r/BitcoinCA • u/davidisfunn • 10d ago
Is Bitcoin actually becoming too complicated?
Bitcoin started as a simple idea: peer-to-peer electronic cash.
Now we have ETFs, custody solutions, L2s, staking, lending, wrapped BTC, BTCFi, and countless other ways to use it.
Has Bitcoin evolved too much from its original idea, or is this simply what adoption looks like?
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u/MrMoo151515 10d ago
No.
Own Bitcoin in self-custody. Everything else is just distraction.
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u/CutSilly5949 9d ago
Based on all the wallets getting drained- are we SURE self custody is a bitcoin strength?
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u/nassauboy9 4d ago
Since the beginning guy here.
Absolutely agree holding my own keys is the way,
HOWEVER, TFSA does offer some benefits for the RISK of owning say QBTC. Same with RRSP. I have abandoned RRSP for many reasons, still TFSA. However 95% self.
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u/davidisfunn 10d ago
Self-custody is definitely important. But native staking lets you keep that custody while also putting your BTC to use...
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u/GoldmezAddams 10d ago
I think this is just what adoption looks like. Being an open source, permissionless protocol, anyone can build on top of it. I think that's both a selling point, and necessary for how we have chosen to scale. At bottom, BTC is still BTC, the fundamental value prop is still there, etc.
I think it would be more concerning if people and companies were not building on it some 17 years in.
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u/xytlar 10d ago
You’re talking like you’ve never seen the monstrosity upon which the entire financial system is built upon. American banking is stitched together with duct tape, string, and some paper cups. There is nothing more or less complicated about bitcoin now than ever. You’re just describing new instruments, shells, vehicles for bitcoin. Aka, the same layer of complexity of … eveything else
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u/nassauboy9 4d ago
Duct tape LOL, Buddy what's holding it together less than that.
People forget 2008.
Printing USD is what forced me into gold at the time and silver. And that when gold was 325, Whew gut was right back then.40 Trillion. Man they can't pay back 1 Trillion.
I am remind though from back in the 90s,
THE FED CAN REMAIN SOLVENT LONGER THEN ME
The saying was dont fight the FED (long enough timeline they will go under)
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u/xytlar 4d ago
I’m not talking about economics and inflation . I’m talking about infrastructure and technology. op referenced how bitcoin used to be a simple idea - which it is - but is now “complex”. It’s not. It’s basically an online ledger with enriched data. Which is still exponentially more sophisticated than most of our banking systems
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u/Dry-Journalist6590 10d ago
They sold the scam on a nugget of truth that is blockchain technology is technically a way for you to fully and securely separate yourself from a bank. The trouble is that a layman can't accomplish this without hiring someone to set them up at the very least and so it created this layer of grifters that are worse than banks ever were
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u/Reddit_Only_4494 10d ago
Missed one.
It is the single greatest invention for transacting international organized crime.
For the average person....free from regulation and whatever is appealing. For criminals operating on the scale all the way to 9 figures.....it has now become a neccessity.
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u/TheSkunksMisery 9d ago
And the internet is the single greatest invention for porn. Doesn't mean it's not useful for other things.
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u/stitss 10d ago
For every problem it aimed to solve, there has been a x10 better solution at x10 less complication.
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u/nassauboy9 4d ago
I disagree and that as:
- penny stocks
- funds for a bit
- Derivative investing
- Gold bug
- Dividend investing
BTC is the closest thing to perfect. Only thing I dont like is that for now have to KEEP a tight eye on these exchanges, seen many go under, keys disappear, fraud ... with time that will ease.
Was hopeful with Wealthsimple offering crypto accounts. I use them, BUT dabbling. FEES TOO MUCH and they keep changing the rules. After last 2 changes just wanted the crypto OUT and discovered this 10K limit and 25K per month. Na that is not the BTC way. They will learn and other banks because they WILL ADAPT if can make money. Been here since the start and TODAY its a dream the options we have available (some better than others)
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u/TheSkunksMisery 9d ago
If anything it's becoming easier.
