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Michael Pfister
@pfista
I think the challenge with onboarding normies is that there is just way too much to learn. There are too many concepts to understand to use crypto safely. I casted before that I got a hotel in Panama to accept crypto for the first time. I set them up with Coinbase wallet and sent the money there. USDC on base. Pretty easy. But then how can they off-ramp? So we needed to setup a Coinbase account where they could add their bank, kyc, and off-ramp. It got really confusing explaining the difference between a wallet + key vs their Coinbase account + password. They still haven’t even added their bank because it requires 2FA- but there isn’t service here. So they have to leave to go into town to find service just to get their SMS code to initially login to Coinbase. So then I explained passkeys can help with that. Besides even setting up a wallet and an off ramp mechanism, they asked how can they accept more crypto in the future. I had to explain Stablecoins…
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Michael Pfister
@pfista
Which means I then had to explain Ethereum vs Base vs Bitcoin vs Fartcoin. They shouldn’t accept any coin from anyone. Stick with stables. So I showed them how to find their wallet address so they can receive crypto. I mentioned they should probably have people only send a small amount first to test since transactions are irreversible. Even trying to keep this as simple as possible I could tell that I lost them. If we can reduce what someone needs to learn to safely send, receive, on/off ramp crypto, I think we could get adoption much higher. But there’s a ton of things to learn (which probably shouldn’t be necessary at all?) Maybe we can wrap the complexity in a nice app while still maintaining all the great properties of crypto
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Kyle
@banta
I think what were gonna get (and is probably fine) is most businesses won't have non-custodial wallets (but will at least maintain the option to). They'll have just a coinbase PoS type software system that skims over their coinbase account that receives/holds the tokens until they off-ramp or send to another non-custodial address. The PoS software will have to handle only accepting USDC (or automatically swapping tokens to USDC or stables at the current spot price) and will only produce a valid receipt if it receives enough of the stable. It won't be truly crypto-native as the PoS software/coinbase are still layers of trust businesses will have to rely on, but they'll have a hybrid option where they can opt to go deeper/more truly on-chain if they want (but don't have to)
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