12 Jan There needs to be an easier way to store Bitcoin
If Bitcoin is ever going to be adopted into the mainstream, there needs to be an easier way to store it safely and with peace of mind. We on this subreddit love to hate the exchanges, and the not-your-keys-not-your-bitcoin sentiment is exactly right, but it’s also discouraging to newcomers. And if we want adaptation, and a value proposition via supply and demand, we want newcomers. I’m a millennial keeping my crypto in cold storage, but every time I make a transfer I am terrified of making a typo and of points of failure. I use an authenticator key. I’m doing everything right and I still don’t have peace of mind, a lot of that is in fear of my own human error, as well as points of failure even though I don’t have a single one. To newcomers, terms like seeds, 24 word phrases, cold storage, hot wallets, entropy, the list goes on… that’s all super daunting.
When we make transactions with equity trades, bank transfers, and credit and debt purchases we have no fear because regulation gives us the confidence that any attacks will be reimbursed.
I don’t have the solutions to the problems I am pointing out here, but wondering what everyone else thinks. We want to retail investors for our own sake, and because we believe its genuinely good for them to get into crypto to, but we have to acknowledge that it is not at all easy once you get passed the volatility and risk of the markets.
What needs to happen? More regulation? More faith in the exchanges? New exchanges? Longterm proven success of Blockfi?