Why Bitcoin may be doomed

[wellfare]

Bitcoin and cryptocurrencies in general are wonderful things and probably have potential to enhance our everyday life in aspect that we cant even fathom, but there is a problem when it come to progress, most poeple are afraid of what they cannot understand without putting their mind at work (which they probably wont do), and will avert something new even if it has incredible benefits. this is why crypto will have to face the reality that most common people are not savvy enough to trust something as conceptual as cryptocurrencies, not to tell that it requires a phd, but a minimum is necessary to secure one's fund.

In fact Cryptocurrency just need to be more accessible and more user-friendly, most people don't have a clue on how banking system work but they are still willing to use it and put their life saving in it, if some entity find the right balance between security and usability, i think this might help but hope that people will educate their self in the future is a bit unrealistic. 

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[mk4]

Bitcoin may be user-friendly enough for most of the typical millennials and for the more tech-savvy boomers, yes, it's definitely not user-friendly enough for 100% of the population. But hey, a some years ago we'd all have to download Bitcoin Core full node for us to use bitcoin. But now? We've got SPV wallets for mobile phones, and hardware wallets that's a perfect balance between usability and security. Who's to say were stopping here? There are so much smart and talented people working on this industry. Technology will move forward.

[hatshepsut93]

I agree with what you are saying, and I had similar thoughts for a while, but I don't agree with your conclusion that Bitcoin is doomed. It can easily exist as "nerd money", especially as people generally becoming more and more nerdy. It's no coincidence that Bitcoin is most popular among the young people, those who grew up with computers and phones.

But making Bitcoin more user friendly sounds like a nearly impossible task to me. Banks hide cryptography away from users because they are in control of the software, but Bitcoin wants people to be their own bank and carry all the burdens of it. Attempts to simplify Bitcoin, like replacing addresses with accounts would cause centralization and reduced privacy.

[1982dre]

Crypto is already become more user friendly compared with a few years back. Nowadays you can have useful apps for your mobile and that kind of things. I expect in a few years it will be even possible for the older non nerds people to use it ;-)

[Baronets]

Yep - keep Bitcoin away from the "common people", and lets keep it for the people who are adaptable enough to realise its potential. Whilst we are at it, keep it away from the old banking thieves who stole our pensions and national assets.

[Artemis3]

Bitcoin and cryptocurrencies in general are wonderful things and probably have potential to enhance our everyday life in aspect that we cant even fathom, but there is a problem when it come to progress, most poeple are afraid of what they cannot understand without putting their mind at work (which they probably wont do), and will avert something new even if it has incredible benefits. this is why crypto will have to face the reality that most common people are not savvy enough to trust something as conceptual as cryptocurrencies, not to tell that it requires a phd, but a minimum is necessary to secure one's fund.

In fact Cryptocurrency just need to be more accessible and more user-friendly, most people don't have a clue on how banking system work but they are still willing to use it and put their life saving in it, if some entity find the right balance between security and usability, i think this might help but hope that people will educate their self in the future is a bit unrealistic.  

You are using too many words to describe a bitcoin bank, which is what most online wallets and exchanges do. Ie, you want to trust a third party with your money, because you cannot trust in yourself well enough to keep it protected.

My answer to this is, are you willing to pay the fee? You should because:

This is a full reserve banking system. Banks "(ab)normally" pay interest to you because, they don't keep your money, and they can go bankrupt, because of the scam known as fractional reserve banking, which is how modern banks operate.

If you have used debit/credit cards or any type of pre-paid card you put money into it and then later spend by swapping to machines, you already understand the gist of the matter. The difference here is that crypto is far more secure and impossible to fake, as sometimes happens to these naive digital payment systems (ie. for metro/trains/bus etc).

Perhaps for some people some form of hardware wallet would be the easiest to use, only for small amounts of course. A smartphone could accomplish the same function of course, but for some people some sort of "card like" device (with eink screen, reader, etc) would do.

But this is not even the coin's realm, its the people doing the wallets, both software and hardware. The coin itself is good. Already bitcoin is on the brink to be easily used for quick small transaction, via LN, but this LN needs to be implemented in a way that is super simple to use, and that lies in the hands of wallet developers. You can't expect a common user to be running a bitcoin and lighthing node in their smartphone, even if some have already done just that, bandwidth use is prohibitive. That's why light wallets like Electrum have their place for daily mundane purchases at the shop etc.

