How to improve the usability of bitcoin?

[KiloFoxtrot]

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

You basically can't physically touch bitcoin or any other cryptocurrency for that matter. And due to COVID-19, we're trying not to use Fiat (paper and coins) as much as possible.

But although we've been using plastic, checks, wire transfers, etc. ever since, they're all basically still using different fiat currencies via different ways of convenience. And cryptocurrency hasn't really bridged the gap quite yet, to combine that ease of use and convenience yet.

So, what if we can merge or combine the use of a cold wallet (which basically holds cryptocurrencies only for now) with the ease and convenience of plastic, but create a totally new hybrid instead (wherein it's a hybrid traditional plastic card with a chip but it's also a miniature form factor version of a portable USB cold wallet that's more secure since it has the capability to still connect to a remote back-up version elsewhere via a secured cloud blockchain server).

Either way, they're just my futuristic thoughts about the matter.

[panganib999]

We can hereby improve the usability of Bitcoin as well as the other cryptocurrencies if people will get into recognizing its importance and existence as well as they will get into adaptation of those cryptocurrency to get into a massive maximal usage. If this will happen, surely people will get to know how when, what, why and where they can be able to use Bitcoin. With the experience from the people using it, we can hereby extract suggestions that is considering the needed improvement from the users to be able to make them easy to access and use Bitcoin and other cryptocurrencies effectively like the regular currency we do have. Adaptation and having prior knowledge is the key and will be the trigger for us to better know how we can improve the usage or usability of not just Bitcoin but as well as the other existing valuable cryptocurrencies in the market.

[juvo_3]

The current implementation is good enough imo. The rate of adoption might not be as fast as other tech but that's simply because there is much freedom in the crypto/bitcoin ecosystem. People need to learn to be their own bank, avoid stupid mistakes, etc which might be suitable only for those who are young or open-mined.

If we put the 10 year age into perspective, what we achieve so far is amazing. What started as a simple experiment has been used by some merchants and users to create their own economy, and that is great.

The spending culture or whatever you talked about will follow when there is enough clarity (either regulation, government stance tc) and exposure to new people, added with an increase of merchants accepting crypto/bitcoin. It will come sooner or later.

I am a fan of Bitcoin, and I think that it did achieve a lot, but that doesn't mean it's doing fine in terms of the spending culture or adoption. Only around 2% of the population use Bitcoin at all. At the current adoption rate, Bitcoin will take a couple if decades to catch up with top payment methods, if I am not mistaken. Moreover, I really don't think that most users of Bitcoin but goods/services with it. They gamble, trade or hold, but there options if spending Bitcoin as money are too limited. Not to mention that it's largely unrecognised, so any time one needs a proof of funds, BTC doesn't count.

I would like to point out, that 2% population statistic only came about from the rate of innovation and introduction of utility since Bitcoin's conception and the urgency that some of those people have for a new currency. These people are not using it as a luxury.

I think volatility (noise) and drift (movement) of Bitcoin's price are two real research questions. I am not a economist. But my novice understanding would have me believe that some factors that contribute to the volatility and drift are:

• The relatively small amount of liquidity (trade volume)
• The concentration of Bitcoin with whale traders
• The almost monolithic use of Bitcoin in speculation based applications
• Shady exchange behavior which contributes to the barrier for institutional investment

I think that the base technology is maturing. The Bitcoin Protocol is solid af. Lightning Node Network is a major step in my eyes for bitcoin to be used casually in everyday transactions. Which steps it closer to mainstream use of its first application (currency).