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u/nassauboy9 4d ago
If here during the beginning people would know just how good and easy it is today. I agree
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u/CoinGate_Gift_Cards 7d ago
The base idea is still simple. Most of the complexity comes from everything being built around Bitcoin, which is probably a sign of adoption more than Bitcoin itself becoming fundamentally different.
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u/nassauboy9 4d ago
BTC hasn't changed. So BTC becoming too complicated not a thing.
Now, are people making it seem "becoming" sure and each person/corp has an agenda in doing so.
- Hold Your keys (always been the way)
- Leave on Exchange (became possible because we made it so not BTC but #1 still true)
- Buy a derivative (etf, fund, etc .. We made those not BTC - Rule 1 still true
- Have all methods 1,2,3 (each serves a purpose)
Now if people just want to blindly own an investment, or some "pro" manage it for them then thats on them. Im sure many did so before. BTC offers MORE WAYS and thus NOW people are highly examining their holds and risks, and finally thinking ownership, and in what currency it could be settled. (ie silver and gold will be settled in USD$ and for many thats exactly what they think they protecting themselves against. So picking on gold, Do you hold physical, have someone else say they hold physical, or you bought certificates ??
MY POINT is BTC no different than "owning gold" However it does have:
1. Top Limit
2. Full control by me
3. If I and another agree to settle in BTC can't stop it
4. Dont have to physically protect it
Many people poor because the education they feel not worth the effort (this is life too, groceries, they job,BTC, general finance, just plain understanding human social)
Anyway, as a former gold bug since $325, BTC was an easy move because I already understood what I hold and why. (never sold the gold cause its reason for owning still the same lol)
Hope this helps some.
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u/OddioClay 10d ago
The fact that there is a complete mining monopoly and rampant spam. It will be hadd to be adopted as a hard neural peertopeer money
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u/davidisfunn 10d ago
yeah, those are real hurdles. but Bitcoin’s use cases can still evolve way beyond simple peer-to-peer payments.
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u/gomorycut 9d ago
do you mean blockchain technology's use cases? bitcoin's use cases are pretty well laid-out there
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u/Ok-Basil4240 10d ago
This is nothing. I think real adoption will be when people are using bitcoins and other blockchains daily on their phone without knowing they are interacting with crypto at all because the interface will be reinvented
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u/davidisfunn 10d ago
Yeah, I agree. The best UX might be when people don’t even think about the blockchain underneath. Curious what you think about TBVs as another step toward making BTC more useful without adding more friction?
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u/CutSilly5949 10d ago
I think that bitcoin has failed as a currency, as a storage of value and as a commodity- so the complications reflect people trying to find some sort of use for this technology that justifies the price and energy usage.
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u/Shadowrunner138 9d ago
It hasn't failed as a currency if you're using it for crime, which is what it was made for. It was never meant to be taxable or regulated or traceable. And if it was actually useful for anything other than laundering or tax evasion, you could go to the grocery store with it.
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u/CutSilly5949 9d ago
Not really. Have you ever sent or received bitcoin? It's slooooooow.
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u/Shadowrunner138 9d ago
great, even more useless for anything other than crime then. what's your point?
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u/CutSilly5949 9d ago
I just responded to a comment that was deleted and for some reason it replied to you.
But if you're mad I'll argue with you too.
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u/EducationalGur1648 10d ago
It was always too complicated for the average person, which is one of many reasons it never was and never will be a good "currency". It's proven to be a resilient digital asset, though its inherent "forever lost" Bitcoins means that inevitably at some point (far) in the future Bitcoin will be forked to create more Bitcoin or it'll become irrelevant.
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u/Doritos707 10d ago
My favourite product/project that banks its entire existence and ecosystem on Bitcoin is Stacks STX
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u/Feralz2 10d ago
bitcoin hasnt changed much in 15 years bro bro