Topic: Slow adoption and decentralized nature of bitcoin - page 5. (Read 802 times)
We should do nothing and wait for the community to see the good side of being decentralized. As a consumer to cryptocurrency if I will be ask with my opinion it is better to have another choice like haviny cryptocurrency. None should be force to join but all are welcome try. This should be the essense of being decentralized where when chosing it means accepting also the risk that has in cryptocurrency. But if all will be educated then I guess there is no problem when it comes to utilization of cryptocurrency.
As a start before investment decision, people must know basics of asset they want to invest.
- Total supply
- Percent of coins that are premined and hold by owners, creators of the coin.
- Inflation or deflation scheme: period, rate of inflation/ deflation.
- Volume on the market
- How many exchanges are available to trade globally and in their nations.
- Legality in their nations.
- How transaction works: to avoid panic when their transactions are not yet confirmed by miners longer than usual.
- Security and privacy methods for their crypto.
- Other knowledge.
There is no easy thing to start and no easy thing to earn money. Easy comes, easy goes. We don't need lazy people in the market because they will be cleared out of the market soon. The adoption can not be increased sustainably by such people.
- Total supply
- Percent of coins that are premined and hold by owners, creators of the coin.
- Inflation or deflation scheme: period, rate of inflation/ deflation.
- Volume on the market
- How many exchanges are available to trade globally and in their nations.
- Legality in their nations.
- How transaction works: to avoid panic when their transactions are not yet confirmed by miners longer than usual.
- Security and privacy methods for their crypto.
- Other knowledge.
There is no easy thing to start and no easy thing to earn money. Easy comes, easy goes. We don't need lazy people in the market because they will be cleared out of the market soon. The adoption can not be increased sustainably by such people.
People must know how Bitcoin works in order to trust Bitcoin enough to start using it in their daily lives.
Would you ever invest your hard earned money into a project that has a vague and obscure business model and goals?I don't think so.With more transparency comes more trust.The "average Joe" isn't obligated to know absolutely everything about blockchain technology,cryptography,etc.He should be familiar with the basic fundamentals of Bitcoin.I truly believe that the fundamentals of Bitcoin are simple enough to be easily explained to uneducated people.
Would you ever invest your hard earned money into a project that has a vague and obscure business model and goals?I don't think so.With more transparency comes more trust.The "average Joe" isn't obligated to know absolutely everything about blockchain technology,cryptography,etc.He should be familiar with the basic fundamentals of Bitcoin.I truly believe that the fundamentals of Bitcoin are simple enough to be easily explained to uneducated people.
This post was inspired by tweetstorm https://twitter.com/Beautyon_/status/1179057801706065920
The author of the tweet argues that in order to use bitcoin, people should not be required to know or comprehend theories and technologies on which bitcoin is standing. He claims that for bitcoin to be successfully adopted, it needs to be simplified to such extent when people don't bother to know how it works, why it works, what purposes it was created for, etc.
At first glance, it seems reasonable to make bitcoin more simple, user interfaces more convenient, the cost of onboarding onto bitcoin a bit lower. Undoubtedly, it all will lead to a faster adoption of bitcoin. But.
Bitcoin is digital money. Unlike iPhone or SmartTV (examples from the tweet), it needs to have certain characteristics to be considered so. More importantly, not only does it need to have certain characteristics, these characteristics should be continuously sustained by participants of the network. The more decentralized the network, the easier to keep it robust and valuable. If it were centralized, it woudn't be robust and valuable, it would be shut down already. Decentralization is the key factor.
Now imagine the situation in which bitcoin is being adopted only by uneducated who have no idea how bitcoin works, who don't think too much about decentralization and necessity of sustainability of characteristics, they don't even know why they are using bitcoin instead of fiat! If they don't know what full node is, they will not bother to run one. Decentralization is gone. Bitcoin is gone or less valuable due to decrease of decentralization. Faster adoption is bitcoin's demise.
What should we do?
Should we learn bitcoin or not?
Should we promote simplicity and avoid complexity?
Can bitcoin continue to exist if majority of people don't want to be taught about importance of bitcoin and ideas behind it?
The author of the tweet argues that in order to use bitcoin, people should not be required to know or comprehend theories and technologies on which bitcoin is standing. He claims that for bitcoin to be successfully adopted, it needs to be simplified to such extent when people don't bother to know how it works, why it works, what purposes it was created for, etc.
At first glance, it seems reasonable to make bitcoin more simple, user interfaces more convenient, the cost of onboarding onto bitcoin a bit lower. Undoubtedly, it all will lead to a faster adoption of bitcoin. But.
Bitcoin is digital money. Unlike iPhone or SmartTV (examples from the tweet), it needs to have certain characteristics to be considered so. More importantly, not only does it need to have certain characteristics, these characteristics should be continuously sustained by participants of the network. The more decentralized the network, the easier to keep it robust and valuable. If it were centralized, it woudn't be robust and valuable, it would be shut down already. Decentralization is the key factor.
Now imagine the situation in which bitcoin is being adopted only by uneducated who have no idea how bitcoin works, who don't think too much about decentralization and necessity of sustainability of characteristics, they don't even know why they are using bitcoin instead of fiat! If they don't know what full node is, they will not bother to run one. Decentralization is gone. Bitcoin is gone or less valuable due to decrease of decentralization. Faster adoption is bitcoin's demise.
What should we do?
Should we learn bitcoin or not?
Should we promote simplicity and avoid complexity?
Can bitcoin continue to exist if majority of people don't want to be taught about importance of bitcoin and ideas behind it?
Jump to: