Speaking as someone who is reasonably capable at navigating around crypto I would say that in general crypto is far too complicated for the average person.
If you say OK there is a thing called Bitcoin, that’s fine. Then you add that there’s a second one called Ethereum, that does some different stuff that’s also OK, but you’re pushing the limit.
Then add literally infinite chains, subchains, tokens, networks, wallets and whatever else and it becomes genuinely mind-boggling and too much for any ordinary person, who will most likely just revert back to their Chase Bank accounts which they can trust and don’t really have to think too much about.
Until and unless the whole thing becomes simple and intuitive, with a limited set of reliable options readily built into things that people are already familiar with and want to use in general, it will remain sort of a niche speculative asset. 15 replies
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Personal anecdote. Location is Greece, EU. Not the most advanced banking system, but ok, EU is relatively at the high end globally.
A few days ago I get a notification from the local authorities, that as an independent contractor I have to enable a specific payment method. "It's easy, just use your e-banking to enable it". Oops, I need a business account. OK, but in order to open a business account I need some papers from the tax authorities, and a proof of residence. OK, I'll get them. I need to make an appointment at the bank. First available date, in 10 days. I will be on vacations. Frustration upon frustration.
That's just to do a simple thing. Not to get a loan, not to get a POS, or use a complex financial product. Something every small business owner has to do in Greece. 1 reply
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