Cashier Functionality ChainBLX


#1

The system will also feature a “Cashier” function. Money must enter and exit the system. For example, someone may want to buy a digital certificate, or liquidate a digital certificate. The Cashier receives fiat and/or cryptocurrencies, and issues digital debt-letters by sending crypto-keys for the letters to the person depositing the money. Letters are issued in the smallest increments of the currency (i.e. fraction of cents, not dollars). In the case someone wants to liquidate his digital certificate holdings, they may trade them all against debt-letters. They would then trade those debt-letters with the Cashier for fiat or cryptocurrencies in the physical world. The BLX Cashier will only accept BLX-issued digital debt-letters. Therefore, if someone issues their own debt-letter, they must either provide their own cashier or gain permission from other entities’ cashiers.

To protect the Cashier functionality of the system from abuse and fraud, the company will employ the following security measures:

(a) Debt-letters will have a 48-hour waiting period before payment in any fiat or cryptocurrencies is executed, and

(b) Any party exchanging debt-letters has two private security keys. Both private security keys are owned by the participant sending the debt-letter to a third party. One key allows the participant to sign and send the debt-letter to the party’s public key (Cashier or any private person), and the other private key allows the participant to block the clearance of the debt-letter for five days (as well as removing the possibility of clearance to any digital currency). In the case that the second private key is executed, the Cashier can only clear the letter to a physical bank account once the bank account has been shown to the person entering the security key. Once the second private key is entered the debt- letter is flagged forever and anyone can see that this is a flagged debt-letter. Therefore, when a person would steal debt-letters (or the private keys from someone), and would hold them, he would be forced to eventually clear it via a physical bank account, resulting in the account being disclosed to the original holder five days prior to clearance. This security measure is to overcome negligence of participants who fail to keep their keys secure as well as weaknesses of digital wallets.


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#2

If only it was as easy as going to your local liqour store cash your bitcoin. Im hoping it reaches that level someday. I think bitcoin is here to stay. Does anybody really think that current legal tender will forever be the only currency?


#3

The question is how user friendly it will be. When I pay with a cc I don’t care how it functions in the back end.


#4

Acceptance, as well as adoption, are the key rolls here. There are alternatives to credit cards, but within the world of credit cards, try finding a place that accepts diners club or discover- their not as many as mastercard. The alternatives, such as paypal (accepted at home depot), but who else has paypal as a point of service checkout?
You can cash bitcoin at certain locations- for example, in taiwan, its widely done at their convenience stores. Though new regulations may make it a bit harder, I could in theory, go buy bitcoins at a keyosk at jfk airport, and redeem it at Familymart in Taiwan.

As far as legal tender goes, I think your referring to currency. Legal tender is really just paper and junk metal, for the most part, and its value is tied to something else- which bitcoin, any any other “currency” is pretty much the same thing. Crypto currency is probably here to stay- bitcoin, not necessarily. The system still has a distinct speed disadvantage, and limited transaction per minute. Also, the huge fluxes in valuation remind me of Cambodia; they have their own currency, but almost everyone wants to deal with the US. Dollar or Euros, due to the unstable nature of their own currency (which has defaulted… once… maybe twice).

BTW, the same “Defaulting” had also happened to the Rubles… china…, and the dollar is no longer gold backed…
bitcoin is backed by nothing- at least BLX is supposed to have equities backing. However equities themselves have variations, but nothing is without risk. Finding a billion rubles that was buried from 1985 and dug up today, aint worth the price of digging it up.


#5

To gain acceptance the method of payment has to protect the client not the seller. The seller needs the business more than the client (to buy the product exactly from this specific seller not else where). Amex has the highest cost for the merchant, but is still accepted in many locations. But Amex also refunds any dispute and we cardholders are most protected. Visa is cheaper for the merchant but makes also more trouble to dispute some things. So why pay with bitcoin, when I can pay with amex. With amex I just dispute it, if I am not happy with what I got and get the money back. Now the seller has a problem and take actions not me.

Most people don’t give up this protection just to save 2%.


#6

I agree with crypto currencies being used more but Bitcoin dying out. The problem with that is altcoins are still in the shadow of Bitcoin. When Bitcoin price is changing, all other altcoins do so as well.
There are those that seem to be close to breaking through Bitcoin’s grasp though. However, I don’t think that’s close to happening.


#7

These are good points and I agree that credit cards definitely offer recourse if there is a dispute. However I would just add that there are still a lot of reasons that many people would want to be able to pay with cyrtocurrencies. And in my view those reasons are strong enough that the customer will accept the finality of the sale.


#8

Thanks just name one reason please


#9

I think for example when I’m traveling, I don’t always want to use my credit card in certain situations… like clubs etc where numbers tend to get swiped. Also, I went oversees with my family last summer, and it was very expensive to use credit cards because of extra fees, and they don’t give a great exchange rate.


#10

Bitcoin will be the top dog for a while. If it does not improve, another altcoin will take its place. Whether its a new one or one of the current ones rises.


#11

The only coin that can claim top dog id Dogecoin, because the coin literally has a dog. :slight_smile:


#12

There seems to be a lot of talk about new Bitcoin alternatives, I dont think many of them will last or have the longevity of Bitcoin. That one is here to stay.