Home>EXCHANGES>Why is Bitcoin Usability Still So Bad a Decade Later?
EXCHANGES

Why is Bitcoin Usability Still So Bad a Decade Later?



New technology takes time to filter down to the masses but even after ten years, bitcoin still remains largely user-unfriendly for most. There could be a number of reasons why.

Over ten years after it was conceived, bitcoin is still primarily used as a vehicle for speculation rather than a decentralized peer-to-peer currency as was originally envisioned.
There could be a number of reasons for this slow adoption curve and Longhash has been looking into some of them.
Bitcoin Addressing System
The bitcoin network still uses long and complex addresses that are beyond the ability of most mere mortals to remember. Loss of funds due to human error when dealing with these addresses and wallets is still common.
Just last week gold investor Peter Schiff lamented on the loss of some BTC though it may just have been orchestrated as another excuse to berate it as he is still harping on a week later.
“Bitcoin bugs are saying I’m not qualified to give advice about Bitcoin because I don’t know the difference between a pin and a password. I know the difference now and my advice hasn’t changed.”
The incident does highlight the premise that bitcoin is still a little clunky to use for the average layman. Ethereum has moved on with a domain name type addressing system that offers a solution to this problem, but no such technology has emerged for BTC yet.
Tech giants such as Apple and Google strive to simplify things so that everyone can use them and they can maintain their monopolies which is why people expect things to be as simple as clicking a button.
Bitcoin is cannot be that simple.
Security Issues
Banks and financial entities need to be secure because they’re dealing with money and not a few cat photos. Bitcoin has taken this a step further with is cryptographic key-based security which enables people to be their own bank.
However, with this comes greater responsibility for those that do not want to trust banks and tech corporations to manage their data and security. There is no point blaming bitcoin for a lost pin, password or private key.
User errors with bitcoin are usually costly because there is no support desk to run to and undo the mistake. There are centralized ‘crypto bank’ solutions such as Coinbase but they often levy hefty fees and charges for the privilege of using their services.
High quality and secure interfaces need to be developed if bitcoin is ever going to be made easy for the masses. There are a few already in development and operation but the technology is still largely nascent. As bitcoin grows in terms of asset status and resultant publicity more technology will be developed for it.
A little food for thought: the first email message was sent in 1971 but it did not reach the masses for another two decades. Bitcoin is still in the early 1990’s era when compared to the internet.
How long will it take for bitcoin to see mass adoption? Add your comments below.

Image via Shutterstock The post appeared first on Bitcoinist.com.

 

source: https://bitcoinist.com/why-is-bitcoin-usability-still-so-bad-a-decade-later/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BAT

Send Tip now!

Post source: Why is Bitcoin Usability Still So Bad a Decade Later?

More Bitcoin News and Cryptocurrency News on TheBitcoinNews.com



  • Bitcoin
  • Ethereum
  • Bitcoin cash
  • Litecoin
  • Cardano
  • Dash
  • Stellar
  • Ethereum classic
  • Lisk
  • Tron
  • Neo
  • Qtum
  • Omisego
  • Binance coin
  • Zcash
Scan to Donate Bitcoin to 1J6PGL1oemFb3hxabLygq4WgWx8cbfji1r

Please help us if you can with some Bitcoin

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Ethereum

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Bitcoin cash to qrth4e0g93h3gpxex8ycwuxtsa332tha5qvkmlz0g5

Please help us if you can with some Bitcoin cash

Scan the QR code or copy the address below into your wallet to send some Bitcoin cash

Scan to Donate Litecoin to LTxxjySMDtERJhHYJ99UFW9AamAWTwCAZ4

Please help us if you can with some Litecoin

Scan the QR code or copy the address below into your wallet to send some Litecoin

Scan to Donate Cardano to DdzFFzCqrhsopoZLhbouUwh2NvvWMPeFrXQW9vNNpPKrjKbRGyLRN5joJgCeZ6e1MRHtPHeLffpkNpQs5AdDA8qFCZ4gA9bYtaerNQTk

Please help us if you can with some Cardano

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Dash to XmAdEHrwiVZJVkAxe8hK5U6HZB59L5yhmK

Please help us if you can with some Dash

Scan the QR code or copy the address below into your wallet to send some Dash

Scan to Donate Stellar to GD4KROE42HPOMT7BT6M27HHLFCOSIXPYY2V3WSCX5FYEWRJDIJQ4RWFT

Please help us if you can with some Stellar

Scan the QR code or copy the address below into your wallet to send some Stellar

Scan to Donate Ethereum classic to 0x5BF3fCAC8deA20CF21C9D0D9d058E00EEfc431Ae

Please help us if you can with some Ethereum classic

Scan the QR code or copy the address below into your wallet to send some Ethereum classic

Scan to Donate Lisk to 15642042552518336132L

Please help us if you can with some Lisk

Scan the QR code or copy the address below into your wallet to send some Lisk

Scan to Donate Tron to TYnAenRiV6BsTiE6FVyAcDDxZtBKUQTFxN

Please help us if you can with some Tron

Scan the QR code or copy the address below into your wallet to send some Tron

Scan to Donate Neo to ATiXRHVqYqrNktbxJfcDETfnrSUWSG4cPb

Please help us if you can with some Neo

Scan the QR code or copy the address below into your wallet to send some Neo

Scan to Donate Qtum to QUYXxY6kX7TY2HSLwVYMwFaJNZLwvX5uyp

Please help us if you can with some Qtum

Scan the QR code or copy the address below into your wallet to send some Qtum

Scan to Donate Omisego to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Omisego

Scan the QR code or copy the address below into your wallet to send some Omisego

Scan to Donate Binance coin to 0xA8E701dd11280a98e8F2e0A14064AC829E32D50F

Please help us if you can with some Binance coin

Scan the QR code or copy the address below into your wallet to send some Binance coin

Scan to Donate Zcash to t1cBCyKgSSqWaNrkpvQZUSTuxMmAbbAyFpZ

Please help us if you can with some Zcash

Scan the QR code or copy the address below into your wallet to send some Zcash



Source link

Review Overview

Summary