MrP on Nostr: Are we confusing the next wave of bitcoin adoption by using legacy financial system ...
Are we confusing the next wave of bitcoin adoption by using legacy financial system terms in Bitcoin? A wallet carries cash, debit and credit cards. A bitcoin hardware wallet controls access to utxo sets. When we call it a wallet no wonder people think that they actually have bitcoin stored on the physical device. In the current system a PIN actually releases the funds from a debit card or credit card, I.e. authorises the transaction. This is more representative of what a hardware wallet does, so a hardware wallet is more of your bitcoin PIN than a wallet...no wonder self custody is so daunting.
Published at
2024-01-08 03:40:09Event JSON
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"content": "Are we confusing the next wave of bitcoin adoption by using legacy financial system terms in Bitcoin? A wallet carries cash, debit and credit cards. A bitcoin hardware wallet controls access to utxo sets. When we call it a wallet no wonder people think that they actually have bitcoin stored on the physical device. In the current system a PIN actually releases the funds from a debit card or credit card, I.e. authorises the transaction. This is more representative of what a hardware wallet does, so a hardware wallet is more of your bitcoin PIN than a wallet...no wonder self custody is so daunting. ",
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