Cryptocurrencies and Wallets of the Future

2019-01-31T13:39:34.000Z Honest Cash

Some think (or like to pretend) there can only be one currency coin to "Rule Them All". I think it is possible that one coin will offer users so much more perceived value than all the other coins that everyone will switch. Possible?, yes. likely?, I don't think so. Many coin believers develop an almost religious connection to their favorite coins. Some coins will cater to different cultures, languages, use cases, etc..

And, users will not need to choose just one coin to hold or transact with. New wallets will offer simple user-friendly experiences that do not bother them with technical issues like it being based on a blockchain. They will be able to send and receive payments in any currency or token their wallet supports. Access to nearly free, non-custodial, decentralized exchanges that allow you to keep your own keys (control your own money) will be built into the wallets. You will be able to have your wallet turn any thing you receive into any thing you want to hold automatically.

If there are fees they will be shown on the touch screen before acceptance. Coins with fees over a penny for a simple transfer may need to offer something extra to stay popular. You will be able to wave your phone over an item you want to buy, click which currency to spend (if you want that option) and walk out of the store (through a scanner) with the item. If your video chatting with a friend with a compatible wallet (and all the good ones will be compatible) you will be able to send coin to them while your on the phone without them needing to provide a deposit address.

Privacy is tough to be sure about. My current theory (I wrote about on Honest.cash last week) is that cryptocurrencies and privacy probably need to be separated while adoption happens to avoid gov's harassing vendors for KYC info about every customer if they want to accept privacy cryptos. I see the wallets (or the exchanges the wallets use) making the TXs private. Electron Cash will soon have CashShuffle built in as an easy option to choose. I hope privacy will be a feature that is not optional (or a rarely avoided option) in the future. Gov's may still make vendors collect KYC (at least some of the time) and the wallet can provide that to the vendor if you let it. Sadly there are some dark Orwellian drawbacks to blockchains and the possible futures our Gov's may push for. We may need some radical thinking politicians to free us from Big Brother's All Knowing Eye before (hopefully) it gets too terrible.

The future is full of great potential for the cryptos that can scale or want to make their smaller number of users happy. Many will stumble or even fail along the way. It is a crazy time to be alive and into crypto :-)

Thanks for considering my ideas,

- Big Bubbler

As always, I want to encourage people with feedback and differences of opinion to speak up. Maybe I can refine my ideas (or spelling/grammar).

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