Tuesday, March 25, 2014

EBT Coin

I just saw a new altcoin called EBT coin that is intended to replace food stamps or EBT (Electronic Benefit Transfer) cards. I am curious what the financial transaction fees are for our current system. If financial institutions are reaping continual rewards from a system that is for the financially disenfranchised, it really makes sense to replace that system with a crypto currency since the transaction fees are minimized. What concerns me about EBTCoin is that it shows that you can buy other products besides food. I would think that we would need a selective recipient based system. Something like ripple but without the closed aspects and without minimal points of failure. I think most people would want to make sure that food stamps are used to buy food, and not crack... or yachts.

Does anyone know what kind of transaction fees our government needs to pay in order to keep food stamps flowing?

Does anyone have an idea of how to create an open source restrictive recipient public ledger?

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