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Your public transit card is connected to an account. In this case the transit agency acts as the bank.
by clintonb 8y ago
Your public transit card is connected to an account. In this case the transit agency acts as the bank.
- alkonaut 8y agoExactly my point: if you only take the first and much easier step of a centralized ledger then you have done what public transit cards do. They don’t actually charge the tokens onto the cards, instead they just set the balance of the card id to the charged amount in a central database. The novel and more difficult step would be to charge the actual cryptocurrency tokens to a card, which could then be spent anonymously without contacting a central ledger. Why we “need a cryptocurrency” is because otherwise we have just let the central bank take the role of commercial banks and credit card companies. Perhaps not a bad thing in itself but not the full potential.