The Bitcoin Moment: Bitcoin is a recent, mathematically-based digital currency, that has generated considerable attention in the press. Bitcoin offshoots have attracted funding from some on Silicon Valley’s most astute investors. Some observers believe Bitcoin will eventually fail because of design flaws, hacks or government intervention. Others believe the trends towards private currency creation foreshadowed by Bitcoin, will prevail in the long term especially as larger and better funded companies develop more sophisticated designs and scaling models. In many ways, the Bitcoin buzz is less about one specific currency and more about a democratization of perhaps the most fundamental power in civil society – the power to create money. In any event, Bitcoin is part of a powerful trend that has profound implications for business, banking and philanthropy. Some even suggest is the first stage of a revolution in finance.
Bitcoin is the Model T Ford of money; revolutionising the mass money market and rendering obsolete the blacksmiths, er, bankers. Nobody wants new Model T’s today…although modern cars use the same core precepts as the ‘Tin Lizzie.’ Bitcoin is the breakthrough cryptocurrency. Its legacy will be as the parent of a portfolio of diversified Electronic Trading Units. Bankers are now in a long laboured decline. Peer to Peer transactions are the way forward. This is not a riot mob revolutionising finance, rather an expanding crowd expecting fair finance, sensible money and an end to overpaying for banker intermediation. History will record Bitcoin as a core foundation of our financial future.
– Global trading expert, Patrick Young, (http://rt.com/op-edge/bitcoin-money-future-fad-761/)
The Credit Commons is an active project to develop blueprint for a system that connects the dots between digital currencies … At any moment a consumer might have tens or hundreds of different kinds of new money in their digital wallet. When they make a purchase online or in the supermarket, and swipe their smartcard, or tap their cellphone, the transaction in multiple currencies would happen with the same speed and convenience with which a transaction occurs today. All this is possible today with digital money and the advent of new technologies like NFC chips and mobile payment devices. This is the future of money … this is the future of banking this is the future of economic democracy.
Imagine all these forms of new Moneeey being integrated into one comprehensive system.
• Private White Label Currencies
• Airline Miles
• Coupons and Rewards
• Reputational Currencies
• Credit Card Points
• Ticket Discounts
• Community Currencies
• Carbon Credits
• Facebook Credits
• Virtual Currencies
• Tokens & Script
• Gift Cards
Instead of existing as islands unto themselves all these forms of new money and money substitutes would be interoperable with the Credit Commons providing the connective tissue through a Money as a Software Service platform.