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Making Bitcoin Easy to Use

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Making Bitcoin Easy to Use

Why Bitcoin is following the same trajectory as the Internet itself(originally just a TCP/IP standard) as it goes from a techy undertaking to becoming the underpinnings of something was more powerful.

Why Bitcoin is following the same trajectory as the Internet itself(originally just a TCP/IP standard) as it goes from a techy undertaking to becoming the underpinnings of something was more powerful.

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Making Bitcoin Easy to Use

  1. 1. MAKING BITCOIN USER FRIENDLY Bill Barhydt Twitter: @billbarhydt
  2. 2. Making TCP/IP Easy to Use • 1983 – modest experiment • 1989 – even insiders betting against it • 1990 – over 100,000 host machines • 1992 – over 1,000,000 connected computers • 1994 – Mosaic popularizes the web, Netscape is born • The rest is history
  3. 3. Making Bitcoin Easy to Use… ? • 2008 – modest experiment • 2010 – 10k BTC bought two pizzas • 2012 – even insiders betting against it. • 2016 – 12 million wallets across 5 million “users” • 2019 – ? popularizes the use of Bitcoin • ”Hopefully” the rest will be history
  4. 4. By the Way • TCP/IP: Intranet vs Internet ….Remember that debate? • Bitcoin: Public (Bitcoin) vs Permissioned Blockchain ….Guess who will win?
  5. 5. What Problem are We Trying to Solve • Client Wallet: Bitcoin is a currency, hold and spend it • Hosted Wallet: Bitcoin is a commodity, acquire and store it
  6. 6. The Easy Way Out
  7. 7. What Problem are We Trying to Solve? • Abra: We want a single mobile app that enables anyone in the world to send money to any phone number in the world regardless of currency or bank account.
  8. 8. Why This Problem? • Cross Border Remittances -> $700 billion with over $30 billion in fees • Cross Border Commerce eventually worth $1 trillion • Unbanked population stands at 2-3 billion …means no access to payments, credit, etc.
  9. 9. Issues to Overcome • Local (cash) wallet vs Hosted wallet • Public key vs phone number • Fiat Liquidity -> cash vs banked consumers • Fiat Volatility and FX vs Bitcoin • Regulation -> hundreds of regulators! • Not breaking decentralization
  10. 10. Local (Cash) wallet
  11. 11. 11 Public Key vs Phone Number
  12. 12. 12 Fiat Liquidity (cash vs banked consumers)
  13. 13. Bill adds $200 to his phone, Abra app now holding 1 XBT XBT spot @ 200 XBT down 20%, Abra app now holding 1.25 XBT XBT spot @ 160 Bill withdraws money off phone LENDER LENDER Fiat Volatility vs FX (Smart Contract Model) XBT spot @ 160 Details of the FX/smart contract model will be discussed in a future blog post
  14. 14. Regulation • Make app ”rules based” • Partners define rules • Push regulation to edge of network where it belongs • Ex: Ask for ID when adding money via bank • Only ask for intrusive information when necessary  Exchanges  Tellers  Merchants
  15. 15. Not Breaking Decentralization
  16. 16. Making Bitcoin Easy to Use • Ultimately this means focusing on real problems for real consumers and businesses and not simply betting on the adoption of new technology. • Define your problem in crystal clear terms and rally everyone around that problem. Turn it into your mission.
  17. 17. THANK YOU Bill Barhydt Twitter: @billbarhydt

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