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The question still comes up is crypto too complex for the ‘average user’ to understand?
The answer seems straightforward. Bitcoin quickly became a cultural phenomenon appearing in rap songs and movies and then was adopted by national governments and major corporations.
It is safe to say that the people get it.
Up to now, users have happily taken advantage of custodial exchanges to hold their digital assets when they don’t have the right hardware devices or living situation for self-custody.
Many others successfully store digital assets on a secure mobile phone with no problems.
It is clear that people are figuring out how to not only buy and sell digital assets but how to store them as well.
The question, then, is perhaps less about whether or not crypto is too complex and more about whether or not our technical education worldwide suffices for the modern age.
Is crypto too complex for most
The older generation is skeptical of new technology and would rather stick to banks with deposit insurance or crypto ETFs (exchange-traded funds).
That is the world they have always known, and it has served them well. They see no reason to change their ways now. But ETFs are not the world of tomorrow.
Young people understand digital assets. They are digital natives. The concept of digital assets is not foreign to them.
The industry could always use more education, especially free technical information for the unbanked.
But across the planet, individuals from all walks of life have successfully adopted Bitcoin and digital assets.
The industry must continue creating free educational content for dissemination on social media like it has done this far so well.
Storing Bitcoin doesn’t have to be complex
There are quite complex ways to store Bitcoin. Some large exchanges use a Faraday cage with an electromagnetic shield so as to not leak RF (radio frequency).
On the other hand, some people use very little security. They hold their digital assets on their smartphone or even laptop.
At the end of the day, it’s about striking a good balance. You’ve got to ask yourself, “What works for you?”
Everyone has different risk models when storing Bitcoin
Different individuals and/or entities will have different risk models and appetites when it comes to storing Bitcoin and other digital assets.
For many individuals, increased technical complexity could make things less secure rather than more…
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