Towards optimizing:
I feel that eventually the above issues will dissipate over time. But introducing infrastructure that makes Bitcoin easy to use will greatly help for mainstream adoption. Off the top of my head, I envision a future, where every home will feature a little home server. This home server will host:

• LLN hot wallets of the residents in that home (equivalent to a transaction account for spending)
• Bitcoin wallets for the residents in that home which are able to top up the LLN hot wallet (equivalent to a savings account.. for saving)

Then on a portable device (phone or some other specific device that fits in a wallet), client side software will provide the ability for the owner to spend via the associated LLN hot wallet. The client side software will provide security features like adjustable maximum spend per day, etc. The server side software will:

• Conduct record keeping of transactions on the LLN hot wallet
• Manage opening, closing and connecting LLN hot wallet to LLN
• ensure that Bitcoin does not accumulate in one wallet (distribute to multiple wallets)(based on rules applied by owner at setup)
• Will manage some form of RAID1 data redundancy for Wallets (perhaps stored, encrypted in other peoples home servers.. hmm, don't know, risky).
• Allow multi-sig Bitcoin wallets (joint accounts between people)

This type of innovation, in my belief, will encapsulate people from dealing with the nitty gritty of bitcoin blockchain back-end infrastructure. It would lead to more adoption and variation in use cases. It would bring Bitcoin into the home and the applications can grow from there. Like asset management, automated accounting services (i mean just imagine, not having to deal with paper receipts... IMAGINE!!! ). Imagination is your ceiling really (just watch out for the serrated steel lined ceiling fan which is governments having misconceptions about Bitcoin and central banks defending market share).

[imstillthebest]

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Well so far the only legalization of cryptos I read recently was Korea and India legalizing cryptos just right when COVID was declared pandemic.
Even the law in usage of crypto is kinda unstable right now.  

About the last sentence, I kinda have mixed feelings about that.
I don't want authorities to look over my funds.
Even my online wallet service is kinda strict to cashing out my funds when I need them the most.

thats a good and strange news at the same time  . good because those countries finally join cryptos , strange because if not because of covid 19 they will not announce a news like this  .   what are you worried about  ? the control of govts for crypto or the regulation  ? we are all worried so please calm but until now people are still here so dont worry too much  .  existing crypto users feel a bit scared too but this does not affect the performance of cryptos or the peoples ability to profit

[Natsuu]

There is only one thing that will sort this all out, if a country like US will legalize crypto or bitcoin it will bring huge adaption and it will increase bitcoin usability at the same time. Rules and regulation hinders the bitcoin adaption but we are slowly getting there, for sure big companies will jump into it if that happens, if it is legalize on countries like US, china and other countries will follow. Bitcoin is far more better than dollar because of its limited supply but in dollar they keep printing.

That is one of the major problem in bitcoin, it is not legalized in differenr country yet it is also not illegal. Somehow, people always manage to mine bitcoin eventhough what situation is they in. Wayback before bitcoin is not that famous to many people, and some people are using it and some doesn't want to belive in it. Many people didn't expected that bitcoi  will be famous and goos as it was today. They hold bitcoin yet they didn't keep it and forget about it. The usage of bitcoin wayback is not that high but as the year passed by, bitcoin surprassed everyone by its own improvment in terms of price. Many people now want to earn and mine it and many want to gamble it.

To improve the usage of bitcoin, I think one of the best way is to advertise it and explained not just in the government but all of the people the advantages of bitcoin. Fund some research on how bitcoin will be more improved. Take care of the price of bitcoin and always consider things in mining. Bitcoin isn't just a cryptocurrency but it is a digital currency that will helps us to more improve and be a better world someday.

[Tiews223]

There is a speculative (investment) presence in the current bitcoin discussion scene. Only known and used by a few people.

If bitcoin really wants to become a universal currency payment system, how can we optimize the design for ease of use and make it easy for most people to get started easily and with low risk?

I think bitcoin providers are trying to ease in the existence of bitcoins. Although bitcoins have become of big help to many of us, many of us still see the physical money as more convenient. Not everyone knows exactly how to use them, some are not trusting of the said currency, some are not equipped with gadgets to be able to use them and some are too old to start learning how to use “money” again. Physical money has always been the mode of every payment. The younger generation might adapt to it easily but the older generation might not. In this case, it may even cause a lot of confusion that may result to several delays, instead of a person handing the money now and getting their purchased item immediately. What if you need to buy something now and the system is down or non function right? There is so much potential in bitcoins but it would always depend on the person using it.

