"Hey people paying for stuff with your thumbs and faces and keeping your money relatively safe with a 4-digit PIN, please start investing in cryptocurrency! It's easy! All you need to do is take a photo with your passport, make a username and password, MAKE SURE YOU WRITE THEM DOWN, transfer some cash to the exchange, buy bitcoin with the cash, send the bitcoin to another exchange (repeat steps 1-3 for the second exchange) using the public address (a weirdly long and complicated set of numbers that you MUST WRITE DOWN!!!), log into the second exchange, sell your bitcoin for an altcoin which you have to recognise by it's 3 letter ticker, buy it at the right price by placing a buy order (whatever you don't miss a decimal place or you're SCREWED!), send the purchased altcoin to a non-exchange wallet (repeat steps 1-3) or Ledger Nano S. Oh what's a Ledger Nano S? It's a hardware wallet which you'll need to purchase, write down 24 random words that it gives you (WRITE THEM DOWN!), keep that list of 24 words somewhere extremely safe but somewhere you won't forget, download a Chrome extension, open it, get the public address, send altcoin from second exchange to Ledger Nano S wallet (the Bitcoin wallet chrome extension), and then YOU'RE DONE!!!! See? So simple! And now your money is safe!"
OHHHHHHH PAHLEEEAAAASE! It's 2018, blockchain technology has been around for 10 years, and it still requires some sort of IT specialist just to invest and store the damn coins!
I've been investing in and trading cryptocurrencies for 7 months now, for a few hours each day. I bought my first Ledger Nano S yesterday, and spent about 3 hours setting it up. HOLY SHIT that was the most unfriendly piece of technology I've ever used. Do you SERIOUSLY think we are reaching mass adoption soon? No way!
TenX, PundiX, Monaco, Metal... they may all make SPENDING crypto easy, but who is making investing easy? Who is making storing easy? Who is making trading easy? Who is making TAX easy?
It's encouraging to see bitcoin making it's way into mainstream headlines, but until those questions above are answered, Grandpappy ain't seeling his 2 million dollar farm and investing in crypto. The current market cap is being upheld by a tiny fraction of one generation.
The blockchain industry MUST adopt/headhunt expert designers and communicators! If I see one more website with swirling dots joined by lines..... or one more blurb that uses words that confuse the hell out of any potential investor....... Come on!
If you think I'm overreacting and don't believe there is a problem, chances are you have a background in IT.
We tell people to do their own research, but we don't tell them how! The amount of noob-friendly resources are zero. Think of your Mum or Grandma, who would you recommend they watch on YouTube to help them understand blockchain and crypto? Which blog should they read? Good luck getting your Grandma onto Slack, Telegram, or Discord!
If you're still reading, chances are you've already invested in Crypto, so this is good news for you! You're in and the train hasn't left the station! The hostess has just announced boarding and you're already on the plane with your seatbelt on! For men, we're early, and that's a good thing for once!!
What to take away from this... Don't tell people to invest unless you are willing to hold their hand through every. damn. step. You won't be doing them a favour if they sell at the wrong price or send to a wrong address. I really hope new exchanges, wallets,and storage devices come into existence and provide a barrier-free entry into the wonderful land of Cryptopia! Do I hear an Amen?
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