The last security challenge of Bitcoin: Simplicity
It has been 13 years since the first-ever cryptocurrency was introduced in the world. But just after a little over a decade has passed, Bitcoin has brought about a revolution in the world of finance. It gave us a glimpse of self-sovereignty in the financial field, which is controlled by the likes of national and international organisations and corporate banks.
Today we will extensively discuss the first-ever cryptocurrency, the bitcoin enthusiasts or community and how this digital coin paved the way for a new feature and technology in the financial sector.
The new generation of Bitcoin enthusiasts
In the beginning, there were actually very few people who were genuinely interested in things like Bitcoin. But in contrast, today, numerous public and private business corporations are in possession of Bitcoin and other cryptocurrencies. Even a few years ago, companies like MicroStrategy would have been criticised because of investing their time and money into something like cryptocurrency, but things have exponentially changed in recent years. More and more companies are looking for suitable investments in the cryptocurrency sector.
This means apart from individual investors, bitcoin and many other crypto coins are gaining seasoned corporate investors who are looking for opportunities to gain profitable assets.
Facing various types of threats
A recent poll conducted among 1600 crypto investors suggested that they are afraid of government seizures. Because of technological advancement, the threats have also become diverse, fast-paced and insidious, people still have genuine concerns over the decision of their governments on bitcoin and other digital currencies.
What these people think and consider are practical because there are instances of real-life examples. For example, China’s highly publicized crackdowns over crypto miners and the cryptocurrency itself. During the great depression, the United States government had confiscated the assets of the government, such as gold; therefore, the government seizure can be more practical than theoretical.
But the most important threat for any Bitcoin trader or cryptocurrency trader can be the accidental loss. The digital landscape of bitcoin is more complex than any other kind of digital security. Despite the threat, the root of this problem and the solution is simpler than anticipated, and the answer is usability.
Creating much simpler security
The solution for the security challenges of Bitcoin was recently described in a simple Reddit post: those who are not interested in the internet do not care about it as a technology, what they are looking for is an easy way to utilize the whole system and same can be applied when crypto coins become mainstream. In the beginning, the only people who were interested in Bitcoin were people who were heavily interested in the blockchain technology itself. But when ordinary people saw the opportunity to invest in this cryptocurrency, things became heavier for them due to technological difficulties. Right now, the number of people who know how to keep their coins safe is very low.
Many people put their investment at risk when they keep their coins in exchange platforms and adapt to relaxed security practices like storing passwords. But the answer to all these discrepancies is simple that is to put effort into educating people and creating awareness about this technology.