Topic: If we want people to be their own bank, we have to rethink things. A Proposal (Read 277 times)

Let core be core and let other developers enter the scene and built stuff on top of core or even as standalone projects (like Electrum). That way we have dedicated team to a dedicated feature who don't have to worry about the backend (eg. core) and having to merge all their stuff in their project or having to follow their conventions or even programming language (ie. C++).

I think we already do our best, as a community, but as I said it all comes down to responsibility-- and that isn't easy peasy. The main reason why bitcoin --and cryptocurrencies in general-- won't catch on on a global scale, with a daily usage (just as fiat) is because they require responsibility, and people are frightened of responsibility; same applies for freedom unfortunately.

However, we do have a more mature userbase, and we will as times goes on. I do know a few retail investors who're doing self-custody with their bitcoin. I know no person who's serious about investing in bitcoin and leaves it in exchange.

I'll analyze bluewallet, It's new to me

Does it educate you in the process?

Is it intuitive to all?

Does it have confusing jargon to retail investors (casual users)?

Has electrum accomplished what I'm talking about already?

I'm talking about improving user interaction to make cold storage intuitive to all "easy enough for a child to understand and navigate".

how apple made the home computer or cashapp for banking.

I could attempt make said client. ~ it would fail due to lack of trust

Keep in mind that the alternative here is to contribute to the existing project to improve that if the ideas already exist instead of giving up altogether.

However, in the event I succeeded in creating it, it would fail due to lack of trust even if I launch with source code (understandable)

I'm noticing a lot of communication gaps with newcomers in the bitcoin ecosphere.
A lot of the bitcoin ecosphere commodities and opensource projects require a pretty deep understanding of a few things that majority of people don't have.

1. Computer science.
2. Commonsense.
3. Security.

(+More)

Retail investors can't be their own bank.

This is due to a variety of things, like its highly technical, needs a steep learning curve, or lacks user-friendly features or documentation.
Documentation that is available is assumptive that 1, 2 and 3 is assumed knowledge.

So how could bitcoin be remarketed for retail investors to not use exchanges?

Education helps, but the complexities drive a lot of people away and they may dip toes in the crypto water but,
 not without the assistance and simplicity of an exchange or custodial service.

A Proposed Plan

Re-design Core
or have a light wallet/version of core targeted for retail investors kind of like electrum but redesigned easy enough for a child to understand and navigate.
Implementing official things like an official core sanctioned APK or iOS App would be a great start.

Re-educate on Core
Elaborate and implement documentation on how it works and allow then to go deeper as they keep reading at will,
avoid terms like elliptical curve on the surface and stop doing shit like assuming people can compile their own apps or run checksums.
As cringy as it sounds saying it out loud. It's still a barrier that points to Coinbase or other exchanges for retail investors.

Re-Market Bitcoin Core  
Bitcoin is the most successful organic product I've ever seen marketed,
If re-design and re-educate are executed properly this will organically follow.

Let's discuss how we could make organic opensource products in this ecosphere better than exchange counterparts.

Does it educate you in the process?
Is it intuitive to all?
Does it have confusing jargon to retail investors (casual users)?
Has electrum accomplished what I'm talking about already?

How do you propose I reword this topic to avoid unnecessary filibuster and focus on the goal?
The core idea was a loose proposal, I want to contribute to this cause in some fashion, any ideas?

Why release a new wallet "kind of like Electrum" when we already have Electrum?


There is limit to how simple you can make a UI and still have access to the important features of bitcoin. I'd argue Electrum gets pretty close, if you hide all the extra tabs and advanced features. All you have then is a tab showing your history, a tab to generate a new address to receive to, and a tab to enter an address to send to. You can't get much simpler than that, and that's certainly no more complicated than your average online banking portal or brokerage account.


I agree with pooya - these are issue to be solved, but they aren't to be solved by changing Core or by the Core developers. Core is first and foremost node software. The average retail investor won't be running a node, and so will be looking elsewhere for their information and software.

Doesn't matter if it's through core or not at this point, a strategy needs to be deployed with a real cause & multiple backers.
It can't be one person's opinion, or one teams project, a consensus needs to be formed and a direction needs to be laid out.

Re-design Core
or have a light wallet/version of core targeted for retail investors kind of like electrum but redesigned easy enough for a child to understand and navigate.

I'm proposing a UX redesign of a light "Wallet" version of core targeting retail investors. Not really wanting to reinvent the wheel. Just add training wheels.

I agree that we have a UI unfriendliness problem and a lack certain features. But I disagree with wanting to see all that in bitcoin core project or by their team. Because that would put pressure on those developers and would also grow the project size which would make it harder to review, maintain and update.

Let core be core and let other developers enter the scene and built stuff on top of core or even as standalone projects (like Electrum). That way we have dedicated team to a dedicated feature who don't have to worry about the backend (eg. core) and having to merge all their stuff in their project or having to follow their conventions or even programming language (ie. C++).

For example a C#, Python, Rust,... dev can not contribute to the C++ core (or make any major contribution). But they can create projects on top of core in the programming language they are expert at. That way we are also expanding the development circle hence making bitcoin even more decentralized.

It's not about improving the core. You talked about launching an official mobile wallet, for example. That's what centralises the system.

I ask, how could making core better centralize anything? makes 0 sense.

We need to figure out how to re-educate the whole responsibility aspect.

If you place your trust in a particular developer, it's possible that BTC will experience an FTX moment. Imagine every bitcoiner promoting a specific wallet. The App Store and other third parties can introduce a malware/backdoor into that wallet. As a result, a lot of cryptocurrency will be lost by millions of people.

Which all come down to one: responsibility. If people aren't responsible, no matter how good UI, or educational papers we give them, they'll just screw it up. On the other hand, if a person is responsible, then despite the potentially non-friendly UI, they'll just take the time and read how to acquire bitcoin privately, how to store them securely, how to move them across wallets, which fee rate is sufficient, which wallet software is the best for their use etc.

You don't need math to configure and use a bitcoin wallet.

I really think this is not a good idea, this would centralize a lot the ecosistem focusing on a simple "official" application. If that wallet is committed, there won't be too many alternatives, it would be catastrophic.
We definitely have to try to make things easier for inexperienced users but we have to find a way to do it in a decentralised way with open source projects where the whole community can participate.

Re-design Core
or have a light wallet/version of core targeted for retail investors kind of like electrum but redesigned easy enough for a child to understand and navigate.
Implementing official things like an official core sanctioned APK or iOS App would be a great start.

 A core wallet isn't centralized. All exchanges run on core.

This is due to a variety of things

2. Mathematics.