Sometimes bitcoin sounds like the guy who can't keep selling even though he's got the sale. All he can do now is screw it up.
People love bitcoin all over the world. People love the idea of not having to trust a bank intermediary when sending money. People love the idea of not being subject to a government printing money. They are buying. It's done.
But bitcoin keeps selling. "Oh, it's going to be even better. We'll make it faster. We'll make it even more decentralized. We'll . . . " Just shut up and close the deal.
The world is ready for bitcoin the currency. Bitcoin the payments platform isn't ready for the world, but that doesn't matter. We need to close on the currency and perfect the payments platform later.
All bitcoin needs to do to be a global currency worth tens of trillions of dollars is to make itself available to the masses - now. If that means a trust-based payments layer. Fine. Do it.
Bitcoin has accomplished its goal. No longer will people be at the mercy of a bank to send money. But having the option of a bank-based payments network to send bitcoin wouldn't be bad would it? All we need is for banks in one major country to accept deposits denominated in bitcoin and the rest will unfold quickly. We need a bridge between the Bitcoin decentralized payments network and the extremely fast, customer friendly bank-based payments rails. One little bridge and bitcoin will quickly become a global currency.
This may sound like heresy to the bitcoin community, but it shouldn't. Think of it as a Trojan horse if that helps. Once bitcoin becomes a global currency with mass adoption, there will be plenty of opportunity and money to expand the decentralized channels to compete with the bank-based network. Also, the banks and the bank-based payments ecosystem now know that their monopoly is over (or at least some of them do). There will be banks and service providers that will operate in ways that are consistent with bitcoin's ethos because they know that they have to.
Bitcoin itself can't do this, because there is no Bitcoin as a centralized organization. But the Bitcoin community should be ultra-focused on this one thing - get a bank to issue demand deposits denominated in bitcoin. Lobby policy makers. Start a bank. Convince merchants to accept non-bank deposits. Whatever it takes.
About The Currency Report: The Currency Report promotes the adoption of a decentralized common global currency. We provide advisory services to new currency designers and investors, including our fund, the Global Currency Fund. Read the Guide to New Currency Valuation and Design, sign up for our blogs or, for accredited investors, inquire about our fund. For more information contact Shane Hadden at email@example.com.