Who will use Bitcoin as a mode of payment in their daily lives?

Brian Roemmele

Brian Roemmele, Alchimiste et métaphysicien

Répondu il y a 241w · L'auteur dispose de réponses 1.3k et de vues de réponses 11.9m

In the future just about all of us. It may or may not be known as Bitcoin. We will not even think about it as compensation will move as freely as communication.

The reason is simple: traditional payment systems can not do this effectively and at a cost that is not prohibited:

  • Nano transactions: Less than $0.01
  • Micro transactions: More than $0.01 but less then $2.00
  • Mini transactions: Less than $10.00

I make the case in the $0.0000001 Manifesto [The $0.00000001 Manifesto. by Brian Roemmele on Accepting Payments]. Here is some of the Manifesto:

Musique à vos oreilles

In 1935, out of work song writers, Preston Ware Orem and Mrs. R.R. Forman wrote a simple song (or stole a simple song and re purposed it) [1]. This song has never gone out of style and I bet you either hear it at least once per year or you, yourself perform this song. You would likely never hear this song played on the radio or on Pandora. If anyone were to perform this song in public, they would owe a minimum payment of $700 to the current owner of the song if there was not a prior license. This song, as it stands today, earns an estimated $3 million dollars a year and perhaps more. Mr. Orem and Mrs. Forman are long gone but this song is protected until 2030.

What song do I speak of? Happy Birthday To You. Chances are you never heard the original recordings. But no doubt you heard "performances". You could say that that rights holder is earning about $0.00001 per performance. And a guy named Harry Fox figured out how to bill for this “mechanical license” many years ago [2].

The very aggressive “public performance" license has forced restaurants and other public businesses to stop any staff, and in some cases, customers from singing the standard version of the song. It is one of the primary reasons we hear the more speeded up clapping Happy Birthday song. Yet the song still lives on and earns a substantial amount of money perhaps hundreds of millions of dollars in revenue, sometimes earned pennies at a time.

That is one aspect of this form of content. There is also original recordings and how they earn income. For example the quintessential wedding dance song “Celebration” [3] can be said is played every 2 seconds someplace in the world and earns the rights holder millions of dollars per year through ASCAP, BMI, SESAC, SOCAN Performing Rights Organizations collect this [4]. And if the original song is not played and the wedding band plays it, well Harry Fox will collect on that public performance.

History Informs The Future

Why does this matter? All around us every day these micro and nano transactions take place and they have been for decades. Content created before most of us were born live on and continue to produce wealth because there are crude and effective means to collect royalties. Frankly most of it is voluntary. Content, be it a song or otherwise can live on far longer and have value far longer than anyone could predict.

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Distinction: How Much Is A “Like” Worth?

All forms of content has a life into infinity when it is digital and lives on the Internet. One could argue that some content may not be fully discovered and appreciated perhaps decades after it was created. Most content is "free" but this does not mean that some content has a true value in the mind if the consumer of the content.

You and I award all classes of content levels of distinction perhaps an "up vote", a "like", a "pin" or a share. Of course some of this is out if social nicety (yet another cat picture). But sometimes a distinction is made because the content was worthwhile.

So how much on an aggregate is a "like" worth to you? Sure perhaps the cat photo may not be worth even $0.00000001 but I am certain some content you discover is at least worth this fraction of a Penny and perhaps much more.

  • What if you can assign a value to a "like" distinction?
  • What if the value could be only $0.00000001 or far more if you like?
  • What if you could effortlessly send this tip to the person that created this content and with-in seconds the tip would appear in their digital wallet?
  • What if hundreds, thousands or even millions of people did the same?
  • What if the ability to tip the content creator could span decades or generations?
  • What if you could manufacture on your own computer 25 coins per month, just by running a simple program in the background?

That's a lot of questions but the end result is no less then a revolution. It would tilt the scales of compensation back directly to the creators. And in the process create, almost out of nothing, an entirely new economy. An economy that could conservatively be in the trillions of dollars at some point.

Who will use Bitcoin as a mode of payment in their daily lives?

The Rise Of A Nano Coin

I have called this nano transactions for about two decades. These are transactions that are below a Penny all the way down to $0.00000001. You and I are at the moment in history where all the pieces have finally been assembled. We were waiting for the payments to arrive. It showed up as a proof of use case in Bitcoin and countless other algorithmic currencies. The shining example is Dogecoin and the huge growth as a tipping currency. This organically grown tipping system was not the point of Dogecoin, it was started to be a form of comedy, quite accidentally it is now on the way to take a place next to Bitcoin and Litecoin.

