There has been a lot of discussion about what Bitcoin’s killer app could be. Some people even wonder if and when such a solution would be developed. An interesting option to explore would be creating an “allowance application” for children. Not only would this create a way to share Bitcoin among family members, but it is also an interesting experiment.
A Bitcoin Allowance App Has Its Appeal
To put the concept of a Bitcoin allowance app into perspective, it is important to keep in mind this will not be your average cryptocurrency wallet. A solution has to be developed which could assign chores to kids – as recommended by their parents- for which they can then issue a Bitcoin reward upon successful completion.
It is evident such an application would require smart contract technology of some sorts. Luckily, this already exists for Bitcoin, through BitHalo. Rootstock is also working on bringing this technology to the Bitcoin ecosystem. Look at this as a combination between TaskRabbit and a Bitcoin wallet, if you will.
While some people may see this as a potential killer app, various cryptocurrency users are opposing the idea as well. Some people feel it would be “morally incorrect” to hand a semi-anonymous internet currency to children. At the same time, it would give parents a way to track how and when their funds are spent, which would be a lot harder to do when paying them in cash.
One possible solution would be to build in a feature that would limit allowance spending once a specific threshold is met. Most kids have little to no clue about the value of money, and Bitcoin may not offer them that knowledge right away either. More importantly, since Bitcoin is not commonly accepted, it remains to be seen if this kind of idea will gain any traction, to begin with.
There is a difference between using Bitcoin as a solution to a problem, and searching for a problem that may use Bitcoin as a solution.There are plenty of potential use cases for Bitcoin, and an allowance app may make sense in the future. For now, however, it does not seem to be a solution to increase Bitcoin adoption right now.
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