Re:Ask HN: Why is Crypto so hard to use?
by verdverm on Thursday September 23, 2021 @03:00PM
(#28633623)
To me it seems philosophical and unavoidable based on the tech, for permissionless blockchains.
Consider what happens when you lose your bank or credit card. Do you lose your money? What happens if someone spends using a stolen card?
With wallets, you lose the key, you lose the money. That is really bad UX. You can create a recovery method, splitting the key up among people you "trust" but then actually recovering it is far more difficult than calling your bank and waiting for some mail. What happens if enough of those trusted people become unreachable?
There are of course custodial wallets, but then you end up with a centralized system where you can be blocked from using your wallet.
Consider what happens when you lose your bank or credit card. Do you lose your money? What happens if someone spends using a stolen card?
With wallets, you lose the key, you lose the money. That is really bad UX. You can create a recovery method, splitting the key up among people you "trust" but then actually recovering it is far more difficult than calling your bank and waiting for some mail. What happens if enough of those trusted people become unreachable?
There are of course custodial wallets, but then you end up with a centralized system where you can be blocked from using your wallet.