The co-founder of the bitcoin developer platform Chain.com, Adam Ludwin, was a venture investor in companies like Slack, Vine, Paperless Post and Kik. He used his experience and published an article on China.
com’s website.Majority of the population see Bitcoin as an alternative to traditional payment systems. Many of them do not understand the crypto currency completely but know that it is of value.To help potential users get a better understanding of the digital currency and to instigate Bitcoin towards a path of success, the community needs to be creative.Innovative services must be introduced in the market, which will not only project the digital currency as a financial products but also as a new systems that solves problems.Ludwin provided an outline of certain uses of Bitcoin in his article and suggested ideas for some killer apps for Bitcoin.
The first app he proposed involves digital resources like bandwidth, energy, computation and storage.Users will load their smartphones with bitcoin and it will then automatically buy access to the cheapest Wi-Fi hotspots as they roam around Paris.Ultimately the phone could one day pay for itself by selling back connectivity into a mesh network. This is very much like how solar panels sell energy back to the power grid.Another application could be to access immersive virtual worlds through special devices like the Oculus Rift with bitcoin-based economy.
This would mean that the real world economy and virtual economies will not be separated anymore. Users can walk virtual pets to earn money, which they can later use to buy a real Chihuahua.This will increase scope for teens to earn. They can earn millions from projects in the virtual worlds. Currencies like Euros that do not easily cross over will be antiquated slowly, as the virtual world economies will grow.
Users will trade artificial forms of financial assets on the block chain, thus reducing the risk involved. This also increases transparency and offers global access to financial instruments.The advancement will allow farmers to buy crop futures that they could not access previously. There will be smart farms, which will automatically purchase and sell hedging contracts using data about weather, soil, prices and yields.
Digital contents will get pre-funded by tips from many patrons. So, creative works will be encouraged. The art works will be bought in tiny increments when consumed through metered players.All original digital works can be purchased and sold with Bitcoin by keeping track of ownership and provenance on the blockchain.
The crypto currency will allow individuals to own more profit generating assets. It will discourage ownership of unproductive items.The friction of ownership and share issuance will be reduced by the block chain, by allowing users to be stakeholders in large and small entities.When the products will become self-sustaining economic units, people will be more eager to practise shared usage of things.If Bitcoin is incorporated in different systems in the future, it can not only earn profit but also make life less complicated.