[adzino]

Bitcoin and cryptocurrencies in general are wonderful things and probably have potential to enhance our everyday life in aspect that we cant even fathom, but there is a problem when it come to progress, most poeple are afraid of what they cannot understand without putting their mind at work (which they probably wont do), and will avert something new even if it has incredible benefits. this is why crypto will have to face the reality that most common people are not savvy enough to trust something as conceptual as cryptocurrencies, not to tell that it requires a phd, but a minimum is necessary to secure one's fund.

In fact Cryptocurrency just need to be more accessible and more user-friendly, most people don't have a clue on how banking system work but they are still willing to use it and put their life saving in it, if some entity find the right balance between security and usability, i think this might help but hope that people will educate their self in the future is a bit unrealistic. 

I don't know why people keep on saying that they have to be tech savy in order to use bitcoin or other crypto currencies. Let us talk about paypal over here. How to people send money to others using paypal? They first login to their account and then goes to the payment option and enters the recipients email address and sends the money. Just few clicks and you are done. The same way you send money using bitcoin. You go to your wallet. You enter the recipients wallet address (instead of email address) and click on send. You coins are transferred instantly and once confirmed by the network you are good to go.

[hatshepsut93]

I don't know why people keep on saying that they have to be tech savy in order to use bitcoin or other crypto currencies. Let us talk about paypal over here. How to people send money to others using paypal? They first login to their account and then goes to the payment option and enters the recipients email address and sends the money. Just few clicks and you are done. The same way you send money using bitcoin. You go to your wallet. You enter the recipients wallet address (instead of email address) and click on send. You coins are transferred instantly and once confirmed by the network you are good to go.

There are many differences. If you forgot your password to PayPal, you can just ask them to send a reset link to your email. If you forgot your password in Bitcoin, you'll have to brute force your wallet, and if you lost your wallet, your coins are gone forever. In PayPal if your account gets hacked, you'll still have a chance to recover your funds if you act quickly, in Bitcoin your coins are gone immediately. In PayPal the fees are always the same, in Bitcoin your wallets can suggest you fees that are 10-20 times more than what you can pay, thus costing you a lot of money in the long run.

[1Referee]

Bitcoin definitely needs to become more user friendly. It's quite easy to explain people how the basic features such as send and receive work, but things get tricky when you explain them how important network congestion is, what the difference is between one single input transaction versus multiple, the security aspect, etc.

People don't know what it is to be responsible for their own wealth. They don't know better than banks doing the work for them. It gives them a peace of mind, and I can't really blame them.

In PayPal the fees are always the same, in Bitcoin your wallets can suggest you fees that are 10-20 times more than what you can pay, thus costing you a lot of money in the long run.

PayPal's fees might be the same when it comes to domestic payments, but definitely not when you transact with people from different countries. They seem to be fairly dynamic as well because they change quite frequently without PayPal coming up with an explanation. Very unreliable in terms of fees, and similar to extortion since they operate an closed ecosystem.

[gentlemand]

Bitcoin will be packaged and spoon fed back to Mr. Average by big hitters. That's how new concepts have always worked and always will. Most people never seek things out. They have it shoved in their face and are told it's the best choice for them until the message eventually sinks in.

What's different with BTC is that if you have the nous to seek it out you can be there before the big hitters get around to it.

[pooya87]

the same exact thing can be said about any other new technology. people are always afraid of change, it is in their nature. but that doesn't mean their fear will prevent change. quite the contrary, the change is also a part of our world and it is inevitable. and that is what happens with all the new technologies, the come and replace the old ones. at first there will be resistance but eventually everyone accepts the facts.

as for user-friendliness, it is not bitcoin that needs to become user friendly but the Graphical User Interfaces that need to do that. in other words the wallet developers need to improve their GUI to create a better user experience.
so far there has been a lot of good efforts in this direction too. for example we have user friendly desktop wallets such as Electrum, we have lots of mobile wallets that are as easy to use as pointing and clicking!

[meanwords]

Don't worry that much. As of now, Bitcoin is too strong to be doomed at this point. As time goes by, more and more people are going to know Bitcoin and be educated. Also more and more companies are going to adopt Bitcoin which results into people able to access it easily. With that said, the use of Bitcoin would really benefit a certain place. I simple google search and you'll know how Bitcoin is growing bit by bit.

