The 5 Craziest Ideas in Bitcoin
The benchmark for crazy ideas in new tech is set rather low. Excitement is contageous, and often the advent of new technology brings about a flurry of innovators looking to make their mark. Bitcoin has been no different. The spirit of experimentation was practically build right into the code, and new implementations had an effect from day one. We’ve said before that Bitcoin and Blockchain has the potential to be world-changing, but how? Some ideas will stick, and others are likely doomed to fail. Let’s take a looks at some of the craziest ideas in Bitcoin, and the crazier people who thought them up.
Bitcoin Itself
It’s probably worth mentioning that the very idea of Bitcoin is crazy in itself. A dencentralized digital currency that spans borders and economic circumstance, many thought Bitcoin was nuts when it launched in 2007. With Bitcoin, miners create currency using a bank of high powered processors competing to solve equations for a reward. Only 21 million Bitcoin ever be creating, adding to its originality. By only having a set amount of currency in circulation, economic solutions take on a different spin. Just creating new currency is not enough.
Walking for Dollars
If general health and fitness isn’t enough of an incentive to go on walks, here’s one more: money. I derivation of Bitcoin called Bitwalking promises to pay users in BW$ for the amount that they walk in a day. The app meshes with a smartphone’s accelerometer to gauge how much BW$ users have earned. Stores have even signed on to accept BW$ on a pilot basis to see if it catches on.
Human Registration
When someone has to leave their country abruptly, it’s often under stressful circumstances. Things like property deeds, birth certificates and banking information can become misplaced. Bitnation, an organization dedicated to promoting global citizenship, launched a set of tools designed to help refugees retain their identities. The tools make it easier to qualify for social and financial assistance. Moreover, Bitnation promotes a Bitcoin based Visa Debit card that refugees can use to move funds on without the need for banks.
A Diamond Thief No More
Australian firm Edgelogic foresees a world in which diamond theft is a thing of the past. Founder Leanne Kemp wants to use the Bitcoin ledger to track diamond movement. By registering diamonds on an open and transparent blockchain, the movement of illicit diamonds could slow by a lot. Insurers would benefit tremendously. Another benefit might be at the source of the diamonds themselves. If a 3rd party verifier finds a diamond ‘blood-free’, they can stamp it into a blockchain, ensuring future buyers know exactly where the diamond came from.
‘Till Bitcoin Departs
A couple from Brooklyn, NY was so into Bitcoin that they decided to register their marriage on a blockchain. Choosing ConsenSys as their vehicle of choice, Kim Jackson and Zach Lebeau tied the knot on Nov. 2, 2015. If you want to know the exact time, check the timestamp on the ConcenSys blockchain. Legally, a marriage like this might not hold water, as most blockchains are not connected to the country registrar. Even so, for those with a strong belief in decentralization, it’s the thought that counts.
