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Author Topic: My Thoughts on Bitcoin Adoption - I Could Be Wrong, So Let's Discuss!  (Read 324 times)
DudeAtWork420
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August 07, 2023, 04:54:23 PM
 #41


  • Educate and Engage: Let's  step out of the comfort zone and educate, give, and promote the entry of new local actors.
Education is always the key to knowledge and information dissemination. When one is educated, they are fully equipped to know the concepts of a given mechanism as the case maybe but in the case of the El-Salvador bitcoin adoption, I believe it was as a result of the decline in bitcoin price that led to their current situation. I could recall that they bought bitcoin when it was high and all of a sudden there was a drastic decline in price which affected their bitcoin reserve and since then it gave the nationals a wrong expression towards bitcoin and the citizens not too inclined are really against bitcoin adoption and that has caused economic crises in their country.

If these people are properly educated I  believe they would come to the benefits of bitcoin in the economy and on the other hand I see the       
El-Salvador situation as a political motivated one to smear the image of their President.
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August 07, 2023, 08:36:56 PM
 #42

1. Complexity - Is It Just Me, or Is It Still Too Hard?
Bitcoin is complex; I think most of us will agree on that. Complexity has been reduced with new standards and protocols, a magical threshold of simplicity is unlikely without trusting a third party.
Bitcoin is not complex if you only buy bitcoin, store it in a self custody wallet and make transactions from your wallet.

It is easy enough to use it well without mistakes. It does not requires too much in storage if you use SPV wallet software like Electrum wallet. [1, 2]

Just use self custody wallets and if they are open source, you are doing good practice.

[1] https://electrum.readthedocs.io/en/latest/spv.html
[2] [Guide] Verify Electrum wallet

It is not complex for a tech savvy person like you but to those who are lacking in technical knowledge, installing electrum, creating address, sending transaction and securing Bitcoin will be a challenged for them.  Not all people have the basic knowledge about Bitcoin and how it works and most of these people find it difficult to understand things in the beginning.  Sadly people give up after experiencing any form of difficulty since for them it is not a matter of life and death and their life will move on regardless they learn about Bitcoin or not.

I also agree that with the mindset I stated, people who wanted to proliferate the Bitcoin adoption, they must create a way where people thinks that there is a need for them to hold BTC.  It can be done by simply laying plans and creating places where one can have a real use case of BTC.
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