The idea is painful having withdrawn your Bitcoins and have to wait for confirmations. Would the very thought of this cause stomach ulcers on Satoshi Nakamoto himself?
I am seated here on my office thinking of how awesome it would be for Young Kenyans to withdraw their bitcoins on an ATM where the exchange rate is determined by pure Demand and Supply and a small fee for the infrastructure owner. And then I remembered how much I have had to wait in the past for Bitcoin confirmations. Can Bitcoin improve on this hurdle or do we need a complete overhaul of the world reserve cryptocurrency?
This brings the concept of an ideal cryptocurrency. The world desperately needs a complete adoption of cryptocurrencies so that there would be no need for cash money. A currency that permeates jurisdictions while creating an equal playground for business premises. This way, China will not be able to gain undue advantage on other manufacturers by devaluating their currency. All money will be valued based on one single global reserve cryptocurrency.
Can the Lightning network reduce the confirmations time to almost zero, assuming it is globally adopted? What about the Steem platform? Is it fast enough? Even though new technology comes with new challenges, the idea of waiting 30 minutes to pay for a cup of tea at my favorite joint is depressing. What can be done to solve this at a scaled level?
I hope to be alive when the term money will strike a crypto first thought. When the global population will have a universal basic income to cater for their food, health, basic education, housing and security. At that point, humanity will push ideas to terrestrial limits.