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Sharif Bouktila
Dumb & Curious
Asked a question 6 months ago

What did you find the most difficult when starting to learn about or use crypto/blockchain?

Where am I?

In The Exchange you can ask and answer questions and share your experience with others!

Cumbersome user interface and not very practical when buying or sending. Costs involved. Understanding the difference between blockchain and a centrally controlled data base. How the token interacts with blockchain. Price variances. So many utubers in the space. Who to follow or not to follow. Scammers a plenty. A hole lot of stuff which really does not make crypto user friendly.

 Having said that the space started to interest me. I realised that this is where the internet was when you had to use a dial up connection and decifer was this 'thing' is useful for.

What attracted me initially into crypto was bitcoin with its price growth potential over time due to its scarcity. I guess the speculative nature of the asset.

But then after doing a deep dive I realised that there was more to it than just speculation.

Bitcoin means different things to different people around the world.

 If you live in Venezuela its a way of protecting your purchasing power, a means of exchange where the local currency is worthless. 

If you work in the west and need to send money home to your family in another part of the world. Bitcoin is the ideal mechanism of transferring value over the Internet.

If your a software guy its manor from heaven. 

If your a state outcast like Iran its a way to connect your future in a new online financial system outside of the existing one.(Mining bitcoin).

A state announcing the adoption of bitcoin into its central bank reserves would be really interesting. Let the games begin. 

Outside of bitcoin, too many competing projects, to much to learn(altcoins).

Eventually I broke it down by asking 3 questions of each project I was interested in then hopefully i would find some gems:

  1. Does it solve a hair on fire problem for humanity/people?.
  2. Is it being adopted and by whom?.
  3. Is it sensorship resistant?

If any project answers YES to all three. I would BUY.

Unfortunately or fortunately there is only one project todate that ticks YES to all of the above and thats bitcoin.

One other project which has potential but is highy speculative is Ethereum. A smart contract platform. Hugh amount of innovation going on here. Early days. Let's wait and see.

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