Topic: What would you improve about Bitcoin if you had the chance ? - page 2. (Read 229 times)

I don't think there's anything to improve about Bitcoin, if you lose your private keys, then you lose your bitcoin. I'm not a very technical person, but in order to protect your private keys, I would suggest that you read about: Metal Bitcoin Seed Storage Reviews by Jameson Lopp.

there is no need to change or break bitcoin by making it hackable for forgetful convenience. it just requires people to have prior thought about how they in the human world backup-keep safe their keys in the first place


bitcoin already has many ways to protect a private key. and many other ways for humans to protect the keys
you can first create a key as a seed of words, easier to memorise..
which you can then personally decide a multitude of ways to preserve it, like engrave it in metal and bury it in your yard.

or turn the bytes into a cypher which you know the puzzle to uncypher and then just have a million copies around your house which are meaningless if seen, because only you know the cypher to translate it

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having a system that requires PoW to recover a private key, pretty much means needing PoW to create the key in the first place.
which then becomes a wall. where it starts costing people something to make a key...

people would use bitcoin less if it started costing them something just to have an address/"account" before they are even able to receive funds in it.

after all would you use a paypal account if they asked for a $X fee just to sign up to them?.. nope. thought not.

as for the amount of work needed. well some dormant keys have 50coin+ on them per key (satoshi stash) ($2m+ each)
so if it only cost say $2(reasonable service entry fee) of PoW to recover(gain access to a key) then thats a way to cheaply hack keys that should be unhackable. so ofcourse if there was a system. the 'entry fee' to create a key/recover a key would have to be a few $m atleast

no one would pay $2m to enter a service they never used before(one end of the scale) and no one would want to risk their wealth on a key system that can be hacked for just $2(other end of the scale), so either way.. it just wont have any real utility as a feature without breaking the overall utility of bitcoin

I am not much into the technical field like you guys but I would just love to see that bitcoin is getting sent and received in simplest manner. For example with QR code scanning apps or those used in Asian country like India through their Unified Payment System (Google Pay etc.)

I want that freedom from bitcoin. I would go and tell all the developers to work on that first if I had the chance to do so.

Just imagine the world after this. All the humanity would get connected with the crypto space and bring up whole new chapter for its valuation.

It is like saying you want someone to help you in a way you want the person to bath for you, go to toilet for you and do everything in a way you will not have any responsibility. That is not possible. Everything about bitcoin is perfect, it remains for you to properly backup your seed phrase or private key safely.

If you are thinking you can be careless and misplace your seed phrase, it is not bad to setup a multisig wallet in which you will have N-of-N keys with you which you can backup in different locations, only M (seed phrase not up to or if you make it equals to N) out of N seed will be required to move your coins if any seed phrase is lost.

Like in 3-of-5 multisig wallet, you can backup the 5 seed phrases in different locations, but only 3 is needed to move your coins if 2 are lost, then if 1 or 2 seed phrase or keys are lost, then you still have the option to setup a new wallet and transfer you coins to the address(es) generated by the new wallet.

I just hope Electrum will soon support Taproot, so people will be able to use Electrum to set up pay-to-taproot multisig wallet and take advantage of low fee like single key transaction.

In as much as my private key gives me full control of my funds and it grants me access to sign a transaction if it gets misplaced then I'm doom for life. What if there was an improvement on this maybe a way of recovering back ones private key if it gets misplaced even if it would take a proof of work alogrithm or even a more tudious process but having a chance to get back lost wallets in cases of carelessness or maybe hazardous damage since it's not advisable to store private keys online nor would it possible for everyone to memorize this combined alpha-numeric values of SHA256 alogrithm