How Bitcoin (BTC) Could Become Sound Money (Revised) ?
Could Blockstream crush the competitors so badly that BTC becomes sound money? I’ll sum up from a technical and social standpoint how this could play out. From an Altcoiner’s perceptive.
Part I: Tech Wise
OpenCAP
Open Crypto Alias Protocol (OpenCAP) could get added down the line to directly challenge Venmo and PayPal. Simple to remember aliases that point funds into another address. Syscoin and Ink Protocol Token have alias systems.
Multi-Sig/Smart Contracts on eCommerce Stores:
Suppose customers want buyer protection, instead of using an app like OpenBazaar. Why can’t we get a WooCommerce plugin that easily allows multi-sig transactions?
Transactions Logging
Perhaps Merchants would like transaction information linked to each transaction via a second layer solution. Buyer bought sneakers for $15 plus $12 shipping, aliases of both buyer and seller. Mailing addresses hidden from public view.
Reputation System
Merchants should have reviews on their Aliases to better help build communities trust.
Bitcoin Credit Cards
Some countries have them. Blockstream should push for more nations to open up to them.
Off-Chain LN Competitors
Blockstream should create other off-chain solutions to compete against themselves. Who knows maybe someone in their company can make a successor to LN or they mix and match features into LN making it far superior.
Mining
More Centralized Mining, you gotta beat Jihan Wu and Bitmain at their own game. Build more advanced versions of ant-miners and so the transaction fees sink to the floor. Down the line Quantum Computer Mining could be considered. If transaction fees don’t stay under $1.00 there is less incentive to spend Bitcoin.
Part II: Reversing Course
Better public appeal is a must. Blockstream/Core Devs should work far harder in swaying the public into supporting their new ideas. Breaking down the details in laymen terms, instead of just blocking or muting opposing opinions. BTC needs more big voices that could try swaying people harder, more tweets, videos and blog posts. People need to see Bitcoin as more welcoming community instead of a sockpuppet team.
Bitcoin Maximalists defend your stance for being BTC-Onlyist. Instead of ad hominem reasons such as “bcash” and “screw shitcoins”. Use logic to explain why majority of Altcoins are pump and dumps who leach off major coins. Sway the Altcoiners instead of blocking and muting them if their not harassing you or shilling. Just post an article link refuting the opposition if you are not in mood for debating them. Some guys like JW Weatherman wrote interesting articles explaining why Bitcoin over Alts/Ethereum:
https://jwweatherman.com/#/bitcoinThreatModel
https://jwweatherman.com/#/etheruemThreatModel
Advance technology wise in a major way. Bitcoin must jump miles ahead to defeat the top altcoins. Stronger Blockchain, more powerful Mempool, ability to completely transactions in 5 minutes or less ect.