The #Bitcoin learning curve is still crazy-high. I kinda get the ETF people.
And don't even bother asking me about how Lightning works. Or why it sometimes doesn't work. Poltergeists.
And then we add eCash on top of all that... 😯
Discussion
Yeah, it's difficult -- 'normal' people don't know how Swift, Fedwire, SEPA, FasterPayments, CHAPS, CHIPS, NSS, BACS, ACH, Visa etc. etc. *work* or how they even relate to each-other and what they actually *do*, they can just use the appropriate one in a pretty seamless way without having to think about it. Ultimately we'll have to match and exceed that usability, but it's a harder (or at-least rather different) problem to solve without relying on the "do it centrally and let your bank handle that for you" option.
Trying to get my friends exposure to the asset any way they can get it, then teach the importance of self custody and help them move over to real bitcoin. All this before contemplating a bitcoin node and bitcoin circular economy.
Welcome to the Information Age. Those who fall behind will be left behind
Those who are trying need our help. I know I need help, and I am not getting left behind.
Yes. I just talked to a retired gentleman who grasped the concept of bitcoin and was excited about it, but he was like a babe in the woods about how to get it. The ETF provides a path for our parents' generation who get it conceptually. I was thinking of recommending some private custodian companies, but I don't have confidence in those either. And it all requires trust to operate, trusting the person on the phone, the company, etc. He's inevitably going to have trust built into his bitcoin stack due to his technical skills, so he might as well have the audited, ETF business model.
I just spent almost 3 hours fiddling around with 4 wallets, dealing with bugs in 3 of them and 2 software crashes, and configuring 2 Linux machines, just to move my own money.
If it's going to be the complex, it should at least be stable. 🙄
Everytime I do something on-chain, I struggle with Bitcoin UX trauma. 😂
oh no, that makes two of us with problems this weekend! although the nerd in me also thinks that sounds kinda fun to figure all that out,
thankfully there is Nostr now to share these moments with because in the past any of these moments would have been much more stressful.
That's true. 🫂
and for the record it was a Ledger Nano S that I want to heap the shame on. It just decided to be coy and not let any USB drive on any computer read it. "ledger says no"
i already feel really bad for shaming ledger. I'm sure it was my own technical difficulties.
I will try it again
Ha ha, same! Had to do this (see Linux and solution 1 and 2).
Can't get my MIL to use it. She refuses to even try online banking.
Do you ever use Lightning or try to swap and it's like... Wait. Where did the transaction go? 🧐
Oh, it went to Transaction Heaven. 😊
If you realize that #nostr today is like the early days of refrigeration and air conditioning then you'll be in it for the long haul.
Could be as easy as to show them a custodial wallet
Or as difficult to try give them the 20 hours lecture...
One can only show them the door...
Because when we do it right you will use it like you use email. You won't know you are using it, you will just use it.
My thoughts exactly.
Learning how to use bitcoin on its own isn’t that hard…
It’s the other layers that are hard to use…
Long term a small group like now will still understand the network in detail. Masses will simply use it and know it works.
I agree only because people are generally lazy as fuck & only use what is most convenient option available.
"Convenience is the deadliest sin"
So is electricity and water, they all follow the path of least resistance. Take that knowledge and make lightning and ecash convenient for them.
In first world nations this is more difficult due to tap/swipe apple pay or cash
Making lightning convenient?
Making ecash convenient?
That means they both need to be custodial for the most part then…?
Well, Relai and Phoenix are both noncustodial, so nobody can steal the money, but channels make it hard to pull all of the money out. Can't just recover a LN wallet from seed, or something, that's why my Relai sats are just stuck, now.
Most people will tend to only have relatively small amounts of money in a LN wallet, so they'd have trouble even opening a channel, or paying for a transaction, with their 456 sats.
Yeah there’s options out there but they aren’t all that good really… phoenix was good… zues is good(what I use now) but they all are not user friendly really yet… the whole channels thing is just fucking stupid imho and shouldn’t be a thing…
ECash mints are more like cooperative bank accounts and I like that model. Can spread your money over 4 different mints, each with their own LN node, but spend it all from one app. Can have a corporate account from your company, where your salary comes in, and one for your church to send your tithe in, and one for your friends and family, one from your local bank, etc.
It requires trust, but most of us actually feel comfortable with that. We often have joint Lightning wallets, too, or we're in organisations with a cash fund we pay dues into, or we do international transfers with hawala, etc.
Mints can be rated, after all, and get more fees for better ratings.
The only mint I will ever trust is my own mint…
I live in the People's Republic of New York. I am struggling to find a decent place to buy crypto. Do I even attempt no KYC? Is it difficult? I can'tuser River.com as they haven't the permission of the regulatory gods. Any suggestions?
Expensive , easy , some KYC