create account

How Bitcoin will Fail: Complexity & Relunctance... by infidel1258

View this thread on steemit.com
· @infidel1258 · (edited)
$4.09
How Bitcoin will Fail: Complexity & Relunctance...
![Simplicity_is_Important.jpg](https://cdn.steemitimages.com/DQmdodC6RaC6JaiEEDQ8ViqGR1eeFGUuPknVzz5Hce1SYnU/Simplicity_is_Important.jpg)

Today I wanted to share my views on how Bitcoin could fail. As I see it there is only one major hurdle in the way of its complete success and wide scale adoption and that hurdle is fear of its complexity leading to reluctance by would be users.

What do people have to fear about Bitcoin? Complexity. 
-
- What are mnemonic seed phrases?
- Hard & soft forks.
- Private vs. public keys.
- What is are Dat files, and how do you back them up?
- What is two factor authentication?

Blockchain is complicated, and new users who enter this space must comprehend and overcome the complexity, or risk victimization. 

How Bitcoin will Fail: Complexity & Relunctance
=
https://youtu.be/0-rvx97Rpb8

![YouTube Banner.png](https://cdn.steemitimages.com/DQmXxZhCVu8aajBCv3z7gA2gZRJB8yVYeryZE6Ugds7hVy5/YouTube%20Banner.png)

Bitcoin | Risky but Worth it!
=
In Bitcoin you don't have a "trusted" third party overseeing your funds. Bitcoin doesn't have IT or Fraud departments who recover forgotten passwords, or offer refunds if your account is "compromised". Wealth stored in cryptocurreny is therefore vulnerable to attack by malicious acters. But make no mistake the trustlessness of Bitcoin is a feature, not a bug. 

Yes Bitcoin users are responsible for their own money, securing the access keys, and having contingencies for every possible eventuality, but the reward for overcoming the complexity is that the user then owns real money, and consequently has financial freedom. 

If you don't hold your wealth, you do not own it. That adage applies to physical bullion, and the private keys for cryptocurrencies. Modern banking baby sits your money, and the cost of that service and convenience is everything. Once you deposit money, the bank loans it out, charging interest, leveraging themselves while exposing your wealth to risk for their gain. Their profit is not your own, but if they go bust you funds will pay the debt owed. 

If you do hold your own wealth in for instance silver or gold coins, or with Bitcoin where you have the private keys, then you avoid bank fees, inflationary hidden tax, and counter-party risk associated with storing your wealth outside your reach. If you hold your own wealth you have financial freedom, and privacy; you can buy or save, send or receive, without big-brother necessarily watching along the way. 

Bitcoin ownership is difficult and it does restrain the mass adoption of cryptocurrency, but I am confident that people will overcome this challenge, and in so doing, learn what a boon taking personal responsibility for your finance offers. 

"Trusted Third-Party" is an Oxymoron:
-
If you needed more reason, look at what history has to say about citizens placing faith in central banks as safe-havens for ones wealth. Bankers and governments will steal your money if you let them, they have done so in the past, and will do it again if we don't protect ourselves. 

![ron-paul-do-not-steal.jpg](https://cdn.steemitimages.com/DQmQpfEoHVEvSHu9kWu1VTdAnPf2vQLnXiqAjYdMN4wrF48/ron-paul-do-not-steal.jpg)

When Banks & Govt's want your money, they take it:
- Banks can seize your money during a bail-in, ask Cypress. 
- Governments can confiscate your wealth to pay for their debt and deficit, pay for pet projects and cronyism, look at the gold seizure of 1933, [Executive Order 6102.](https://en.wikipedia.org/wiki/Executive_Order_6102) 

Conclusion:
-
Yes, with Bitcoin the stakes are high, if you don't understand your wallet, passphrases, or seed, you may lose your wealth, but you can learn all that if you try and the freedom gained from holding, good and private, peer to peer money is worth the risk and effort. Fear surrounding the complexities listed above are the greatest hurdle restraining Bitcoin's mass adoption, fortunately I believe you are capable of adapting and overcoming this hurdle. 

Join the Bitcoin revolution today and start securing your wealth, yourself. 

![1111111.png](https://cdn.steemitimages.com/DQmc2g86b13rLuGKVzatQyeWayRfE7C8dXau3tpoixCmhDC/1111111.png)

