The Bad “C” word
Centralization . Yup , I said it. Before I was booted from coinbase … another story for another time … I would utilize their internal system to send coin to other people. I always asked if the person I am sending to has a CB (coinbase) account. The CB internal wallet is a centralized system. Transactions are free and instant if moving from CB to CB accounts.
Most fellows I communicate with in the Bitcoin community hate the Idea of centralization. I get it. Our current fiat system leaves a bad taste in my mouth as well. However, if there are multiple options to “Centralize” with, and that in combination of having the option to store out of a centralized system (the blockchain) you might want to rethink the philosophy of crypto currency.
Why not provide internal centralized systems like coinbase ? They would make a fantastic patch between “usability” for the main stream “sheeple” users and “Social acceptance” .
We as a crypto community want our technology to go main stream world wide.
That means normal people have to be able to utilize this technology with little complication. Currently this is complicated and stressful to use.
We want the unbanked to be able to have micro transactions as an option. Currently that is not going to happen as the blockchain fees for LTC are still to high for peeps in Africa and Asia and other “3rders” .
Lightning Network … still a few years off from being useful, and a few more years off from being mainstream technology that my grandmother can work with .
So that brings me to the patch work needed to transition this comprehensive technology to a useful and usable system. Centralized Crypto Banks. Park some coin on these platforms and utilize it for your smaller transactions. I have a few concepts spinning around my head . You do not have to like the idea, but you should be able to see the need for this type of system.
The first cars made did not have steering wheels . They had leather rains , like that of a horse and buggy . This helped transition society into the new system by allowing familiar traits from the old system.