Hey Bitcoiners Choose Simplicity Over Complex Technicalities

[Blitzboy]

As a Bitcoin enthusiast, I want to say briefly that you shouldn't sacrifice simplicity for technicality. You are more likely to lose your bitcoins because of too much technicality than to scammers or hackers. An example of keeping things simple is that instead of storing your Bitcoin in a multi signature wallet that you do not understand how it works or have no experience in setting up, store your Bitcoin in a soft like Electrum wallet where the process of setting up is pretty straight forward. Another example is using simpler and recommended ways to protect your seed phrase instead of some ways that has too much complexities and technicality to it any mistake can result in its loss forever.

In summary, it is more practical to stick with user-friendly options that you understand well than advanced options. Simplicity and a strong foundation of knowledge are your best allies in safeguarding your bitcoin.

I totally agree. Too many Bitcoin users mistake complexity for intelligence in the world of Bitcoin and the crypto-economy as a whole, which changes very quickly. We're not talking about some obscure mathematical theory. These are real assets, and mistakes can cost dearly. Technicalities just for the sake of them can lead to terrible mistakes. You are 100% correct when you say that most people dont need or benefit from the difficulty of a multi-signature wallet. Why do that when there are easier choices like Electrum?

However, lets not stop there. Everything in crypto is based on this one concept. Deeply involving yourself in complex setups might not only add more layers of safety, but also more levels of danger. User-friendly doesnt mean amateur; it means practical. Yes, knowledge is power. But how can simple application of knowledge keep it safe? To do that is to really have power in crypto. Make sure your assets are safe and your methods are easy to understand.

[hd49728]

You are 100% correct when you say that most people dont need or benefit from the difficulty of a multi-signature wallet. Why do that when there are easier choices like Electrum?

Multisig (Multi signature) wallet is a new type of Bitcoin wallet to secure your wallet and your bitcoin better. It's an advance development from Single Signature wallet for Bitcoin.

But you misunderstood that Bitcoin MultiSig wallets can be set up by many Bitcoin wallet softwares. Electrum is one of Bitcoin wallet softwares can be used to set up a multisig wallet.

Bitcoin multisig wallet is not Electrum wallet and your post is like with Electrum wallet software, you can not set up a multisig wallet. In fact, you can do it with Electrum.

Multisig wallet (Electrum documentation).
Creating a multisig wallet with Electrum.

[panganib999]

pretty sure you wouldn't go for any of the more advanced options and disciplines even if you want to if you're a confirmed newbie in the crypto space. Most of the newbies I know will always stick to whatever's the most accessible and easy to get around, which is why electrum and hot wallets as well as exchange wallets are a staple among these newbies. Although there will be those ambitious enough to push for the more advanced side of the crypto industry and actually use air-gapped wallets or something along those lines and then wonder why their coins are inaccessible lol. It's been like that ever since.

[taufik123]

-snip-
Most of the newbies I know will always stick to whatever's the most accessible and easy to get around, which is why electrum and hot wallets as well as exchange wallets are a staple among these newbies. Although there will be those ambitious enough to push for the more advanced side of the crypto industry and actually use air-gapped wallets or something along those lines and then wonder why their coins are inaccessible lol. It's been like that ever since.

You and I have even been beginners and what you said about beginners looking for the easiest way to use a wallet or store their assets is to use a wallet that is widely recommended for beginners, easy to access.

Even when I just created an account on this forum and joined the bounty, I used CEX wallet to receive coin payments, yes and in the end, I couldn't retrieve the coins and that was a learning experience for me as a beginner.

The technical stuff is needed when you have a pretty good understanding of how to use a wallet, and differentiate between different wallets and how they function.
It just takes some adaptation and initial knowledge.

Those who are ambitious enough to push to the more advanced side are good ambitions, because they will find new knowledge from what they want to learn.