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Do you ever read about crypto stuff on Reddit, Twitter or Telegram and think to yourself, why haven’t crypto gotten further? Why are traditional banks still more user-friendly than your average crypto exchange or wallet interface site?
Please get to these 6 things and make the crypto space more user-friendly!
1 ) Storing our cryptos on exchanges shouldn’t be such a big risk
We are too lazy to move our funds on and off exchanges all the time. And yes, we have heard about crypto exchanges not being are banks and risks of those exchanges getting hacked a thousand times before. Hell, we’ve even written about it ourselves trying to help beginners be smarter.
But maybe we should try and change the crypto market to adapt to modern expectations of lazy and convenient people around the world? Because until it does, mass adoption of retail investors is not likely. Why are not every exchange worth its money creating SAFU insurance funds like Binance?
2 ) Sending cryptocurrencies is still so complicated
Every time we want to move our funds between different wallets, and it seems like we are trying to do the impossible. From the complex cryptographic codes to our small little Ledger hardware wallets, to set the required gas price and limits, to the waiting time until you can see the first confirmation. It’s standard practice for every crypto person to send first a small test transaction before sending the bigger chunk, just because you’re scared of fucking things up. Yeah, that seems modern enough. Keys, seeds, backup phrases, 2F-A, etc, etc.
And when / if you ever fuck up and send it to the incorrect address, or you send one altcoin to another altcoin address your most likely always screwed, and will never see that money again.
3 ) Why are there a thousand different Bitcoins out there?
Every time I talk with someone less experienced about what’s happening in the crypto space and I show them around to the primary tools and sites of our space they kinda notice that there are more than just one Bitcoin. Complete news to them, and they get curious why there is one called Bitcoin Cash, another called Bitcoin SV, a third Bitcoin Gold, Bitcoin Diamond, Bitcoin Interest, Bitcoin Private, etc. You try to explain that this is the beauty of decentralised cryptocurrencies. Anyone can create one if they like, the complicated thing is to get others to join in on your specific Bitcoin.
They don’t get that, all that happens is that they either get more confused or they think that they should invest in Bitcoin Gold because it’s valued at nothing compared to the other Bitcoin…
4 ) Why does it seem like every person is out there trying to scam you in some way?
From fake phishing MyEtherWallet sites, to a special North Korean hacker group stealing half a billion in crypto, to weird fake Twitter accounts copying famous crypto people and promoting these free giveaways (come on people, did you really believe that Vitalik would send you money), to crypto exit scams, fake ICOs, exchanges wanting to steal all our Nanos (XRBs) . Over $1 billion in cryptocurrencies are stolen yearly…
5 ) Why are the top promoters of the crypto space such crazy weirdos?
From a guy (faketoshi aka Craig Wright) trying to fake the world that he invented Bitcoin when its clear to everyone, including his own family and friends that he’s a big fake nobody, to a guy that’s gonna eat his dick when Bitcoin reaches $1 million USD (John McAfee), to a former Hollywood movie star turn entrepreneur with some weird connections to DEN (Brock Pierce).
6 ) Why is the mining of Bitcoin consuming as much energy as Switzerland?
Sure I think Bitcoin is great as most of us unless you are a devoted Nano, Ethereum or some other type of Bitcoin fan. But should we in the modern times when climate change discussions are more crucial than ever really spend so much energy mining Bitcoins? According to research done at the University of Cambridge over the course of a year the total energy spent mining Bitcoin equals to around 64 TWh or terawatt-hours of energy consumption. That’s more than the country of Switzerland uses over the same period of time (58 TWh per year). That’s a bit fucked up…
I hope you all can notice that this post was written with tongue in cheek, we love the crypto space. That’s why we spend so much time writing about it on our blog, writing (hopefully) helpful guides, interviewing people doing cool stuff for the blockchain and crypto space in general. But at times it’s a bit funny how complicated or strange some things in the world of crypto can be 🙂
Some other things we’ve written:
- How a close-knitted family at Pundi X will change the world together
- What is a crypto market cap – All you need to know!
- The best way to investing in cryptocurrency
- The top 8 crypto exchanges in 2019
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier