Monday, April 21, 2014

Crypto Currency: A really good idea

We are already using digital currency. Credit cards, online stores, paypal, Google Wallet, online banking, and many other activities are all examples of digital currency. We cannot get away from digital currency, even if we wanted to. But our digital currency is modelled after our physical currency which has introduced some difficulties and loopholes in it's usage.

Crypto Currency is a redesign of the digital currency "protocols" (I use that word loosely here) that are already in use to make them more secure and stable. This system really needs to be better defined and implemented to create a stable infrastructure.

What will it take for Crypto Currency to gain wide spread acceptance? I see two major needs:

1. Funding. Crypto currency protocols are non-trival, both mathematically and implementation wise. Crypto currency requires a couple large backers to get involved and invest in it.

2. Education. Crypto currency has the stigma for being for video game nerds to buy magical swords made out of pixels and for criminals to sell drugs. More information needs to be available on why crypto currency is a good idea and why they should use it.