WHY is Cryptocurrency SO Complicated?
“Why is this so damned complicated!?”
It’s a question many people ask themselves whenever a game-changing new technology appears. It seems that every generation or so, a new innovation appears, but it takes a long time for the public to understand and accept it. Radio and television took a decade or more to gain acceptance; to ordinary folks with no understanding of electronics, they were magical boxes that connected their homes to the whole world, and almost anyone could afford one. The internet took a little longer to get off the ground — mostly because it was interactive, but slow, clunky and difficult operate in the beginning (is this starting to sound familiar?). Today however, the internet is ubiquitous; it’s so embedded in our reality we are scarcely aware it is there. Today, we’re on the cusp of a new fintech revolution, and people are asking themselves a a similar question: why is cryptocurrency so complicated?
The Biggest Obstacles to Mainstream Adoption
While it may be much easier to get bitcoin and other cryptocurrencies today versus 2009, it is still quite challenging to understand how it all works at first. First you have to learn what cryptocurrencies are — which can lead to a prolonged discussion full of confusing new terminology like “nodes” and “hash rates”. Then you have to learn how wallets and private and public keys work.
Then, once you feel like you have a solid enough grasp of which coins you want to buy, you have to create accounts on multiple exchanges, each with different user interfaces and membership requirements. And of course, it can be difficult to get someone to understand that keeping their money on an exchange isn’t like keeping your money in a bank, as many people learn when the exchange gets hacked and their funds are stolen.
This complexity, fragmentation, and risk combined with boom/bust cycles and ceaseless, confusing and contradictory stories in the news is enough to make a lot of folks want to tear their hair out in frustration.
And really, we can’t blame them. There has been much talk of mainstream adoption after the 2017 bull market, but as impressive as that was, that was all driven by a very small percentage of the population. While most people are now aware of cryptocurrency, they still don’t have a clue how to start trading and managing crypto assets competently.
It DOESN’T Have to Be This Way
We’ll admit it — at Bitaccess, we’re tech geeks. We were early adopters when bitcoin first appeared because we love new and disruptive technologies, and we knew that one day — even if it took a decade or more — this would be something really special.
It is normal for new technologies to take quite of lot of research and development to get to the point where they are simple enough for the laymen to use. The challenges and frustrations outlined above are part of what motivated us to build our Bitcoin Teller Machines (BTMs), and later, what drove us to build Faast.
We talk a lot about security on this blog, and that’s important. But if cryptocurrency is ever going to achieve mainstream adoption, it MUST become not only safer, but SIMPLER to trade and manage crypto assets. There is simply no way around it.
Simplicity is one of the core pillars that Faast is built upon. We set out to build a single tool with an intuitive, human-friendly UI that allows you to view, manage and rebalance your crypto portfolio all in one place.
Imagine that…one tool. Not 10. Not 5.
Remembering dozens of usernames, passwords and email addresses is a just a pain in the ass. With Faast, you can gain access to well over 100 crypto assets all with one product — no accounts required.
We encourage everyone to study not only the market and the cryptocurrencies they are interested in, but how the underlying technology works as well. But we also understand that many people don’t have the time or the inclination to do so. They just want it to be simple and easy to use.
We agree, and we don’t think you should have to be a computer scientist to benefit from the greatest revolution in finance since double-entry bookkeeping.
Whether you have a hardware wallet, a software wallet, or a mobile Ethereum wallet like those offered by Coinbase or Status, just connect it and you’re good to go. If you’re confused or have questions, our support staff is here to help.
With so many new projects and products launching all the time, each of them highlighting all their new bells and whistles, it almost seems like some companies purposely make their offerings difficult to understand.
We feel the opposite way. We chose the name BitACCESS years ago because we wanted to provide just that; access to the bitcoin revolution to millions of ordinary people just like you.
Now, we’re providing easy access to the whole cryptocurrency ecosystem with Faast.
We just want you to have a safe, private, frictionless, and SIMPLE user experience — every time.
Isn’t that the way it should be?
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