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Software program developer Jameson Lopp believes bettering usability and person expertise of Bitcoin (BTC) self-custody options and making extra avenues to accumulate BTC will probably be key in additional adoption of the preeminent cryptocurrency.
The co-founder of Casahodl, who’s a distinguished figure within the Bitcoin and wider cryptocurrency area, spoke of the challenges in constructing self-custody options in an unique interview with Cointelegraph journalist Joseph Corridor forward of Miami Bitcoin Week.
Related: The Bitcoin transition: How hodlers can become changemakers and drive adoption
Lopp has a wealth of experience as a developer building a range of services and products in the cryptocurrency space, but has largely been focused on self-custody of digital assets in recent years. Casahodl offers a range BTC self-custody solutions and is set to provide Ethereum support in 2023:
“The default path for most people to get into Bitcoin is through centralized exchanges that are surveilling their customers generally because they are legally required to do so.”
Lopp speculated that users typically buy an entry level amount of Bitcoin on an exchange and leave their holdings in the respective wallet. He questioned whether some users are even aware that they can actually manage their own BTC holdings in a self-custodial wallet:
“Even those who do understand that self-custody is a thing are afraid to take on the responsibility that is associated with that.”
Nevertheless Lopp added that cryptocurrency custodian service providers like exchanges offer a level of convenience and usability through web applications that is more user-friendly to industry newcomers. There is a relatively low barrier to entry, with the only friction point being AML and KYC requirements that many web users are becoming accustomed to.
“We simultaneously need to make self-custody both easier and make it so that people are comfortable and confident that they can do it without screwing up.”
Lopp added that creating more on-ramps for people to acquire Bitcoin and driving economic activity with the cryptocurrency. He used decentralized social media platform Nostr for example of an ecosystem that has built-in Bitcoin layer-2 Lightning protocol as a method to drive the usage of BTC:
“Individuals can principally enroll there simply by producing a public key and by making a lightning pockets and so they can simply begin receiving and sending with no AML orKYC required.”
In international locations like the UK, Bitcoin proponents and a spread of industry-leaders established a policy group to foster training, funding, enterprise and job creation for the ecosystem in April 2023.
In the meantime layer-2 infrastructure suppliers like Lightning have seen organic growth over the last year, with a gradual improve within the quantity of BTC locked up in Lightning channels.
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