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This speaks to a fundamental truth about cryptocurrency. In order to make it easier to use, these currencies adopt the trappings of fiat currency. When I had Bi
by Breza 5y ago
This speaks to a fundamental truth about cryptocurrency. In order to make it easier to use, these currencies adopt the trappings of fiat currency. When I had Bitcoin a while back, I always used an exchange. Most new users will do the same. And any financial transaction you're able to perform will likely go through intermediaries. Not because they're necessary but because they make things easier. If cryptocurrency is going to become mainstream, it will have to be indistinguishable from fiat for end users.
- alisonkisk 5y agoAlternatively, the trappings of fiat are the onramp and the social support that enable the meaningful use cases for the minority of power users.
- pkulak 5y agoI'm amazed by what has happened to Bitcoin in the last several years. I played around with it about a decade ago, and that involved setting up a node on my laptop, creating my private key, and going to town. Now everyone is trying to move to a second network (Lightning), but that system is so overwhelmingly complicated that no normal human being can actually manage it themselves. So everyone just has all their coin stored with third parties and no one actually has their private key anymore. Take a look at one of the "wallets" sometime in your app store of choice. The negative reviews are complaints about onerous know-your-customer processes (make sure to scan your driver's license into your Bitcoin wallet, kids!), deposit and withdrawal limits, etc. From the reviews, you can't even tell them apart from PayPal/Venmo/et-all.