[reality18]

The improvement in Bitcoin usability will happen but must begin with its adopters now. Cryptocurrency and Bitcoin adopters understand the concept and are the best people to integrate it into their payment systems. This is what will expose it to customers and clients who know nothing about Bitcoin.

[MrcMrc]

We do not have to bother about how to improve bitcoin usability, and bitcoin is the universal currency already because cryptocurrencies are easy to use and bitcoin is the first of all cryptocurrencies with 67% dominace. Even, many leaders that even some which to remain anonymous are now holding bitcoin, while some are trading it. So far bit in has grown so fast, it will still grow more even before 2030
 And as now, there are more than 7000 bitcoin ATMs in the world which is increase year after year.

[fullhdpixel]

There is really nothing you can do about that, you can't change the volatility of Bitcoin. When I started newly I still had to battle with that, but it didn't discourage me from making use of Bitcoin. My main purpose when I discovered Bitcoin was just to use it as a means to receive money for the work I was doing. And I was not the type that likes to withdraw my money immediately to the bank, I usually stored my money in mobile wallets like this.

PayPal wasn't available to me, I was using Payoneer and Bitcoin was another means that a lot of people were beginning to use, so I got on it. Despite that it was fluctuating up and down I still took the risk and was keeping my money stored in it. No one was talking about bull–run then, and I wasn't even expecting that, I was just saving my money and all of a sudden. So, I don't think volatility can stop anyone from using Bitcoin. It's all about choice.

[TheUltraElite]

This is what will expose it to customers and clients who know nothing about Bitcoin.

Its not that easy as it sounds. We have so many mainstream competitions like Apple, Gpay and others who are willing to take part in high speed secure transactions system development and have working products for such transactions.

Try comparing those with bitcoin and you will see a big difference. I am hopeful that with time bitcoin usage will increase too but that will not happen overnight but rather slowly and gradually.

Still you cant force people to use something. You need to show them what they are missing out and why it can be helpful. Only them bitcoin adoption will rise apart from the fact that governments may crack down on its usage then it becomes a no-go.

[AniviaBtc]

There is only one thing that will sort this all out, if a country like US will legalize crypto or bitcoin it will bring huge adaption and it will increase bitcoin usability at the same time. Rules and regulation hinders the bitcoin adaption but we are slowly getting there, for sure big companies will jump into it if that happens, if it is legalize on countries like US, china and other countries will follow. Bitcoin is far more better than dollar because of its limited supply but in dollar they keep printing.

To improve the usability of bitcoin, the government must accept the use of cryptocurrency in their economy first. In order for us to help the legalization of crypto, we should continue using bitcoin in transactions that we are doing. We should also invest in cryptocurrency and let the people notice that bitcoin can really give you profits and it is useful as a business.

It is really hard to see the future as there are still countries who don't want to regulate cryptocurrency in their economy, but as an optimistic bitcoin fan, we can make it happen. Nothing is impossible in bitcoin that's why we just need to work hard so that we can improve the volume of people using cryptocurrency and the usability of bitcoin towards the economy.

[yeloxx3]

As a newbie in  crypto world.l, I've had to wait a while to see if it's a bitcoin project is legit. Being a newbie I don't understand many terms about cryptocurrency so it would be nice if we could improve the technical terms of bitcoin. Like what is e wallet, how to make a bitcoin process and make it easy to understand. Let's not use a complicated word. We can optimize bitcoin if we value its importance to an individual or family. What benefits it has and what do they have to face to become aware in this crypto world
If the people are more aware in this crypto world, then it is possible to anyone to know the technical words, the use and process of the system about bitcoin.
Companies  think that they might lose because many people aren't aware of bitcoin. So If people are knowledgable about bitcoin then a lot of company will use cryptocurrency without spending too much money.

[btccoffee]

First this is just my opinion and for me maybe bitcoin will not be a one or central currency around the world because if you take a look, clearly there are so many cryptocurrency which is more faster, easier and also safe than bitcoin.
Second to help improve bitcoin usability i think we need to communicate to the government to push bitcoin usability to the public in that way more and more people will use bitcoin and it will create a low risk to all users.