Today I wanted to share my views on how Bitcoin could fail. As I see it there is only one major hurdle in the way of its complete success and wide scale adoption and that hurdle is fear of its complexity leading to reluctance by would be users.

What do people have to fear about Bitcoin? Complexity.

• What are mnemonic seed phrases?
• Hard & soft forks.
• Private vs. public keys.
• What is are Dat files, and how do you back them up?
• What is two factor authentication?

Blockchain is complicated, and new users who enter this space must comprehend and overcome the complexity, or risk victimization.

How Bitcoin will Fail: Complexity & Relunctance

Bitcoin | Risky but Worth it!

In Bitcoin you don't have a "trusted" third party overseeing your funds. Bitcoin doesn't have IT or Fraud departments who recover forgotten passwords, or offer refunds if your account is "compromised". Wealth stored in cryptocurreny is therefore vulnerable to attack by malicious acters. But make no mistake the trustlessness of Bitcoin is a feature, not a bug.

Yes Bitcoin users are responsible for their own money, securing the access keys, and having contingencies for every possible eventuality, but the reward for overcoming the complexity is that the user then owns real money, and consequently has financial freedom.

If you don't hold your wealth, you do not own it. That adage applies to physical bullion, and the private keys for cryptocurrencies. Modern banking baby sits your money, and the cost of that service and convenience is everything. Once you deposit money, the bank loans it out, charging interest, leveraging themselves while exposing your wealth to risk for their gain. Their profit is not your own, but if they go bust you funds will pay the debt owed.

If you do hold your own wealth in for instance silver or gold coins, or with Bitcoin where you have the private keys, then you avoid bank fees, inflationary hidden tax, and counter-party risk associated with storing your wealth outside your reach. If you hold your own wealth you have financial freedom, and privacy; you can buy or save, send or receive, without big-brother necessarily watching along the way.

Bitcoin ownership is difficult and it does restrain the mass adoption of cryptocurrency, but I am confident that people will overcome this challenge, and in so doing, learn what a boon taking personal responsibility for your finance offers.

"Trusted Third-Party" is an Oxymoron:

If you needed more reason, look at what history has to say about citizens placing faith in central banks as safe-havens for ones wealth. Bankers and governments will steal your money if you let them, they have done so in the past, and will do it again if we don't protect ourselves.

When Banks & Govt's want your money, they take it:

• Banks can seize your money during a bail-in, ask Cypress.
• Governments can confiscate your wealth to pay for their debt and deficit, pay for pet projects and cronyism, look at the gold seizure of 1933, Executive Order 6102.

Conclusion:

Yes, with Bitcoin the stakes are high, if you don't understand your wallet, passphrases, or seed, you may lose your wealth, but you can learn all that if you try and the freedom gained from holding, good and private, peer to peer money is worth the risk and effort. Fear surrounding the complexities listed above are the greatest hurdle restraining Bitcoin's mass adoption, fortunately I believe you are capable of adapting and overcoming this hurdle.

Join the Bitcoin revolution today and start securing your wealth, yourself.

Buy Bitcoin:

Coinbase:
https://www.coinbase.com/join/59bbe24dd0e8a800f12e7b93
Coinsquare:
coinsquare.com/register?r=E4EB3832E