One Counter-argument to pushing for more scalability in Bitcoin is that “most people won’t self-custody anyway, so why bother?”
This This is a ridiculously arrogant argument. It is the same type of logical fallacy that human beings can’t help but make. The Current state of present can be a predictor of future state.
“It’s not raining today, so it won’t be raining tomorrow.” It’s exactly the type of thinking that led Bitcoiners Take it for granted that we’d hit 100-200k dollars at the peak of last cycle. That A double peak at 69 000, just over 3.5x the old all-time high, destroyed assumption.
The very nature of the digital age we live in, and the numerous radical transformations we have all seen within short periods of time during our lives alone should shake people out of their assumptions that the present is a demonstration of the nature of the future, but for many people it doesn’t.
First Most people do not know the distinction between coin storage and self custody. Coinbase. To many unsophisticated users, they’re all just apps that hold their bitcoin. This is a misconception I’ve encountered more than I can remember in the time I spent in this area interacting with users. These users haven’t even been made aware of the possibility yet, discounting them is just absurd and presumptuous.
Secondly, users who choose to not self custody right now generally don’t because of the fear of losing their keys. It’s not a fear of “responsibility.” It’s a fear of them not being capable of properly handling redundancy in their key management, and losing everything they have invested due to incompetence or legitimate mistakes or freak accidents.
This isn’t 2013 anymore. People aren’t making backups of individual private keys in a digital file anymore. Key Management schemes have improved a lot since then. Mnemonic Multisignature wallets (seeds), etc. Basic Even though they aren’t widely used, vaults that use pre-signed transactions do exist. Tools There are ways to offer self-custody that provide safeguards in case mistakes occur and you need to retrieve coins.
Unchained exists. Casa exists. Nunchuck exists. Bitkey exists. All These tools will improve with time. Embracing Schnorr You can also find out more about the following: Taproot, these recovery friendly self custody schemes can blind third party servers so that during signing and normal use these services don’t even learn anything about the coins users hold or transactions they co-sign. Taproot The wallet can delegate keys for emergency recovery to family or friends without them even knowing about the coins until they need it.
Tooling around self custody is advancing, and people’s attitudes around self custody will change alongside those massive advancements in technology. Discounting The need to scale up because there are reasons why people don’t want to do so right now, is sheer arrogance.
It is nothing more than the “I have mine, so fuck everyone else” attitude. The The current world state is not a guarantee of what the future will bring. Only The arrogant presume so.
This Article is an Take. Opinions expressed are entirely the authThe following are some examples of how to use's and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Every trader who trades cryptocurrency on the Binance exchange wants to know about the upcoming pumping in the value of coins in order to make huge profits in a short period of time.
This article contains instructions on how to find out when and which coin will participate in the next “Pump”. Every day, the community on Telegram channel Crypto Pump Signals for Binance publishes 10 free signals about the upcoming “Pump” and reports on successful “Pumps” which have been successfully completed by the organizers of the VIP community.Watch a video on how to find out about the upcoming cryptocurrency pump and earn huge profits.
These trading signals help earn huge profit in just a few hours after purchasing the coins published on the Telegram channel.Are you already making a profit using these trading signals? If not, then try it!We wish you good luck in trading cryptocurrency and wish to receive the same profit as VIP subscribers of the Crypto Pump Signals for Binance channel.
