Slow Bitcoin adoption: How the buck gets passed - Cryptocurrency Reporters - A Light To Cryptocurrency World

Wednesday, 11 April 2018

Slow Bitcoin adoption: How the buck gets passed


The average wallet goes like this:You login with some pin or combination of smoke signalsYou then see a row of coins and how much they're worth andWHO THE FUCK FANS OPEN THEIR LIFE SAVINGS AND RETIREMENT FUNDS BEFORE BUYING A CHEESEBURGER?!!!Oh yeah yeah yeah multiple wallets multiple cell phones multiple quantum universes, whatever. No. Stop.Based on my conversations with devs at meet ups, devs believe three very silly things:(1) In the far away kingdom of San Francisco, when the good king returns from battling the FUD dragons in Asia, he will knight some other company to talk to enough shop keepers to accept crypto at their store terminals, and the rest of the land now covered in darkness, will the thorny vines will wither away! Pops another Adderall(2) When wallets are prettier and easier to use crypto wallets will one day become so pretty that we're ready for mass adoptionand the worst one:(3) The coin that I'm coding/invested will get this right in 2019!* (*roadmap subject to change)Way to pass the buck, boys.Multi-crypto wallets are the equivalent of trying to pay with a bag of mixed brand condoms.The vast majority of shops in major metropolitan cities accept Apple Pay and Google Pay and how often do you see people tapping their phones to pay for cheeseburgers? I seek it out and all I see are credit card swipes and cash. It's not a crypto wallet issue. It's not an "if PlasticProxyBiz succeeds" or whatever issue, but that is a novel way to get around it without solving the actual problem.This is a user experience issue.There's so much more last mile stuff that needs to happen.(sigh)When I say "user experience" I'm not talking about rounded corners or Frutiger vs. Helvetica, or pages that look stolen from the Apple web site. I'm talking about an evolved monkey trying to buy an banana from another one with the most amount of incentive and the least amount of friction and mental-hamster-wheel-steps possible.I'm not trying to shit on any project in particular. I've tried 10 different wallets (we're all basically forced to) on desktop and mobile and there's a few common things that drive me up the wall:A. Wallets need better UI for disposable spending moneyHalf the wallets I use have an identity crisis. They're not sure if they want to be wallets, bank accounts, remittance systems, and so on. The worst crime they commit is their desire to force me to use my savings/investments and my street cash in the exact same user flow. This is ridiculous. I don't want to expose my investments or treat my phone like a secret stash of condoms that nobody should look at while I'm in line. Think about the security and humility of a person.Instead, a sample user flow could be:Unlock phoneOpen wallet appThe app's state is ready to transact for the threshold that I already preconfigured with my QR code ready to goDARK MAGIC: the app already magically figures out what the best exchange rate is every ? minutes before I'm in line, or just uses fiat if it's an ocean of red, like we manually do. We manually do this. Why do we manually do this? Ugh! <<Touch my fingerprint to confirm the exchange rateLeave with my coffee expedientlyFor me, that threshold would perhaps be under $100 per transaction. I don't even want think about private keys, etc. For larger transactions, sure double authenticate and go nuts.If I want to do something more serious, make me do the smoke signals dance, great.B. Wallets must allow quick checkout with the best exchange rate to fiat possibleBackwards compatibility. Divisive for sure but not having it means you will only use it when the blood moon rises over the kingdom during the horse year when the fairy queen has delivered a Bitcoin Accepted sticker on the magical shopkeeper in 2019* (roadmap subject to change).A wallet that can't fall back to Google Pay, Apple Pay, or hooking up to a bank account, or at least pre-fiat funding at the very worst is not a complete product.** Why it matters **We're letting some nerdy software be called a wallet when in fact it has the functionality of a convenience store points card. This is not a wallet. Normal people think what you think is a wallet is right out of Star Trek, only usable in some far away galaxy.Doesn't pass the buck. Your wallet is ready for commerce regardless of if they accept your shitcoin or not.Your wallet's users become a visible person in the world who pays for shit everywhere with your cellphone, making lesser monkeys aware of adoptionSaid curiosity trains lesser monkeys to pay with a cellphones whether they believe in crypto or not (and it's not hard to attach them at that point)It educates shop keepers that people want to pay with cell phones more oftenGives you a golden opportunity to say "if you accepted Bitcoin you don't have to pay the banks/cc 3% for every swipe" and so on, to further adoptionIt can happen today via /r/CryptoCurrency https://www.reddit.com/r/CryptoCurrency/comments/8belxd/slow_bitcoin_adoption_how_the_buck_gets_passed/?utm_source=ifttt