[fulled]

Bitcoin is an enemy for multi-trillion bussiness, its impossible for bitcoin to adopted massively in near future, but bitcoin will continue to growth and developed, many smart people developing bitcoin and crypto nowadays, it will be popular and adopted in future, im sure

[Jating]

Bitcoin and cryptocurrencies in general are wonderful things and probably have potential to enhance our everyday life in aspect that we cant even fathom, but there is a problem when it come to progress, most poeple are afraid of what they cannot understand without putting their mind at work (which they probably wont do), and will avert something new even if it has incredible benefits. this is why crypto will have to face the reality that most common people are not savvy enough to trust something as conceptual as cryptocurrencies, not to tell that it requires a phd, but a minimum is necessary to secure one's fund.

This was being said during the early days of Internet as well, not accessible, expensive. But look at how it grows in the last two decade. I think bitcoin will go to that same learning curve. I don't know how young are you and I"m not sure if you have seen the old modem, 56/kbps dial up.

In fact Cryptocurrency just need to be more accessible and more user-friendly, most people don't have a clue on how banking system work but they are still willing to use it and put their life saving in it, if some entity find the right balance between security and usability, i think this might help but hope that people will educate their self in the future is a bit unrealistic. 

Again, Bitcoin or crypto is still in its infancy, and there will be a lot of changes in the next 10 years that will make it more accessible and more user friendly in the future. And I'm sure that people will adopt as well, it's own nature innate is us that why we are still here in the 21st century. You just need to give it some time.

[Janation]

It is not user-friendly?

There are a lot of exchanges out there that makes a lot of things easier and user-friendly for them so they can use Bitcoin like any other payment method is. For example, our local exchange, coins.ph, I introduced them to some of my friends and started investing in it, they are not that tech-savvy but they do know how to use mobile phones but they can use Bitcoin without a problem now. Bitcoin is hard to understand since behind all that decentralization, there are a lot of things to learn but you just need to learn to use it not to fix it.

[Maestro75]

Don't worry that much. As of now, Bitcoin is too strong to be doomed at this point. As time goes by, more and more people are going to know Bitcoin and be educated. Also more and more companies are going to adopt Bitcoin which results into people able to access it easily. With that said, the use of Bitcoin would really benefit a certain place. I simple google search and you'll know how Bitcoin is growing bit by bit.

Yes, I also believe that Bitcoin can never be doomed. It has come a long way and it is here to stay as a modern means of payment. Again there is no way bitcoin will become user friendly that everyone can use it. It is too technical for everyone to understand. Even in the next few decades to come not everyone will understand it.

[timerland]

most poeple are afraid of what they cannot understand without putting their mind at work (which they probably wont do), and will avert something new even if it has incredible benefits. this is why crypto will have to face the reality that most common people are not savvy enough to trust something as conceptual as cryptocurrencies, not to tell that it requires a phd, but a minimum is necessary to secure one's fund.

I disagree with this. For fiat payments, do you know exactly how the banks process the payments, or do you know how tap and pay machines function and take the money from your account?

Bitcoin works as a blockchain, and with the amount of easy to use wallets and unlimited choice, it is very easy to use BTC for payments - just scan a QR code or insert an address and enter an amount.

In fact Cryptocurrency just need to be more accessible and more user-friendly, most people don't have a clue on how banking system work but they are still willing to use it and put their life saving in it, if some entity find the right balance between security and usability, i think this might help but hope that people will educate their self in the future is a bit unrealistic. 

This has some truth to it to, I agree that some cryptocurrencies need to be easier to acquire, but it isn't fair to compare a new payment option to fiat currency.

[Kakmakr]

The complexity has been solved by the introduction of 3rd party wallet providers and exchanges. Previously people had to install Bitcoin clients <some people still do> and run Bitcoin nodes to be able to store their coins, but less savvy people can now simply create an account at one of these services and then they can buy and sell coins at a click of a button.

This was good for adoption, but it introduced a central point of failure, where we have large 3rd party services with weak software that holds 1000s of coins and it inevitably got hacked a lot over the years. 

