD could also be used in letter of credit in foreign trade. As long as two parties confirmed the deal the payment or the refund could be done. Because Bit USD is decentralized and open source, anyone can do arbitration. Innovation could be easier, which would do help to the economic development.
Based on the above mentioned about wallet security and application development , investors from Silicon Valley would work with us to launch Bityuan in the future (bityuan.com). We issued MACOIN in January 8, 2014, and till now we have nearly 40,000 identified users. We will develop Bityuan in tourist, overseas Chinese, student market of demand for cross-border currency exchange on the base of these users. We also hope that investors, medias, marketing partners, technical staff can come together to develop this market. We believe that in 10 years, 20 years, great companies like Alibaba, Google would come out again in the field of crypto currency.
Preview: in October function of retrieving wallet will be issued.
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