Thursday, May 23, 2013

The Case For A Bitcoin Credit Union

May 22, 2013 Posted By Jonathan Stacke.

The Case For A Bitcoin Credit Union - new bitcoin world, rent bitcoin miner, bitcoin news, latest bitcoin news, new bitcoin world, asic miner, asic bitcoin, free bitcoinsBitcoin has grown impressively in the past few years, yet still faces a number of significant hurdles before widespread adoption becomes a reality. The lack of a centralized entity is one of Bitcoin’s core strengths, but lack of an accountable entity beyond every individual for storage of wealth will make many uncomfortable holding such a currency. Even simply exchanging traditional fiat for bitcoin remains a time consuming, expensive and confusing obstacle for many.

In this article, we’ll explore how a decentralized credit union could solve those issues, as well as provide a series of other significant benefits to the bitcoin community.

Establishing Trust

We would likely all be astounded if we knew just how many bitcoins were lost forever, yielded unrecoverable due to user error and mismanagement of wallets. So long as a single human is required to be the sole source of access to their funds this will continue to happen, making onboarding and retaining new bitcoiners perpetually challenging.

Companies like coinbase have done a great job building a separate account layer on top of wallets to make the user experience more manageable. This enables people to transact in bitcoin without having to worry about which wallets to use. That, along with the notion of password reset via email are basic expectations of familiar banking institutions. Those are a great start, but there are abundant additional services the bitcoin community will soon require that could only be achieved with a registered financial institution. - Read more here:

1 comment:

  1. Nice post. My step mom was just telling me that she is a part of a Seattle credit union and that I should think about joining a credit union. I just don't understand what is the difference between a bank and a credit union. I am just trying to get a better understanding. Thanks for sharing Michael.