1/ Bitcoin still feels weird, clunky, and complicated at times. Because it is! But so was any kind of computer network, not too long ago.

Some thoughts on Bitcoin's UX.👇

2/ We often forget how far we have come, and how difficult the most basic stuff used to be. In Bitcoin, some of the basic stuff is still difficult.

Pete in 1991: "What is an IRQ?"
Peter in 2020: "What is an XPUB?"
3/ But also in Bitcoin we have come far: BIP32, BIP39, BIP44, BIP141 - all of them make Bitcoin easier to use. We take them for granted, but we shouldn't. A lot of thought and hard work went into these improvements, leading to better UX in the end.
4/ Bitcoin is not a shiny new toy. It is free open-source software that gives rise to an open protocol. It is a computer network enabling everyone to opt-in to a libre financial system, birthing an absolutely scarce asset. It's not an iPhone. It's the Linux of money, at best.
5/ Most of the complicated stuff will be abstracted away over time. Just like we don't have the deal with IP addresses anymore (most of the time) we probably won't have to deal with XPUBs in the future. At least not directly. Under the hood, all of it will still be there.
6/ An army of people is working tirelessly to make Bitcoin better and easier for everyone. The closer these improvements are to the base layer, the more technical the discussions around them will be. It's hard, mostly thankless and invisible work. (Thank you, devs!❤️)
7/ Some are working on the protocol itself, some on the reference implementation, some on theoretical research around signatures and the like. People like @pwuille @jfnewbery @orionwl @_jonasschnelli_ @LukeDashjr et al. improve upon the magic that is already there. Thank you!
8/ Some are working on higher layers in the form of open protocols and open-source software. Lightning Network, @BtcpayServer, @Raspiblitz, and so on. All of it is beautiful. All of it is necessary. Some of it is complicated.
9/ Some are working on end-user products. Whether it is to improve on- and off-ramps, fungibility and privacy, multi-sig, or node software. Many focus on UX, making stuff as easy as currently possible.
10/ I strongly believe that Bitcoin will get easier over time. Today, your smartphone connects to your WiFi automatically. Setting up a network connection is trivial. No IRQ, no IP addresses, no configuration. It will be the same for Bitcoin. We will make good things.
11/ BUT: We don't want to compromise on the things that make Bitcoin great in the first place. We all want better UX, but we have to do it right.

"Those who would give up essential Liberty, to purchase a great temporary UX, will soon have neither Liberty nor a great UX."
Bonus: Make sure to also read @giacomozucco's thread on how bad times create strong tools and vice versa.


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More from @dergigi

14 Jan
1/ Everyone knows that time is money. In the digital realm, however, money is also intricately related to time. It has to be.

2/ Among other things, money solves a coordination problem. Trading a single good against others solves the combinatorial explosion of a barter economy. It is a scalability solution that allows coordination across large groups of people.
3/ The two basic forms of money are ledgers (made of information) and physical tokens (made of atoms). Physical tokens keep track of themselves. Ledgers need someone who is in charge.
Read 13 tweets
13 Dec 20
Dear legislators:
* a wallet is a collection of private keys
* private keys are just information

Do you realize what outlawing information would entail?
Information can be represented in all kinds of ways. Do you want to make QR codes illegal? Flags? Art?
Do you really want to move into the territory of illegal numbers? Do you want to outlaw speech?
Read 5 tweets
14 Oct 20
"Bitcoin is protected by a wall of encrypted energy. The fact that there's a lot of energy involved is a good thing. It creates security to the network." -- @michael_saylor
Source: Swan Signal Live E33 with @michael_saylor and @DiMartinoBooth hosted by @CitizenBitcoin / @SwanBitcoin
If you're interested in exploring this idea, I wrote about it at length in 2018.

dergigi.com/2018/06/10/bit… Image
Read 4 tweets
8 Oct 20
1/ GigaChad, the thread.

Why Michael Saylor is - and probably will remain to be - the #Bitcoin GigaChad for quite a while.

👇 Image
2/ He went from zero to cyber hornets serving the goddess of wisdom faster than anyone else, realizing that there is only one game in town: #bitcoin.

3/ How did he do it? He dove down the rabbit hole, quickly and deeply. Bitcoiners know that all roads lead to Bitcoin maximalism. For some, it's a long and rocky path. For GigaChad it's a 5 minute ride in his rocket car.

Read 16 tweets
19 Sep 20
1/ Now that the Chad money is coming in, let's look at what moving to a bitcoin-denominated balance sheet might mean.

On inflows, outflows, balance sheets, and how a circular orange future might resolve the points of contention in #Bitcoin

2/ In essence, every economic actor needs to have an economic inflow to survive. This is true for individuals, companies, and even states.

A healthy actor has more inflow than outflow, resulting in a positive balance. Spending is necessary for survival or growth.
3/ Most economic actors sell goods and services to generate inflow. Sooner or later, what they earn is spent again on other goods and services. A payment is simply a moment in time where one is given what is due for goods or services.
Read 24 tweets
2 Jul 20
I recently finished The Price of Tomorrow by @jeffbooth. The book gives a good introduction and overview in regards to the two grand themes that are currently playing out: the rise of AI and the downfall of fiat money.

Quick thread in case you want to dive deeper.

2/ In regards to AI and exponential progress, I highly recommend @waitbutwhy's lengthy two-part blog post from 2015. It does a great job of explaining what's going on and is quite thorough (if you can't be bothered to buy any of the books below).

3/ If you want to dig even deeper there is probably no better book than The Singularity Is Near by @raykurzweil - it's a bit dated and can seem outlandish at times, but the general concepts presented in the book are as relevant as ever.
Read 11 tweets

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