While it is nice to see an alternative currency, Bitcoin suffers from the same flaw as a gold-backed currency. Deflation doesn't exist in the real world because sellers don't like lowering prices. Liquidity/velocity dries up with insufficient transactional currency in the system. Hoarding makes the few wealthy as interest is charged for the use of a transactional currency. That will be the result of Bitcoin, despite policy and foresight to avoid.
Solution? Efficiency in currency translations. That is most easily done with a common transactional specification/protocol. "Promise Language" does exactly that. All transactions are promises to deliver value. Regardless of form (currency).
Promise Language is free and solves the problem.
[transaction]
[promise]
1 stick of gum
[endpromise]
[promise]
0.01 bitcoin
[endpromise]
[endtransaction]
Sincerely,
Andrew Bransford Brown
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