The average wallet goes like this:You login with some pin or combination of smoke signalsYou then see a row of coins and how much they're worth andWHO THE FUCK FANS OPEN THEIR LIFE SAVINGS AND RETIREMENT FUNDS BEFORE BUYING A CHEESEBURGER?!!!Oh yeah yeah yeah multiple wallets multiple cell phones multiple quantum universes, whatever. No. Stop.Based on my conversations with devs at meet ups, devs believe three very silly things:(1) In the far away kingdom of San Francisco, when the good king returns from battling the FUD dragons in Asia, he will knight some other company to talk to enough shop keepers to accept crypto at their store terminals, and the rest of the land now covered in darkness, will the thorny vines will wither away! Pops another Adderall(2) When wallets are prettier and easier to use crypto wallets will one day become so pretty that we're ready for mass adoptionand the worst one:(3) The coin that I'm coding/invested will get this right in 2019!* (*roadmap subject to change)Way to pass the buck, boys.Multi-crypto wallets are the equivalent of trying to pay with a bag of mixed brand condoms.The vast majority of shops in major metropolitan cities accept Apple Pay and Google Pay and how often do you see people tapping their phones to pay for cheeseburgers? I seek it out and all I see are credit card swipes and cash. It's not a crypto wallet issue. It's not an "if PlasticProxyBiz succeeds" or whatever issue, but that is a novel way to get around it without solving the actual problem.This is a user experience issue.There's so much more last mile stuff that needs to happen.(sigh)When I say "user experience" I'm not talking about rounded corners or Frutiger vs. Helvetica, or pages that look stolen from the Apple web site. I'm talking about an evolved monkey trying to buy an banana from another one with the most amount of incentive and the least amount of friction and mental-hamster-wheel-steps possible.I'm not trying to shit on any project in particular. I've tried 10 different wallets (we're all basically forced to) on desktop and mobile and there's a few common things that drive me up the wall:A. Wallets need better UI for disposable spending moneyHalf the wallets I use have an identity crisis. They're not sure if they want to be wallets, bank accounts, remittance systems, and so on. The worst crime they commit is their desire to force me to use my savings/investments and my street cash in the exact same user flow. This is ridiculous. I don't want to expose my investments or treat my phone like a secret stash of condoms that nobody should look at while I'm in line. Think about the security and humility of a person.Instead, a sample user flow could be:Unlock phoneOpen wallet appThe app's state is ready to transact for the threshold that I already preconfigured with my QR code ready to goDARK MAGIC: the app already magically figures out what the best exchange rate is every ? minutes before I'm in line, or just uses fiat if it's an ocean of red, like we manually do. We manually do this. Why do we manually do this? Ugh! <<Touch my fingerprint to confirm the exchange rateLeave with my coffee expedientlyFor me, that threshold would perhaps be under $100 per transaction. I don't even want think about private keys, etc. For larger transactions, sure double authenticate and go nuts.If I want to do something more serious, make me do the smoke signals dance, great.B. Wallets must allow quick checkout with the best exchange rate to fiat possibleBackwards compatibility. Divisive for sure but not having it means you will only use it when the blood moon rises over the kingdom during the horse year when the fairy queen has delivered a Bitcoin Accepted sticker on the magical shopkeeper in 2019* (roadmap subject to change).A wallet that can't fall back to Google Pay, Apple Pay, or hooking up to a bank account, or at least pre-fiat funding at the very worst is not a complete product.** Why it matters **We're letting some nerdy software be called a wallet when in fact it has the functionality of a convenience store points card. This is not a wallet. Normal people think what you think is a wallet is right out of Star Trek, only usable in some far away galaxy.Doesn't pass the buck. Your wallet is ready for commerce regardless of if they accept your shitcoin or not.Your wallet's users become a visible person in the world who pays for shit everywhere with your cellphone, making lesser monkeys aware of adoptionSaid curiosity trains lesser monkeys to pay with a cellphones whether they believe in crypto or not (and it's not hard to attach them at that point)It educates shop keepers that people want to pay with cell phones more oftenGives you a golden opportunity to say "if you accepted Bitcoin you don't have to pay the banks/cc 3% for every swipe" and so on, to further adoptionIt can happen today

The average wallet goes like this:

  • You login with some pin or combination of smoke signals
  • You then see a row of coins and how much they're worth and

WHO THE FUCK FANS OPEN THEIR LIFE SAVINGS AND RETIREMENT FUNDS BEFORE BUYING A CHEESEBURGER?!!!

