Bitcoin Forum

...we should focus on abstracting Bitcoin away.

Throughout history people have outsourced the responsibility of managing their wealth with much simpler assets.

"The consumer-facing financial system is soft and forgiving and fine-tuned for the consumer."

"Real assets, like cash, bonds, property, gold, etc., are only exchanged through the backhaul, in aggregate, between institutions, to settle the net difference of all their accounts."

"There will be the same banks and credit cards and chargebacks that have been perfected for generations, but they will be denominated in Bitcoin. The focus will shift from trying to educate the population about paper wallets, private keys, and live CDs, to completely abstracting Bitcoin away from daily life. The majority of transactions will happen off blockchain between users' private accounts, with only sophisticated institutions trading real Bitcoin on the blockchain. Consumers will not have to manage, secure, transact, or otherwise interact with Bitcoin at all, leaving all the dirty work to the professionals."

full article: http://posts.thinkloop.com/bitcoin_should_be_abstracted_away_from_day_to_day_use/index.html

im so passionate about bitcoin

i cant help talk about it with my friends and new people i meet

the only reason you would want to sheild people from bitcoin is because of personal greed. for bitcoin to grow people must be edjucated.

http://www.youtube.com/watch?v=i2lmFCqbJcI

Knowledge is power but I guess in relation to the op post leveraging it seems like an interesting enough idea


The focus will shift from trying to educate the population about paper wallets, private keys, and live CDs, to completely abstracting Bitcoin away from daily life. The majority of transactions will happen off blockchain between users' private accounts, with only sophisticated institutions trading real Bitcoin on the blockchain. Consumers will not have to manage, secure, transact, or otherwise interact with Bitcoin at all, leaving all the dirty work to the professionals.

One of the best things that could happen to Bitcoin, would be for existing institutions to leverage their current infrastructures to use with it.

That was pretty much discussion of the building of the bitcoin chain.

Still feels like an odd title

Teaching them make them buy bitcoins. And when they buy bitcoins, prices go up! :D

I agree, I changed it.

That seems like a clearer point and thanks

Better if you quote something from the article.

Right again. Updated, and thank you.

You are welcome  :)

Seriously one of the worst suggestions I've ever read here.  Education is key.  I respect people not feeling obligated to do so, but I think it's crucial and am working on solutions with education in mind, regardless.

https://aworldofcurrency.com/

Duh.

Yes, for Bitcoin to grow, more suckers users must be recruited. This thing is zero-sum, remember.

I can't for the life of me understand how educating someone about bitcoin could ever be a bad thing.  I guess I'll have to reread this thread over because I"m not getting it at all.

He seems to be saying that Bitcoin is still too complicated for the average consumer to be mass-adopted. He's doubting Bitcoin's usefulness as a typical currency and sees it being relegated to the backend, although I'm not entirely sure how.

Maybe the name 'Bitcoin' has put blinders on people, forcing them to relate it to traditional money. In reality, having Bitcoins means having power over the ledger. There's a number of transactions you're entitled to by having 1 BTC (limited because transactions can only be so small). Maybe there's utility to be found in being able to prove that information was transmitted at a certain moment in the blockchain, unrelated to the actual transfer of coins (perhaps using the block's comment section). Perhaps that can be used by companies that interface with consumers.

What that would look like I don't know.

I am arguing that people have historically rejected managing much simpler items of value. We will not be able to stand against their will. We must adapt and focus efforts on abstracting Bitcoin away from them as much as possible.

That's when the Banks will take advantage of the situation, I think....

It is hard to not re-educate when they ask questions.

I watched the video from bitcoin.com and then I showed others, that video makes it easy to understand the basic parts of bitcoin and sums it up for people that are not much into technology to actually understand how it works.

I agree that bitcoin is not best for "everyday use" as in buying groceries or pickup a magazine, and it would help mass adoption if there are "front-end" payment systems similar to credit cards to handle "everyday" transactions. Though, I would not like to see bitcoin completely becoming a "back-end" settlement platform among banks and clearing houses, fenced off from the public.