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0 sats \ 1 reply \ @kepford 29 Jun 2023 \ on: How do we make BTC the reserve currency when users are so inept? bitcoin
There are many folks thinking, talking, and working on these issues.
- Uncle Jim model: Someone in your family hosts a lightning node you use and for on-chain use BIP85 child phrases
- Fedi: Community based open and accountable custodial bitcoin
- Custodian as a service: Ala the typical custodian that holds your keys
IMO there will always be people either that can't or won't do what they should. Anyone that thinks bitcoin will magically make everyone responsible and intelligent is fooling themselves. If we ever get to a point where everyone holds their own keys it will take generations of hard lessons.
Now, BTC being the reserve currency has nothing to do with the average Joe. Does the average Joe custody their dollars now? No, then how on earth is the dollar the global reserve currency? Your premise is a bit off. The dollar is traded and held by institutions and businesses globally and used for trade and to back other currencies. That's what makes it the reserve currency. Bitcoin as it is today has the functionality to do this without an issue.
Self custody for the average person is still not perfect but it isn't incredibly hard either, personal responsibility is actually the greater problem. The average man doesn't have much, at least in the west where we are so spoiled.
I would say one of the biggest issues in bitcoin adoption is the lazy tech savy person in the west. They say they are all in with bitcoin. They think they own a lot of bitcoin but they are to lazy to take it off of exchanges or self-custody their coins. But again, this is a culture problem. We have so many lazy people and the rug pulls will not stop until people learn their lesson. So, if this sounds like you take this as friendly advice. It is time to grow up, open your eyes, and take ownership of your life and future.
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