Oh yeah yeah yeah multiple wallets multiple cell phones multiple quantum universes, whatever. No. Stop.

Based on my conversations with devs at meet ups, devs believe three very silly things:

(1) In the far away kingdom of San Francisco, when the good king returns from battling the FUD dragons in Asia, he will knight some other company to talk to enough shop keepers to accept crypto at their store terminals, and the rest of the land now covered in darkness, will the thorny vines will wither away! Pops another Adderall

(2) When wallets are prettier and easier to use crypto wallets will one day become so pretty that we're ready for mass adoption

and the worst one:

(3) The coin that I'm coding/invested will get this right in 2019!* (*roadmap subject to change)

Way to pass the buck, boys.

Multi-crypto wallets are the equivalent of trying to pay with a bag of mixed brand condoms.

The vast majority of shops in major metropolitan cities accept Apple Pay and Google Pay and how often do you see people tapping their phones to pay for cheeseburgers? I seek it out and all I see are credit card swipes and cash. It's not a crypto wallet issue. It's not an "if PlasticProxyBiz succeeds" or whatever issue, but that is a novel way to get around it without solving the actual problem.

This is a user experience issue.

There's so much more last mile stuff that needs to happen.

(sigh)

When I say "user experience" I'm not talking about rounded corners or Frutiger vs. Helvetica, or pages that look stolen from the Apple web site. I'm talking about an evolved monkey trying to buy an banana from another one with the most amount of incentive and the least amount of friction and mental-hamster-wheel-steps possible.

I'm not trying to shit on any project in particular. I've tried 10 different wallets (we're all basically forced to) on desktop and mobile and there's a few common things that drive me up the wall:

A. Wallets need better UI for disposable spending money

Half the wallets I use have an identity crisis. They're not sure if they want to be wallets, bank accounts, remittance systems, and so on. The worst crime they commit is their desire to force me to use my savings/investments and my street cash in the exact same user flow. This is ridiculous. I don't want to expose my investments or treat my phone like a secret stash of condoms that nobody should look at while I'm in line. Think about the security and humility of a person.

Instead, a sample user flow could be:

  • Unlock phone
  • Open wallet app
  • The app's state is ready to transact for the threshold that I already preconfigured with my QR code ready to go

DARK MAGIC: the app already magically figures out what the best exchange rate is every ? minutes before I'm in line, or just uses fiat if it's an ocean of red, like we manually do. We manually do this. Why do we manually do this? Ugh! <<

  • Touch my fingerprint to confirm the exchange rate
  • Leave with my coffee expediently

For me, that threshold would perhaps be under $100 per transaction. I don't even want think about private keys, etc. For larger transactions, sure double authenticate and go nuts.

If I want to do something more serious, make me do the smoke signals dance, great.

B. Wallets must allow quick checkout with the best exchange rate to fiat possible

Backwards compatibility. Divisive for sure but not having it means you will only use it when the blood moon rises over the kingdom during the horse year when the fairy queen has delivered a Bitcoin Accepted sticker on the magical shopkeeper in 2019* (roadmap subject to change).

A wallet that can't fall back to Google Pay, Apple Pay, or hooking up to a bank account, or at least pre-fiat funding at the very worst is not a complete product.

** Why it matters **

  • We're letting some nerdy software be called a wallet when in fact it has the functionality of a convenience store points card. This is not a wallet. Normal people think what you think is a wallet is right out of Star Trek, only usable in some far away galaxy.

  • Doesn't pass the buck. Your wallet is ready for commerce regardless of if they accept your shitcoin or not.

  • Your wallet's users become a visible person in the world who pays for shit everywhere with your cellphone, making lesser monkeys aware of adoption

  • Said curiosity trains lesser monkeys to pay with a cellphones whether they believe in crypto or not (and it's not hard to attach them at that point)

  • It educates shop keepers that people want to pay with cell phones more often

  • Gives you a golden opportunity to say "if you accepted Bitcoin you don't have to pay the banks/cc 3% for every swipe" and so on, to further adoption

  • It can happen today

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