How can we make Bitcoin simpler? - page 4.

garlonicon

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Quote

Would it help if payment required the receiver to first prove their ability to spend the funds-to-be-received, before they could actually receive them?

That means you have to be online to receive a payment. And then you can use LN, then you will have that guarantee, because you need to sign channel closing transaction first.

tromp

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Quote from: Macadonian on February 26, 2023, 06:51:58 AM

they make a mistake and because of how Bitcoin is designed they can not reverse the mistake and lose their coins.

Would it help if payment required the receiver to first prove their ability to spend the funds-to-be-received, before they could actually receive them?

n0nce

hero member

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not your keys, not your coins!

Quote from: Macadonian on February 26, 2023, 06:51:58 AM

A lot of people who would be interested in Bitcoin are not adopting it because they do not understand how Bitcoin works with the dollar it is taught in schools

I don't think that this is the reason they don't try it out. Most people don't understand the dollar & economics in general, either and still use the fiat system.

Quote from: Macadonian on February 26, 2023, 06:51:58 AM

but it is also easy to get into without any major risk. Bitcoin you are your own bank but how do people get the knowledge required for that responsibility?

That's a different question. I'd say it depends heavily on the wallet choice. There are more 'complicated' and feature-complete wallets and simpler, very easy to use ones out there.
I invite you to try out Passport Batch 2 or maybe watch through the unboxing and setup process video guide by them, which takes less than an hour in total. ^[1]

Quote from: Macadonian on February 26, 2023, 06:51:58 AM

I thought hardware wallets are a answer but they require a purchase and a lot of people who are trying Bitcoin will not want to use something that they have to purchase. I think this is a major obstacle for a lot of people buying Bitcoin they buy Bitcoin

There are definitely very easy to use software wallets; in fact, software wallets are easier to use than hardware wallets, because those still require software. It's an extra step. Which ones have you tried? I believe using Breez (Lightning) is the easiest way to privately use Bitcoin. No setup, no UTXO management, does not require CoinJoin or mixing, but don't use it for thousands of $ worth of BTC.

Quote from: Macadonian on February 26, 2023, 06:51:58 AM

they make a mistake and because of how Bitcoin is designed they can not reverse the mistake and lose their coins. I am not suggesting we allow Bitcoin to be reversible but how can we help people avoid losing their money through error?

No, this is impossible. It is a core feature of Bitcoin.

[1] https://www.youtube.com/playlist?list=PLacNs-EplMhZ7PCqpzUmX3oNxJwjaL0Kn

thecodebear

hero member

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Better UI/UX for wallet software.

Standardized education on how Bitcoin works and the few things you need to know to use it so people can get educated on how to use Bitcoin in say 5 minutes and that 5min education is easily spread around.

Honestly if there was a way to have named Bitcoin addresses that point to actual Bitcoin addresses (like Ethereum Name Service does) that would clear up a lot of the complexity because it'd just be much simpler to transact if you could use intelligible names instead of cryptographic public addresses. I don't know if that is possible...like some sort of 2nd layer?

Also I think once banks start allowing bitcoin exchanging like directly on their website that would be huge. If people no longer have to sign up for a crypto exchange but can transfer fiat into Bitcoin straight on their bank account that would really grease the wheels of adoption. I mean obviously hopefully people would have the bitcoin education to then know that they need to transfer the Bitcoin to their own wallets. But like if you don't want to be trading or buying random altcoins you don't need a crypto exchange, if banks just had Bitcoin buying straight from your checking/savings account that would be a really seamless experience for most people.

ABCbits

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Quote from: Macadonian on February 26, 2023, 06:51:58 AM

How can we make Bitcoin simpler?

Based on explanation on your thread, i believe the question should be "How can we make Bitcoin wallet simpler?".

Quote from: Macadonian on February 26, 2023, 06:51:58 AM

Bitcoin you are your own bank but how do people get the knowledge required for that responsibility?

You may see this lazy answer, but it's not that different from being responsible adult and have decent digital/security literacy.

Quote from: Macadonian on February 26, 2023, 06:51:58 AM

I am not suggesting we allow Bitcoin to be reversible but how can we help people avoid losing their money through error?

Short answer: Better UI and UX. For example, Electrum show warning for high transaction fee.

Lucius

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Without getting into how unintelligent someone is or isn't, I don't think Bitcoin is so complicated that an average person with at least a high school diploma can't figure it out in a very short period of time. By that I mean maybe 2-3 hours of lectures, with the condition that the person teaching knows what he is talking about and knows how to make a presentation, because pictures sometimes speak a lot more than words.

From my personal experience, I didn't conclude that people can't understand Bitcoin because it's too complicated, but because the idea itself is quite meaningless to them, considering that they are too deep in a system that suits them (most of them). Being your own bank is not something most people want, or better said, people don't want that risk or responsibility.

I would therefore conclude that we don't need a simpler Bitcoin, but we need people who think outside the generally set frameworks, and there are very few of them in the world, to be honest. For such a drastic change in thinking, children should be taught from the moment they start elementary school - but it is hard to expect the authorities to work against themselves and suggest to anyone that Bitcoin is something better than what they represent.

Macadonian

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A lot of people who would be interested in Bitcoin are not adopting it because they do not understand how Bitcoin works with the dollar it is taught in schools but it is also easy to get into without any major risk. Bitcoin you are your own bank but how do people get the knowledge required for that responsibility?

I thought hardware wallets are a answer but they require a purchase and a lot of people who are trying Bitcoin will not want to use something that they have to purchase. I think this is a major obstacle for a lot of people buying Bitcoin they buy Bitcoin and they make a mistake and because of how Bitcoin is designed they can not reverse the mistake and lose their coins. I am not suggesting we allow Bitcoin to be reversible but how can we help people avoid losing their money through error?

Can we solve this with software or are we going to need to develop cheaper to buy hardware wallets that allow people to use it without a lot of brain power and do not have to worry about a lot of the security because it is already done but just be viligant and make sure you are sending to the correct address and not falling for scams.

Topic: How can we make Bitcoin simpler? - page 4. (Read 810 times)