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
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15 Responses
Google aint gonna do anythinggg, they are working on too many projects. When was the last time they updated their search engine? I am talking design wise and really making radical improvements? Google is most likely against all this because it’s progress towards decentralized apps (DAPPS). most importantly decentralized search engines that could leave them in the dust, like they did to Yahoo……
This would definitely address a lot of the concerns raised by the Bitcoin opposition people.
I think a lot of the commenters are missing the point that this article is full of baseless speculation on the part of the author. I suspect Google understands the BitCoin phenomenon better than indicated by this article.
The whole point of bitcoin is that it is decentralized and not owned by a Big Brother-type entity. Google knows way too much about us as it is.
If they are going to introduce central authority “for your own safety” then I say: “Thank you Google” but no way! You obviously missed the part when internet explains what Bitcoin is…
Google go with the flow and just accept bitcoin and stop trying to copy cat.
Google coin bitcoin
traceable traceable if you are careless
centralised decentralised
limited??? fixed maximum number of coins
I will go with the bitcoin because it is more like cash and less like paypal thank you very much
“The biggest concern of every Bitcoin user is the loss of Bitcoins to wallet file corruption from hard disk crashes or virus attacks.”
Yeah, if you only have one copy of your wallet file! Luckily you can make as many as you want and you only lose your money if you lose every single copy.
What an utter load of baseless fluff.
so they’re gonna reinvent PayPal, with all the regulatory hurdles (and fees) that come with it. Although they probably can reduce fees dramatically due to their aggressive advertising and data mining business strategies.
True P2P Cryptocurrencies are and always will be something completely different.
F**k google and his crap currency!!!
Now if Google created a coin that connected the mined coins to shares in a Google wallet….
I think the loss of anonymity would be overlooked by the vast majority majority of the community.
I for one would download the client and start mining the day it came out
This is nonsense. Understand Bitcoin and you will understand that a private company will never launch a crypto coin that will compete with decentralized currency. The main strength of Bitcoin is that isn’t own and controlled by any business.
So it’s basically a centralized currency? And has none of the benefits of bitcoins? This is pretty much no different from fiat currency, and I see no advantage in using this over fiat whatsoever.
Yeah, this sounds like a complete failure already.
Irreversible transactions are a feature of dollar bills and bitcoins, not a bug. Reversible transactions that require identities and registration (for crime/fraud detection and taxation purposes, for example) will probably always remain in society as a useful and needed method of payment. Physical cash and it’s digital equivalent will have an important role as well (for example, ask any fertile age female who has bought a pregnancy test with a credit card how long it took for the free samples of baby formula to arrive in the mail).