How Flexcoin Solves Bitcoin’s Problems
Flexcoin solves nearly every problem that exists with the Bitcoin currency today.
1 – Flexcoin solves the mobility problem
Currently, the bitcoin client (and the coins sent/received by it) are limited to the device it is initially installed on. This means that if your bitcoins are stored on your work PC, you can’t easily access them from home. Flexcoin allows for a smartphone or any internet connected device to act as your bitcoin wallet. Thus, your smartphone just became a “bitcoin debit card” of sorts. As of October 2011, Flexcoin QR support was added, making a dramatic jump in ease of use for mobile devices.
2 – Flexcoin solves the “coffee shop” problem
If someone wants to buy a cup of coffee with bitcoins rather than flexcoins, transactions can take anywhere from a few minutes to a few days (if sent very low priority with no fees) to complete. This means that either the merchant has to trust that he will actually receive his coins (not feasible), or you will need to wait in the store until the coins actually transfer (also likely not feasible). Flexcoin solves this problem with instant transfers: sending coins to another flexcoin ID is instantaneous. There’s no waiting period: you press send, and seconds later the coins are in the other user’s account. Any merchant that can’t wait three days to get paid for a cup of coffee (or any other goods or services) should consider accepting flexcoins as a form of payment.
3 – Flexcoin solves the transaction fee problem
All flexcoin to flexcoin transfers are 100% free. Flexcoin only imposes a fee on transfer out, all incoming transfers and transfers between flexcoin users incur no transaction fees whatsoever (although we do recommend that you include a fee yourself on your inbound transfer, to ensure that your coins get into your flexcoin account quickly).
4 – Flexcoin solves the “crazy address” problem.
All flexcoin accounts are given a user generated flexcoin ID. This means thatany merchant that wants to accept bitcoins can now post on their site or storefront that their flexcoin ID is coffeeshop, and they will be able to accept bitcoins for free using this flexcoin ID. This is obviously a much easier method than having a customer send coins to bitcoin address 1555hjPG7pRwTHVMfukPvjXexQMHFE3qu6 , or having to scan a QR code. It’s very easy to see how this will simplify the process of accepting bitcoins as a payment for goods and services.
Before flexcoin: Pay for your coffee at bitcoin address 1555hjPG7pRwTHVMfukPvjXexQMHFE3qu6
Using flexcoin: Pay for your coffee at flexcoin id coffeeshop
5 – Flexcoin solves the micro-payment problem
Since the 1990s, people have wanted to allow for micro-payments. However, with the credit card companies always charging a fee, it was impossible to charge 10 cents to read an article without incurring a loss. That 10 cent transaction would end up costing twice or three times as much after the credit card processing company took their cut. Flexcoin fixes that problem by allowing any amount to be transferred from flexcoin ID to flexcoin ID for free.
6 – Flexcoin solves the time value problem
All flexcoin account holders are paid a discount on any fees already incurred (or any potential future fees) based on their bitcoin balance. The discount payments are generated from minor fees that are collected when flexcoins are transferred out of the flexcoin system to an external bitcoin address. A large portion of these fees are distributed to flexcoin account holders as a discount against any fees they’ve already paid (or any potential future fees).
7 – Flexcoin solves the ‘charge back’ problem
Bitcoins do not allow for charge backs, period. However, in the future, flexcoins will allow for a limited charge back period.
This feature is not implemented in the initial rollout. It is our plan to (again, in the future) allow customers the ability to “take a charge back” until the vendor accepts the transfer.
If Mike goes to the coffee shop and wants to pay for a cup of coffee, and he accidentally transfers 25 bitcoins rather than .25 bitcoins to flexcoin id coffeeshop, he will be able to “pull the charge back” and correct the amount prior to the vendor accepting the transfer. Once the vendor accepts the transaction, the transfer would become final.
Again, we want to stress that the charge back system is not implemented in the initial rollout. We want (and welcome) feedback from our clients (both customers and vendors) as to whether this would be a desired feature, before this is implemented network-wide.
8 - Flexcoin solves the bitcoin security problem
Flexcoin offers cold storage, where users can specify what they want sent offline. It raises the security level dramatically as it’s difficult to have a security issue with a server that is not plugged in.
9 – Flexcoin allows you to send bitcoins to an e-mail address
As of October 17th, 2011 anyone can send bitcoins to someone via e-mail. The person receiving the bitcoins does not have to download the bitcoin client to access their bitcoins. This allows for novices to use bitcoins.