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916 sats \ 3 replies \ @tomlaies 10 Apr 2023 \ on: Discussion: How much will the average person know about Bitcoin? bitcoin
It's highly dependent on under which scenario. You are assuming under a Bitcoin standard - in this case I would say exactly as much as people currently know about fiat.
This would mean that upper class and upper middle class know about Blockchain, basic cryptography (without the math probably) etc. while the lower class barely has heard the word "Blockchain". They will treat their mnemonic like they currently treat passwords. Knowledge about economics even beginning with Adam Smith, Hayek, Keynes - like today - will not be known by the blue collars.
I'd even go so far as saying centralized banks holding fractional reserves of Bitcoin will become a thing... I know that is against your premise of under a Bitcoin Standard... but the greed of humans and the stupidity of humans makes it almost inevitable imo
Super interesting perspective. Seems almost oxymoronic to think central banks holding bitcoin could be a thing, but I can relate to the greed/stupidity sentiment. It means things are anything but straightforward, and it results in plenty of oxymoronic realities, haha
Sadly, I think there will be a long phase of people thinking seed phrases are like passwords, but after a ton of bitcoin is lost, I think that's one of the few things that can't last. People will absolutely have to have SOME concept of keeping a crypto wallet secure before things can truly stabilize.
Personally, I think it will start with HWW / backup + PIN / backup + password / backup, and will end with multisig "savings" + lightning "checking", or people will just rely on lightning 100%
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Personally, I think it will start with HWW / backup + PIN / backup + password / backup, and will end with multisig "savings" + lightning "checking", or people will just rely on lightning 100%
I think banks will still exist to hold one key of a 2of2 multisig. That will solve the problem of custody for most people.
edit: Wait... then they still have to not lose their key. This setup only protects against getting hacked. Okay, nevermind, lol.
But it's at least something.
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You’re really close:
2-of-3 collaborative custody multisig where the “bank” holds 1 of 3 is the solution here. Unchained Capital’s goal is to provide this solution, and they’re already doing it.
If a bank tried to do 1-of-2 or 2-of-2, Unchained’s model makes that instantly obsolete. It’s honestly genius. It’s bank level security for a back up, but they don’t actually control your funds.
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