It's a good start but like most coins, it would flash in the pan. It wouldn't work long term at least not as described.

Money is only worth what you can buy with it, you would need to offer some compelling reason for merchants to accept it and you would need to make it easy and seamless to go from BIC to fiat and back.

The limited success that bitcoin has had in the real world is precisely due to this fact.

It's really strange you mention this right now. I think we're on the same wavelength or maybe it's something in the air. Anyways, I've got a whitepaper I've had in the works detailing a similar system. I just finished it up this morning and got it to @ghostwriter for some editing. As soon as she's done I'll post it.

FYI you would have a much easier time turning steem into BIC, than trying to roll yet another coin. Bitshares would also be a good candidate and could really kick off the price if you did this. Price is low enough and you already have economic hegemony, so you can pretty much do what you want.