[serjent05]

Well isn't every new technology face the same problem? And you are forgetting something @op.  People are capable of learning.  That is the reason why human is the superior specie in the animal kingdon, both in intelligence and adaptability.  So do not  worry about the things you called difficulty about Bitcoin.  People will learn them before you know it.  People even puts several applications to make Bitcoin easier and accessible to majority of population. In due time, Bitcoin development and upgrade will enable it to be used even by a kid.

[Nellayar]

Well isn't every new technology face the same problem? And you are forgetting something @op.  People are capable of learning.  That is the reason why human is the superior specie in the animal kingdon, both in intelligence and adaptability.  So do not  worry about the things you called difficulty about Bitcoin.  People will learn them before you know it.  People even puts several applications to make Bitcoin easier and accessible to majority of population. In due time, Bitcoin development and upgrade will enable it to be used even by a kid.

We are always looking forward. Trends become obsolete and changing is inevitable. We cannot cease the development of our society because people are lived to question the existence and continuity in this world. It is normal for bitcoin to be doomed because it is part of development and remember development is a continuoua process.

[Slow death]

most poeple are afraid of what they cannot understand without putting their mind at work (which they probably wont do), and will avert something new even if it has incredible benefits. this is why crypto will have to face the reality that most common people are not savvy enough to trust something as conceptual as cryptocurrencies, not to tell that it requires a phd, but a minimum is necessary to secure one's fund.

You are underestimating people's ability to learn things and that is very bad of you. Look at 100 years ago, people didn't have the technology we have today, but see that today you find 8 year olds use their cell phones like a simple toy... there are thousands of people who know how to use a computer and things more complex. The world is changing so much that everyone can easily learn things like cell phones, computers, TVs and more. Something like creating an exchange account, having a wallet and sending or receiving bitcoin is not a hard thing for anybody to learn.

[kryptqnick]

Bitcoin may be user-friendly enough for most of the typical millennials and for the more tech-savvy boomers, yes, it's definitely not user-friendly enough for 100% of the population. But hey, a some years ago we'd all have to download Bitcoin Core full node for us to use bitcoin. But now? We've got SPV wallets for mobile phones, and hardware wallets that's a perfect balance between usability and security. Who's to say were stopping here? There are so much smart and talented people working on this industry. Technology will move forward.

Yeah, but I think that's user-friendliness is not the main problem. Some people, for instance, are really afraid of volatility. They are used to the stability of fiat, and they cannot feel safe around something with such an unstable price. Another problem is that Bitcoin is not suitable for small transactions performed by a big amount of people in a short period of time, and this is the kind of transactions we mostly perform. The waiting time and the fees are just not acceptable, and when it comes to Bitcoin LN, I think its major problem is that it's not user-friendly, and some people think it's too centralized.

[fiulpro]

you know the fact that countries are going as far is implementing a law that actually puts people in jail..for  even dealing in Bitcoins for 10 years even if they are holding their digital assets is already telling how a government thinks about Bitcoin.
The statement regarding Bitcoins from president Trump clearly shows that us is not a big fan of Bitcoins and we should already understand that due to their big influence on the market other countries will start implementing strict laws to ban Bitcoins and other cryptocurrencies they are taking away our freedom.

[Darker45]

First off, your subject is a case of hyperbole. I cared to read this thread because of "doomed".

Well, just remember the days when you were still like the rest who do not have the tiniest idea of Bitcoin. I used to be like them myself. But then here I am now, promoting, HODLing, using, and loving Bitcoin. I was not tech-savvy myself. I am someone who is more into social sciences rather than on the latest technological innovations, much less regarding fintech. When I first heard of Bitcoin, it didn't tickle even the tiniest part of my curious mind. And then I encountered it again a few more times and eventually I got the curiosity to at least know a little more about it. And everything was history.

This could also become everyone else's story. There is no need to understand everything. The basics are actually enough for people to get interested in Bitcoin, just like what happened to me. In fact, that single word decentralization was the key. Moreover, it is actually easier for people to become familiar with Bitcoin nowadays because a lot of people already know about it, it can be heard over the radio, watched on TV and on the internet, accepted in stores, and so on. It is not as strange as it used to be.

[Oceat]

Bitcoin is an innovation, a world-changing technology, thanks to Satoshi who almost give everything to improve it, and thanks to the community who keep continuing his work even if he's been long gone for a decade now without a single traces left. I agree that Bitcoin is not that really a 100% user-friendly but with proper knowledge i know someone would learn it through time.