So Easy Your Grandma Can Do It

In this manifesto I am presenting a concept where a new coin would be created that would reward the small miner (you, me, your mom or even your grandma) using some of the CPU or GPU idle cycles to mine for a new coin, let us call it a Nano Coin. It would be designed so that a typical computer could mine about 25 Nano Coins per month. The purpose is built on the same purpose of all mining; to confirm transactions and to create the coins themselves. The miners are rewarded for giving time and energy from their computers. The mining application would be "one click" simple.

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Like all algorithmic currencies, mining will at some point create a value that could convert into a legal tender currency value. Over time this value could rise. This means that over time our Tipping system could create wealth. Let’s examine the rise in value of Dogecoin, when created few short months ago is had nearly $0 value for a single coin, today this value is nearly a penny per coin.

I assert that once simple but effective well designed systems are in place, you and I will begin to use this "free money" to reward content, ideas or anything we discover around our travels on hue Internet and perhaps even in the real world. Of course not everything is worth even $0.00000001. And some of us may never offer even a single transaction for $0.00000001. However over time there will be pockets of specialized content that just about all of us would give some fraction of a penny for.

Of course there will be people who are savers and choose not to use the free money. This is ok too. In most models of this idea even if 80% were savers, the system would still operate beautifully. The added benifit would be that legal tender values would tend to rise faster.

As content producers $0.00000001 may not be financially meaningful but I assert it is at least as meaningful as a "like" or a Quora up vote. But what does $0.00000001 look like when millions of people give it over decades? What does $0.00000001 look like when the underlining currency massively increases in value?

Compensation Will Flow As Freely As Communication

You and I are at the precipice of a revolution. There is no doubt this revolution will take place. The question is where will you be standing? Will you be making the tools or assisting in presenting this? Or will you just be a witness to it all?

Perhaps this manifesto suffers from being too early, but have no doubts these things will happen. There are complications this all will face, most directly how does one determine the ownership of the content? What about the host of the content, do they get paid? I and many others have thought quite a bit about this and there are many elegant solutions and compromises.

Not Utopia But Part Of An Ongoing Revolution

The first real revolution of our age was the friction free flow of communications. This revolution has flattened out the walls and fences all around this globe. The next revolution will be the friction free flow of compensation. This revolution will not only flatten out what remains of the walls and fences, it will change the very nature of how we view the world. Compensation will flow as freely as communication. This manifesto is informed by history and presents just one sliver of the opportunity we call tipping, there is far more.

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There was nothing in the world that could have really stoppped the communication revolution, there is nothing in the world that can really stop the compensation revolution. Nothing can stop an idea whose time has come.

Let us hold on to our skeptical nature of things, but do not forget to play “Celebration” on your smartphone and sing a round of “Happy Birthday To You”. Someone, someplace in the world will be richer for it.

When you click on this YouTube video, you are sending a nano transaction to the rights holder of this performance.

Who will use Bitcoin as a mode of payment in their daily lives?

My Dogecoin tipping address: DFvFVbnEvxmqu9u1g7MAwB2w2sCqx51vSZ
______
1 Joyeux anniversaire
2 Harry Fox Agency
3 Celebration (Kool & the Gang song)
4 Brian Roemmele's answer to How lucrative is a "one hit wonder" in the music business? Can the author or artist of a novelty song live off royalty payments?

Sam Cohen

Sam Cohen, Lancements de produits, Internet grand public, Paiements

Répondu il y a 241w

Within Brian's mini-transaction camp, and among other users and other use cases, bitcoin might be used by people in les marchés émergents (significantly less card payment penetration than in the US) who buy products/services from:

1) Small businesses / independent entrepreneurs for whom a 2-7% commission makes electronic payments way inferior to cash.
2) Businesses that avoid taxes... which is very common in certain regions
Of course, you still have to answer how those a-currencies are going to get to payers' pockets... Payroll (low likelihood for now)?, Government grants?

As an added bonus the fact that irresponsible governments devaluate currencies constantly may foster the use of algorithmic currencies. According to the book "PayPal Wars" this was one of PayPal's initial goals.

Emily Mainzer

Emily Mainzer

Répondu il y a 241w · L'auteur dispose de réponses 98 et de vues de réponses 84.8k

Recently It has been reported that donations over three accounts have so far added up to around $16,000. You can check this article to more about that, Bitcoin: The currency of a revolution?

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