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Earlier quoted context omitted.
...and, as quoted by sunshine_reggae, lower transaction costs.
as an average joe on the consumer end I don't care about transaction costs. at least here in germany that's the vendor's problem.
Earlier quoted context omitted.
...and, as quoted by sunshine_reggae, lower transaction costs.
as an average joe on the consumer end I don't care about transaction costs. at least here in germany that's the vendor's problem.
not to mention online micropayments such as donations which could allow people to just send 1 dollar without fear of fees taking up most of it
Your wallet stores digital coins and thus ultimately your computer holds your balance. The exchange keeps funds matching all unspent coins in a settlement account.
What if my wallet is lost?
Since the digital coins of value in your wallet are anonymized, the exchange can not assist you in recovering a lost or stolen wallet. Just like with a physical wallet for cash, you are responsible for keeping it safe.
The risk of losing a wallet can be mitigated by making backups or keeping the balance reasonably low.[1]
Ah. This is Chaum's DigiCash, from 1990.[2] A good idea, too early.
It's a system where coins are protected against double-spending by a database back-end. Which is how some centrally issued cryptocurrencies actually work.
The half-anonymity is interesting. The recipient is not anonymous, but the sender is. That may make it a politically acceptable substitute for cash.
It has the nice property that, unlike debit cards, etc., the recipient can't take more of your money than you give them.
My question is: How does the average Jane and Joe benefits compared to Debit and Credit Cards? Privacy, they do not care. Being anonymous, they do not care. So a dead initiative?
Earlier quoted context omitted.
They explicitly mention that it’s not.
> Taler does not require any Blockchain technology, and is also not based on proof-of-work or any other distributed consensus mechanism. Instead, Taler is based on blind signatures. However, it is theoretically possible to combine Taler with peer-to-peer crypto-currencies like Bitcoin. > It would be possible, however, to withdraw coins denominated in Bitcoin into a Taler wallet (with an appropriate exchange), which w…
It's a federated system/protocol that doesn't have a currency of its own. There should be Exchanges you are supposed to trust, that accept your CURRENCY_NAME and give you anonymous tokens (think of it as electronic cash) in exchange. You spend them in Merchants' shops. The Merchants claim the CURRENCY_NAME back from the Exchanges. No one knows what you bought but the Merchants can be audited by the Government to be taxed. That's their plan as I understand it.
My question is: How does the average Jane and Joe benefits compared to Debit and Credit Cards? Privacy, they do not care. Being anonymous, they do not care. So a dead initiative?
You can't pay your average person with a Debit or Credit card Edit: yes I am familiar with the various 'sending money to people' systems in Europe, but they don't rely on a debit card for the most part, rather, your bank account
My question is: How does the average Jane and Joe benefits compared to Debit and Credit Cards? Privacy, they do not care. Being anonymous, they do not care. So a dead initiative?
Now, would they swap cash this solution? I doubt it... Privacy is a reason but not the only one.
My question is: How does the average Jane and Joe benefits compared to Debit and Credit Cards? Privacy, they do not care. Being anonymous, they do not care. So a dead initiative?
You can't pay your average person with a Debit or Credit card Edit: yes I am familiar with the various 'sending money to people' systems in Europe, but they don't rely on a debit card for the most part, rather, your bank account