Crypto’s biggest problem isn’t regulation or adoption says Suhail Kakar

[Darker45]

I don't agree. Development continues whatever happens. If there are laggards, so be it. Progress doesn't have to slow down much less stop because of them. Discoveries, innovation, and whatnot will have to continue their own thing at their own pace. Discovering life on mars doesn't have to stop because there are still human beings down here who have no access to clean water.

Anyway, it's not a case of either-or. Bitcoin awareness, zkEVM debates, how to respond to possible impacts of quantum computers on the Bitcoin network, and a million other things are all happening at once. It's unfair for everything else to take a break merely because some lazy guys only know of Binance as a way to keep their Bitcoin.

[riskthebiscuit]

What do you think?….. What’s your take on the matter

Well if you look at what BaseChain and Abstract are looking to do at the moment, they would agree with you. Specifically that a lot of crypto itself is confusing and has a steep learning curve that most do not want to undertake. Combining crypto into just an app like Basechain and Abstract are doing is exactly what you need to get more retail participation.

Doesn't hurt that the PENGU (Pax) is cute! 

[fuguebtc]

Investing in bitcoin is just a hedge against inflation not really to make us rich

There is no denying that the growth of bitcoin has outpaced the devaluation of currencies but that is not enough to make us rich.


You are right, investing in bitcoin these days only helps us prevent inflation and avoid currency devaluation, but cannot make us rich. If we want to be rich, we need to combine working hard, saving more and investing more...we cannot think that just investing a little in bitcoin can make us rich. Bitcoin is not a get rich quick scheme, nor can it grow exponentially every year...how can it make us rich?

Too many people are obsessed with bitcoin's past and think it can still go up millions of percent from now and make them rich. No, the days when bitcoin prices increased by millions of percent and generated millions of dollars in profits for many people from small capital are over.

[davis196]

He is kinda right, but at the same time, I don't think that Bitcoin/crypto is that complex. Maybe the elderly people would find it difficult to understand everything about blockchain technology, cryptography, mining, hashrate, wallets, etc. but the young and medium aged people have no problem with using cryptocurrency wallets. After all, young people should be the target demographic for the crypto industry, but the crypto industry shouldn't portray itself as some kind of "Eldorado", where everyone would be able to make lots of easy money. Many people view the crypto world as a place, where people are making and losing money by doing speculative trading and gambling. This makes way more people scared and suspicious about crypto.

[Ishicryptic]

The first time I heard about Bitcoin it sounded intelligent and complex, something that only nerds will understand, also the name cryptocurrency sounded cryptic but when I got into it, I found out that you don't need to understand technicalities to hold cryptocurrency. I believe that many people still have that mindset that I had and until they research and understand it will continue to look like something complex. Crypto awareness is increasing unlike early days of Bitcoin and people are gradually understanding that it is not rocket science to understand basic knowledge of holding cryptocurrency.

[IceLincoln]

The first time I heard about Bitcoin it sounded intelligent and complex, something that only nerds will understand, also the name cryptocurrency sounded cryptic but when I got into it, I found out that you don't need to understand technicalities to hold cryptocurrency. I believe that many people still have that mindset that I had and until they research and understand it will continue to look like something complex. Crypto awareness is increasing unlike early days of Bitcoin and people are gradually understanding that it is not rocket science to understand basic knowledge of holding cryptocurrency.

What you’re saying here is what Suhail Kakar is driving at  by saying we solved the wrong problem first, in a way he’s just advocating for more adoption because if the more simpler and easier ways are developed more people who found delving into crypto investments complex will be onboarded. Each of us at the beginning had our experiences but no one will say it was onetime practice to master and know it all, it’s not like using a social app that you can easily scroll through.
Looking at the stats that only about 1-2% of the World population holds bitcoin, you’ll see that he might be correct in what he’s saying.

[coyhasmon]

What do you think?….. What’s your take on the matter

Well if you look at what BaseChain and Abstract are looking to do at the moment, they would agree with you. Specifically that a lot of crypto itself is confusing and has a steep learning curve that most do not want to undertake. Combining crypto into just an app like Basechain and Abstract are doing is exactly what you need to get more retail participation.

Doesn't hurt that the PENGU (Pax) is cute! 

Most of crypto is created to scam normal people from their money. Why would a normal person want to spend time to investigate what BaseChain and Abstract are or anything like this? Bitcoin is another league, and people need it to get away from slavery. Do people need altcoins? Not really.

[Bear2Bull]

The first time I heard about Bitcoin it sounded intelligent and complex, something that only nerds will understand, also the name cryptocurrency sounded cryptic but when I got into it, I found out that you don't need to understand technicalities to hold cryptocurrency. I believe that many people still have that mindset that I had and until they research and understand it will continue to look like something complex. Crypto awareness is increasing unlike early days of Bitcoin and people are gradually understanding that it is not rocket science to understand basic knowledge of holding cryptocurrency.

Initially, the idea of Bitcoin and cryptocurrencies often felt very sophisticated and perhaps only understood by a select few. The perception that this was the exclusive domain of tech experts was common. However, you're right that over time and through exploration, it became clear that technical expertise wasn't necessary to participate. Many still feel this way, and only through personal research do the complexities become apparent. Fortunately, awareness of crypto continues to soar, far surpassing Bitcoin's early, lesser-known days. People are gradually realizing that the fundamental knowledge required to manage cryptocurrencies is actually quite simple, removing the initial barrier.