“Bitcoin Revolution Ramaphosa”
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In his new book, The Bitcoin Revolution Ramaphosa discusses the benefits of incorporating cryptosystems such as BitPay and Instagram into the wallet that people use to purchase products or make transactions on the internet. He begins by describing how Instagram has become a popular picture sharing website that many people use to share images with friends across the globe. He then goes on to describe how he was able to leverage the popularity of this picture sharing site in order to launch a new service that would allow users of Instagram to buy products through their own wallets. By doing this, Ramaphosa is providing a solution to a problem that millions of people around the world have been facing: the lack of available instant funding sources due to the current state of the global economy.
The solution that Ramaphosa provides in his book is twofold. First, the protocol he creates allows anyone to create a custom online wallet using their existing Instagram photos as collateral. Second, once an owner of the Instagram account has made a purchase through their custom Instagram wallet, they are able to withdraw that payment directly from their own bank account using any currency that they choose. This solves both the problems that most people have been dealing with when it comes to securing funding for online ventures: the lack of available instant funding sources, and the need to have a bank account outside of the country in which the business is operated in order to withdraw funds. The unique aspect of this system is that anyone who owns Instagram photos can also benefit from it.
Another interesting aspect of Ramaphosa’s book is his discussion of how private keys and cold wallets work. He starts out by describing how he owns one of the most technically advanced and secure coins known to mankind: the Privacy coin. This coin was created as a result of the frustration that many people have experienced when using public online wallet services. Private keys, also referred to as digital signatures, work in a way that allows people to sign documents with their private keys instead of their real identities. The most popular use for private keys is the ability to create “zips” that only select individuals can open, which will prevent people from accidentally making payments without their knowledge or consent.