Is Bitcoin too Complicated?

Is Bitcoin too Complicated?

Bitcoin has long been criticized for being too difficult for the average person to understand. It's probably true. But does that actually matter? In this video, shot ...


What's up party people? Chris DeRose here, Community Director of the Counterparty Foundation. Today's question is, "Is Bitcoin too complicated?" So I get this question a lot, which is really funny to me, because there's a lot of silliness to the question. It's usually somebody who hasn't thought about things too much. Bitcoin is certainly very complicated. I've spent a lot of time over the last few years trying to learn about what this thing is, how it works. We don't even know half the crap that it does yet.

We're still figuring out how it works for organization purposes and maybe it could be used for data storage purposes, and on and on. Yes, there's complication to it, but I think that that's a red herring, right off the bat. Because there's complication to so many things that we do in life. I start my car, I have very little idea of how the car works. I view a webpage, I see all kinds of information, I have very little idea of how it works, perhaps. Certainly my parents have no idea how that works and it doesn't stop them from using it.

But then, too, all of the other systems we have for transferring value are inordinately complicated. Certainly credit cards are very complicated. You probably don't know how that works, I don't know how that works. ACH is complicated, Swift is complicated, but we use these things everyday. And it doesn't prevent us from actually accomplishing what we want to do. And that's how technology works.

When you have technology, typically there's the side of technology where you get things working. It's often a command line reference client or it's a API or it's a very obtuse sort of thing, and then people create interfaces on top of it to abstract out the complications. Certainly that's what we see with Bitcoin. With Bitcoin we're finding a lot of very complicated concepts being turned into easy-to-use interfaces that are just mobile wallets. You hit a button and you're done. I think that, yeah, Bitcoin is too complicated.

I think it is too complicated like all the things in our life are too complicated for any of us to specialize in, if we're going to work on the protocol or we're going to work on engines or all these things. But not so complicated that we don't have the ability to use it. So I think that it's kind of a silly question. You see that sometimes and usually the person just hasn't been thinking things through too much. They say, "Oh, it's too complicated for me." And they're right, it is too complicated for them and that means that we need to actually work on solutions to make it less complicated.

It doesn't mean that things won't work. It certainly doesn't mean that Bitcoin isn't going to work because it's complicated. Again, I think it's actually pretty simple compared to some of the incumbent financial solutions out there. Certainly it reduces risk to a significant degree, which tends to coincide with complication reduction. But I don't know. Maybe you disagree.

Maybe you think Bitcoin is way too complicated. If you do, why don't you leave a comment below and tell us about it. Or if you have a question about other aspects of Bitcoin, why don't you ask online? My handle is @derosetech on Twitter. And if you like this video, explore some of my other videos and subscribe to the channel. I'd love to have you around. Later, party people.

Later! Thanks a lot, buddy. All right, man. Have a nice day. I was gonna say that was gonna cost you a cold beer, but I know y'all don't have any. I would totally give you one. We usually do, actually.

We usually do. Thanks, bud. Okay, y'all have a good day.