Buy Bitcoin:
-
Coinbase:
https://www.coinbase.com/join/59bbe24dd0e8a800f12e7b93
Coinsquare: 
coinsquare.com/register?r=E4EB3832E
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 90 others
properties (37)
authorinfidel1258
permlinkhow-bitcoin-will-fail-complexity-and-relunctance
categorybitcoin
json_metadata{"tags":["bitcoin","cryptocurrency","btc","blockchain","blog"],"image":["https://cdn.steemitimages.com/DQmdodC6RaC6JaiEEDQ8ViqGR1eeFGUuPknVzz5Hce1SYnU/Simplicity_is_Important.jpg","https://img.youtube.com/vi/0-rvx97Rpb8/0.jpg","https://cdn.steemitimages.com/DQmXxZhCVu8aajBCv3z7gA2gZRJB8yVYeryZE6Ugds7hVy5/YouTube%20Banner.png","https://cdn.steemitimages.com/DQmQpfEoHVEvSHu9kWu1VTdAnPf2vQLnXiqAjYdMN4wrF48/ron-paul-do-not-steal.jpg","https://cdn.steemitimages.com/DQmc2g86b13rLuGKVzatQyeWayRfE7C8dXau3tpoixCmhDC/1111111.png"],"links":["https://youtu.be/0-rvx97Rpb8","https://en.wikipedia.org/wiki/Executive_Order_6102","https://www.coinbase.com/join/59bbe24dd0e8a800f12e7b93"],"app":"steemit/0.1","format":"markdown"}
last_update2018-11-09 04:37:39
created2018-11-08 21:24:12
active2018-11-09 08:31:45
last_payout2018-11-15 21:24:12
depth0
children3
net_rshares0
vote_rshares0
children_abs_rshares0
cashout_time1969-12-31 23:59:59
max_cashout_time1969-12-31 23:59:59
total_vote_weight0
reward_weight10,000
total_payout_value3.176 SBD
curator_payout_value0.914 SBD
author_rewards4,437
net_votes154
root_authorinfidel1258
root_permlinkhow-bitcoin-will-fail-complexity-and-relunctance
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
allow_repliestrue
allow_votestrue
allow_curation_rewardstrue
beneficiaries[]
root_title"How Bitcoin will Fail: Complexity & Relunctance..."
pending_payout_value0.000 SBD
total_pending_payout_value0.000 STEEM
author_reputation6,754,231,176,557
promoted0.000 SBD
body_length0
reblogged_by[]
author_curate_reward""
vote details (154)
@ssg-community ·
$0.12
Thank you for your continued support of SteemSilverGold
👍  
properties (37)
authorssg-community
permlinkre-infidel1258-how-bitcoin-will-fail-complexity-and-relunctance-20181108t214012759z
categorybitcoin
json_metadata{"tags":["how-bitcoin-will-fail-complexity-and-relunctance"]}
last_update2018-11-08 21:40:12
created2018-11-08 21:40:12
active2018-11-08 21:40:12
last_payout2018-11-15 21:40:12
depth1
children0
net_rshares0
vote_rshares0
children_abs_rshares0
cashout_time1969-12-31 23:59:59
max_cashout_time1969-12-31 23:59:59
total_vote_weight0
reward_weight10,000
total_payout_value0.088 SBD
curator_payout_value0.029 SBD
author_rewards125
net_votes1
root_authorinfidel1258
root_permlinkhow-bitcoin-will-fail-complexity-and-relunctance
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
allow_repliestrue
allow_votestrue
allow_curation_rewardstrue
beneficiaries[]
root_title"How Bitcoin will Fail: Complexity & Relunctance..."
pending_payout_value0.000 SBD
total_pending_payout_value0.000 STEEM
author_reputation17,858,899,913,858
promoted0.000 SBD
body_length0
reblogged_by[]
author_curate_reward""
vote details (1)
@tts ·
To listen to the audio version of this article click on the play image.
[![](https://s18.postimg.org/51o0kpijd/play200x46.png)](http://ec2-52-72-169-104.compute-1.amazonaws.com/infidel1258__how-bitcoin-will-fail-complexity-and-relunctance.mp3)
Brought to you by [@tts](https://steemit.com/tts/@tts/introduction). If you find it useful please consider upvoting this reply.
properties (36)
authortts
permlinkre-how-bitcoin-will-fail-complexity-and-relunctance-20181108t214116
categorybitcoin
json_metadata""
last_update2018-11-08 21:41:18
created2018-11-08 21:41:18
active2018-11-08 21:41:18
last_payout2018-11-15 21:41:18
depth1
children0
net_rshares0
vote_rshares0
children_abs_rshares0
cashout_time1969-12-31 23:59:59
max_cashout_time1969-12-31 23:59:59
total_vote_weight0
reward_weight10,000
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
author_rewards0
net_votes0
root_authorinfidel1258
root_permlinkhow-bitcoin-will-fail-complexity-and-relunctance
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
allow_repliestrue
allow_votestrue
allow_curation_rewardstrue
beneficiaries[]
root_title"How Bitcoin will Fail: Complexity & Relunctance..."
pending_payout_value0.000 SBD
total_pending_payout_value0.000 STEEM
author_reputation6,058,092,023,005
promoted0.000 SBD
body_length0
reblogged_by[]
@steem-ua ·
#### Hi @infidel1258!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your **UA** account score is currently 2.373 which ranks you at **#18340** across all Steem accounts.
Your rank has dropped 15 places in the last three days (old rank 18325).

In our last Algorithmic Curation Round, consisting of 270 contributions, your post is ranked at **#249**.
##### Evaluation of your UA score:

* Only a few people are following you, try to convince more people with good work.
* The readers like your work!
* Try to work on user engagement: the more people that interact with you via the comments, the higher your UA score!


**Feel free to join our [@steem-ua Discord server](https://discord.gg/KpBNYGz)**
properties (36)
authorsteem-ua
permlinkre-how-bitcoin-will-fail-complexity-and-relunctance-20181109t083143z
categorybitcoin
json_metadata"{"app": "beem/0.20.9"}"
last_update2018-11-09 08:31:45
created2018-11-09 08:31:45
active2018-11-09 08:31:45
last_payout2018-11-16 08:31:45
depth1
children0
net_rshares0
vote_rshares0
children_abs_rshares0
cashout_time1969-12-31 23:59:59
max_cashout_time1969-12-31 23:59:59
total_vote_weight0
reward_weight10,000
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
author_rewards0
net_votes0
root_authorinfidel1258
root_permlinkhow-bitcoin-will-fail-complexity-and-relunctance
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
allow_repliestrue
allow_votestrue
allow_curation_rewardstrue
beneficiaries[]
root_title"How Bitcoin will Fail: Complexity & Relunctance..."
pending_payout_value0.000 SBD
total_pending_payout_value0.000 STEEM
author_reputation18,820,006,295,863
promoted0.000 SBD
body_length0
reblogged_by[]