Google Coin May Stand Up Against Bitcoin

Added by Daris Abraham on January 26, 2014.
Saved under Daris Abraham, Opinion, Technology
Tags: google

A recent e-mail conversation between Google executives and a curious columnist had indicated the internet giant’s intention to include Bitcoin as a medium of payment for transactions. However, the truth might be far from this and Google may be already on the road to stand up against Bitcoin with its own Google Coin.
The news of Google-Bitcoin integration had created a lot of flutter in the tech circuit since Bitcoin getting attention from a prestigious company like Google would give it the required reputation boost. Google’s Senior VP of Ads and Commerce, Sridhar Ramaswamy, had apparently confirmed through the e-mail that the company was in midst of a working strategy to integrate alternate payment solutions like Bitcoin.
Bitcoin’s disadvantages in its current form, however, makes it very difficult for Google to quickly align its service with the digital currency. Moreover, Google itself dealing with the currency transaction through its platform could result in multiple issues and even a possible litigation for the company through the still unreliable Bitcoin universe.
Customers and users of Bitcoin have been cribbing about the various usage issues involving Bitcoin including security and ease in interface for the transactions. Yet, there seems to be no let up in the ever-increasing popularity of the digital currency. It is clearly visible that Bitcoin has captured the imagination of many and can become a powerful element in the future.
Thus, Google is most likely to introduce a rival to Bitcoin with the introduction of a robust coin system capable of standing up against it. This will ensure that the company is able to serve the ever-increasing customer demand for an independent and universal digital currency transactions.
With Google’s extensive experience and research capabilities it can quickly encompass the issues that currently haunt the Bitcoin service and ensure availability of a seamless system for users across geographical locations:

• Google Drive for Google Coin Wallet 

The biggest concern of every Bitcoin user is the loss of Bitcoins to wallet file corruption from hard disk crashes or virus attacks. Any loss of Bitcoins from such data corruption is forever lost in the system and there are no available measures to claim the orphaned coins back.
Google Drive and the Google Wallet can essentially resolve this issue within no time as both services can hold data away from such mundane issues and keep Google Coins safe for its users. Google Coin millionaires and billionaires will feel far more secure with their hard-earned money.

• Traceable Transactions 

The serious adoption of digital currency has been plagued by bans in some countries like Thailand for its already reported use in buying drugs and in other illegal transactions. The lack of traceability of transactions by the authorities is a worrying concern which could find more countries pursuing a total ban in the future.
Google with its “One account, All of Google” service can effectively keep every transaction completely traceable. Illegal transactions once discovered can be mapped back to the suspects involved.

• Irreversible Payments

Lack of a central payment authority certainly undermines the possibility of resolution of any payment related errors that can occur for Bitcoin users. Non-reversible payments has continues to be an issue but Google with its Wallet service can quickly look into a possible solution of the same, possibly by setting up a central authority for regulation and addressing grievances.

• Escrow Services for Buyer Protection

Google Wallet can effectively be an escrow account service as well for all transactions that has a waiting period attached to it. Buyers can make the payment into the Google Wallet which can be later released once the seller delivers its promised service effectively.

• Ease of Use of Interface

Bitcoin interface remains confusing for almost all current users and new users are finding it extremely difficult to navigate through the services. This deficiency in ease of usage has been the reason behind the lack of wide-scale adoption of the digital currency.
Known for its dumbed down user-interface for all its platforms and services, Google is already a master of simplicity. Google Coin, thus, can be launched with an easy to use platform for better adopt-ability by all users concerned.
Bitcoin is at its very nascent stage of evolution and as more and more people discover its benefits, more chinks will definitely emerge. Google’s vast team present in the payments and Wallet section would definitely watching over and would be able to resolve these issues faster with its Google Coin services as against Bitcoin. Google for sure has the ability to stand up strong to rival Bitcoin and may even surpass its popularity with its own Google Coin service.
By Daris Abraham
Sources:
Wallstcheatsheet
Blackbambu
Stanford.edu
Yahoo
Telegraph