If you are a newbie in the world of cryptocurrencies, you may easily find yourself lost. Yes, we agree that cryptocurrency infrastructure is unfriendly. But is it so bad that you should give up?
Well, it certainly is unfriendly, to say the least.
Cryptocurrency infrastructure has more hurdles than showjumping
Newcomers first have to browse through thousands of cryptocurrencies to decide what they want to own. Then, they need to find the right place to acquire it. Here, we reach the first huge obstacle on their way towards crypto happiness.
Some exchanges don’t accept fiat that their potential users receive on their regular jobs. Others don’t accept US-based clients. Those that do have all kinds of KYC requirements. Moreover, some of those have experienced hacker’s attacks in the past. Therefore, users are always advised to keep off.
Once a newbie finally buys his first cryptocurrency, since it isn’t safe to keep it on exchanges, he has to choose a wallet. However, there are many kinds of wallets. Paper, hardware, desktop, mobile, etc. Every kind of wallet is suitable for what users want to do with their crypto. Of course, now another round of extensive schooling is needed.
Once crypto is in the wallet, and if the user is a HODL-er, the troubles are over. At least for a while…
Why for a while?
Well, because, sometimes wallets need to be updated. Those updates are occasionally done in the most unfriendly manner with instructions written by developers. Have you ever read a comprehensive set of instructions from the pen of the developer?
Nope, neither did I.
Google search: “XY Wallet not syncing”
Of course, even if a newbie finds his way through everything we described and does everything right, some problems still persist. For example, some wallets, like Cardano’s Daedalus, have trouble synchronizing. That is the time when good old Google comes into play.
XY wallet not syncing,
is what you ask the engine for help. Of course, you are not the first having that problem. Google directs you to something like this:
Search for users/appdata/roaming… Than find XY directory and blockchain files. Erase them and start synchronizing again.
Now, the syncing restarts from the very beginning of the blockchain. If the chain is years-long, it can take days. Crypto enthusiasts like to brag with how quickly blockchain processes transactions. Not only that, but that blockchain-based payments work 24/7. That’s all true but not for newcomers.
An infrastructure for experts
Can you imagine an inexperienced crypto user using a lightning network channel? Yeah, neither can I.
Of course, there are more user-friendly wallets but those are not regarded as the safest. Being your own bank, as it is the case with owning crypto, is fine, but what about when users have to follow all those updates from 15 development teams if they own that amount of different coins?
It is timeconsuming and difficult.
Even more so if we include masternodes and staking in the equation. In order to run a masternode, more often than not, a cryptocurrency owner has to be experienced. For example, sometimes, you have to take your coins and send them to that XY place. Then, you have to go to that third place to input your transaction details along with details of the address from which you’ve sent your funds. Lastly, there are a few lines you have to type into some form. Congratulations! You are now a masternode owner.
Piece of cake, right? Hm, no. Not really.
Cryptocurrency infrastructure has improved but still…
Recently, the BitInstant and Bitcoin Foundation founder, Charlie Shrem took to Twitter to acknowledge what we are talking about. He said that crypto infrastructure can only get better.
Sadly, Shrem is right.
Nothing is standardized in cryptocurrencies. If you learn how to deal with once coin, your newfound knowledge may not be applicable to the other. Therefore, the learning process is perpetual. While a sane person has nothing against learning, most people with steady jobs, not to mention families, don’t have time for all these obstacles.
Yes, cryptocurrency infrastructure is miles from what it used to be a few years ago. Nevertheless, it has thousands of miles still to go before all my friends will be able to use it. When I say “use it”, I mean taking advantage of all the benefits of the technology without giving me a ping every time they want to do something they’ve read about.
When people talk about wider adoption, they need to think about what’s preventing it. By adoption, I don’t mean many people speculating on exchanges. I mean really using cryptocurrencies. Currently, the thing preventing it is the very nature of the blockchain technology. Since every project has its own postulates, dealing with each is individual, making the process individually challenging.
If you know how to drive a bike, you may not be able o drive a bus, right? Therefore, you need to go to driving school to learn it.
Would you be able to surf without the search engine?
At the moment, working your way through cryptocurrencies is somewhat like exploring the internet without the search engine. It is a time-consuming, painful experience. However, an experience full of rewards. Nevertheless, not many people have time to experience the pain and inconvenience of dealing with all the described problems on their way to crypto nirvana.
Until we find the universal, all-encompassing solution for individual problems, we’ll have to wait for wider adoption some more. Please, developers, don’t let regulated third-party custody providers manage to do so before you.