• Both banks and bitcoin share a common flaw, they are centralized. Bitcoin may have been designed to take the power out of the hands of the banks, but now it has its own centralized authority, as most mining is handled by just a handful of people/pools. This can be solved by decentralizing the mining process, if every individuals device had to mine a coin or something in order for a transaction to go through, no one could ever gain a 51 percent stake in mining (without a whole lot more work).
2. Stable ie. pegged to something tangible
• If you want to buy, sell, or store your money you should be able to count on the fact that it will be worth the same yesterday today and tomorrow. This is why bitcoin is just not practical. That is why it must be pegged to something, even as simple as pegging it to fiat/crypto currency.
3. No transaction fee (refer back to 1 to know why)
• Let’s face it, no miners, no transaction fees!
4. Fast (near instant blockchain updates)
• Besides its extreme volatility bitcoin, bitcoins blockchain is pitifully slow. In todays fast paced world you cannot wait 10 minutes to make a purchase, your purchase must be near instant (under a minute).
I’m having issues with this idea, number one being how would one go about even creating a blockchain, let alone facilitating its mining process.