Cryptowriter: Is Cryptocurrency For Everyone?
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Cryptowriter: Is Cryptocurrency For Everyone?

By Thomas Wolf | wickedthewolf | 23 Jan 2021


It has always been in my vision that cryptocurrency would be an asset available to everyone in the future, but now that I think about it...

“Never underestimate the power of stupid people.” ― George Carlin

We all have that special someone, if not multiple special someones in our family who are not tech-savvy in the least and often end up screwing things up worse while they are trying to check their email or Facebook account.  I know for a fact my step-father would have a challenging time processing a single Bitcoin (BTC), Litecoin (LTC), or Ethereum (ETH) transaction.  I would not expect him to understand what EOS is or how it works, or how I use Uniswap (UNI) to pay my bills.

Knowing that people such as him comprise a large portion of the population, it makes me go back to my idea of an ideal cryptocurrency, which of course, would be one everyone can use.  EOS and Ethereum both need some fine-tuning in terms of being for the average village idiot.  Bitcoin is slow and power extensive but reliable.  I assume if they started now, they would begin with Bitcoin, so I am trying to picture a physically disabled man who has never been a real big thinker go to the grocery store and pay for groceries, all frustrated because he is in a grocery store, which must be very confusing for him in the first place.  The outlook does not look good.

“Crypto Cards” hold a similar idea as a credit card, except cryptocurrency as the native asset and with an APY that pays you instead of the other way around.  Through the card or one phone, a payment could be made from a crypto account, first from one that converts and sends assets in real-time and eventually one that just sends assets in real-time.  Currency adoption has to be gradual.  Still, as easy as cards and phones make the whole thing, I picture my stepfather staring at his satoshi’s without much of a clue about what is going on, not understanding public and private addresses - a lot of mistakes are waiting to happen in this scenario.

So, my question for the day is how we will break through certain age and language barriers to better help our not-so-savvy companions participate in the crypto revolution?  Well, I would start with a few good smacks with a smart stick.  Then, I think some software would need to be developed for beginners that has safeguards in place, given that once a crypto transaction has been sent, the results are final in most cases - errors would need to be resolved before they happen.  Guards for sending too much at one time, typo checks on the receiving address, things of that nature.

I think it’s important to acknowledge that there will always be different participation levels, even for people who HODL (hang on for dear life) their assets and don’t actively trade them.  In general, you have your noobies, your everyday crypto hobbyist, your seasoned veterans, and your hard-core enthusiasts and developers.  I do not see the majority of the global population falling into the last four groups, possibly the first and second ones, if we are lucky.

Yes, I kind of just called everyone in the world a moron, by ratio - but those are only numbers.  The reality is, love it or hate it - many people are unwitting morons.  You could beat them with a brick, and it likely would not yield better results than asking them nicely to pay attention; they are all around out of the loop.

I believe this will be a future challenge people need to find ways to combat and overcome, and it will undoubtedly come with a lot of patience and willingness to guide people to bring them into this world we love so much.  We wouldn’t do anything we do related to crypto unless it held some purpose or meaning to us, so if showing my stepfather his email password for the thousandth time while swearing it is not the first time I’ve shown him is what it takes to get everyone on board, that’s what I will do.  Perhaps I will be the one that needs a good old fashioned, metaphorical brick to the face, huh?

Besides, the reality is most people are using iPhones now anyway, so it’s not that far off that people would need special devices designed with extremely friendly user interfaces in order to survive in the 21st century.  Let me be honest - people need things to work as easily as possible, and they want it done for them yesterday.  As a species, we have a longs way to go to catch up with the technology that some of us are creating and implementing, with "some of us" being the keywords.

We will not have to kill grandma or deport uncle Ricky to attain cryptocurrency popularity and adoption.  Still, they may need a solid sit down before sending them off with a “happy trails, welcome to 2021” note pinned to their sleeves concerning managing their crypto finances.  I’d love to hear the thoughts of people with “learning challenged” family members who are trying to encourage crypto mass adoption.

As always, comments, suggestions, and friendly debates are highly encouraged.

Stay smart & Stay safe.

-Thomas Wolf

Cryptowriter is now conducting podcasts which can be found on PocketCasts, YouTube, Spotify, Anchor, and more to come.

DISCLAIMER

I am not a certified financial, tax, or legal advisor, analyst, or planner.  The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes.  Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.


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Thomas Wolf
Thomas Wolf

I am a cryptocurrency advocate, a STEM undergraduate student, a nature enthusiast, a survivalist, a DIY specialist, and I'm a little crazy at times.


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