I was excited about the possibilities that cryptocurrencies promised a few years ago. Bitcoin was neat, but it wasn’t until the programability of Ethereum was introduced that I really got excited. Initially, it looked like a way to cut out so many middlemen. Makers, builders, innovators, creators, servers, fairly well all workers would have a fair shot at bootstrapping a business, automating so many tedious things, and consumers alike would benefit from the cost savings of such automation and fast and easy transactions. And then, it failed to deliver. Worse yet, and I do mean worse, the flood of copy cat technologists who made one improvement or another created such a distraction and so many opportunities for scammers, that I lost interest. It no longer looked like a land of opportunity, but instead looked like a field of landmines.
Yet, I haven’t lost hope. When I go to the grocery store or some small restaurant or shop, and I see signs that they must charge $X.XX more if you use your credit card or when I try to pay my electric bill and the utility company charges a flat $3.59 transaction/”convenience” fee and adds 3% to the total of the bill when I use my credit card, I still have hope that a decentralized, world-owned network, programmable blockchain, can do better for society than a few uber wealthy bankers. However, I let myself fall behind the times, the noise of a ten thousand different cryptocurrencies was just too much. Too much to filter through, and too much to learn.
I believe that a subset of the populous understands what Bitcoin is, and I believe the cost to run that network in energy, real energy, alone ultimately spells its death. Perhaps that has changed. I’m behind whatever evolutions it has gone through. I also believe, but do not know anymore, that Ethereum is fairly well-known, is still programmable, and at least at one time or another, they were working on improving transaction speeds and reducing transaction costs. But again, I’m behind on it all.
So let me frame this a little different. Here is a scenario. I sell pieces of pie, cookies, donuts, and pieces of cake. Doesn’t matter. Let’s go with cake. I sell pieces of cake, and I have a team of people that make the cakes. I take the cake to conferences where everyone has a crypto wallet, and those people will buy a piece of cake. When someone buys a piece of cake, my business accepts the cryptocurrency, a portion of that amount automatically goes to the person who is hosting the conference. Another portion goes to me for setting up the arrangement, and yet several more transactions send portions to each person involved in making the cake. And, I want all of this to happen in real-time, each and every time a piece of cake is sold. Each piece of cake costs the equivalent of $3.00 USDs. All of this is encoded, programmed, automatic, transparent, etc.
Which cryptocurrency should I be using?
Edit: Ok, I forgot I was on Reddit for a moment. I’m not selling cake. It could be cake, it could be just putting vending machines in a thousand different venues. The point is, the goods I want to sell are low cost, high frequency transactions, and immediately upon each transaction, a portion of the proceeds must be divvied up and sent to other people involved in the supply chain. The cost of each good sold is equivalent to $3 USDs, sometimes even less, rarely ever more. Customers and staff reasonably expect a consistent cost and payment for the goods.
submitted by /u/timeistheonlymoney
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