0 sats \ 4 replies \ @CoSatoshi 25 Jul 2023 \ parent \ on: What's something bitcoiners do that HURTS adoption more than it helps? bitcoin
No, sure there is. For example, they may be under the mainstream propaganda that Bitcoin is slow and can't scale as a payment merchant for microtransactions. Getting them started on a custody wallet like WoS or Strike can immediately dispel that myth, thus opening them up to further learn about Bitcoin; creating curiosity.
Additionally it can allow them the opportunity to see the value of even a modicum of holdings (say $50's worth) increase in value; further driving the incentive to learn more and maybe hold more in the near future.
And for that reason, additionally, it establishes a connection between you and them, allowing you to operate as the point person to assist and guide them along their path. That's probably the most valuable point here. They now essentially have a private bank teller with whom they can consult any time, any day, and when the time is right...
BAM!
Self-custody.
Have you had consistent and lasting success using 'microtransactions' as a selling point? How many of your targets are here on SN or on Nostr using zaps? Or do they use microtransactions for something else?
What happens when WoS is forced to KYC everybody before allowing withdrawals or they get hacked?
The reality is that there aren't still many decent self-custody Lightning wallets. Luckily, Phoenix, Mutiny and Zeus (among others) are working on it. In a way, the mainstream propaganda is right. Lightning isn't ready for the masses (but it's getting closer).
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All good points/questions.
To your first question, yes. I'd say about 3-2 success-fail. By contrast when I try and start someone on self-custody, it's 0. That's just my experience, but I think I know why as explained above. None of them are here of Nostr, however I'd be curious to see how a newbie fares going into Nostr/SN, etc...
The hacking is a legit concern. But again, small amounts only. I don't see it as very likely, at least not compared to an exchange getting hacked/rugged. Maybe I'm wrong there, idk.
But to the KYC point, privacy is not something the newbie is ready for either, IMO. And on WoS, it's just an email that's required if I'm not mistaken. I don't believe it's full KYC, right? Furthermore, I've withdrawn BTC before, no problem. If you attempt to sell BTC on there, it directs you to MoonPay.
For custody wallets, I personally like Muun. Super clear, clean, easy to use, and runs well on Android. The wallet backup is nice as well, and I like that you can use it before the backup process is completed (kick the tires, so to speak).
Long story short, my overall thesis is that it's a mistake to start newbies off with self-custody. They need to come to that understanding on there own. Therefore, it's much more effective to address specific objections in their minds (aka: meet them where they are). Show them it's fast, show them it's easy, show them it's already available. Be there for the long-term along their journey.
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Thanks for sharing.
And on WoS, it's just an email that's required if I'm not mistaken. I don't believe it's full KYC, right?
For now. But the government of Australia or someone else could force them to start collecting KYC info, to comply with the travel rule, etc. The bigger WoS grows, the more likely it will be targeted by governments. WoS is being recommended not because it's ideal, but because currently self-custody lightning solutions suck mostly. That needs to change. If the average Joe cannot self-custody his sats, then Bitcoin's value proposition is mostly gone.
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True, and good point. Hopefully they and other custody wallets can avoid it for as long as possible. We'll have to see what happens there.
Remember tho, it's not a dichotomy re: self-custody. It's not like you either do or don't. You can do both (and in fact, I do). The average Joe can start off on custody, learn a little here and there, and then witness the Canadian Trucker Rally (or other world-news event providing a CLEAR example why self-custody is important) and change their mind. At least in this scenario, they're primed.
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