It is high time that the Bitcoin user interfaces and experience discussion be moved to nodes.
This opinion editorial is by Ram, a twenty-year-old student, soldier, and storyteller.
This is how it looks:
Your little girl is playing with her laptop and yelling "Wow!" and even "Oh!" Is this a cartoon? Is it anime or a cartoon? Is it anime?
Around 15,000 active Bitcoin nodes are running around the globe, according to a report by a twenty-year-old from Singapore. These nodes are responsible for storing the entire Bitcoin database.
It's almost impossible for one person to change the record because 15,000 computers are storing the same database around the globe. They also transmit new transactions to each other every day.
Elon Musk made this statement when he spoke about Bitcoin's future, a decentralized currency.
"The truth is, the average person will not run a Bitcoin node." Elon Musk, B World Conference 2020
Elon is right. But let me clarify.
Elon was referring specifically to a validating nude. It is very easy to set up.
- Both mining nodes and validation nosdes have different functions. (TLDR) Mining nodes use electricity to create "blocks of data", validating nodes verify that the information in those blocks are correct. Mining nodes are now called miners. Validating nodes are just called nodes. Both contribute to decentralization.
- A validation node is not going to cause your house to burn down because of high electricity consumption.
- It is very simple and does not require any technical knowledge.
- It actually costs only 10 cents per daily for electricity.
- You need less than 7GB storage space right now to set up a pruned node. This is where you only hold a small amount of the Bitcoin transaction data but still contribute to decentralization.
The average person doesn't know the above.
Bitcoin is still the most decentralized cryptocurrency in the world. It is amazing that 15,000 nodes are used in the context of cryptocurrency. This was proven during the blockize wars.
Let's change the context. Today, the internet is available to over 5,000,000,000 people. It's amazing how small 15,000 nodes seem. More than 15,000 people probably have 7GB spare on their computers. Many people may have an older laptop in their garage.
Decentralization is a key ingredient for Bitcoin's wider adoption. Encourage regular people to run Bitcoin validating nosdes.
This is a topic we aren't speaking enough today.
This is possible with UX and Node UI improvements
UI and UX are often overlooked in payment apps and exchanges. The UI/UX conversation is virtually non-existent when it comes to nodes.
Keep in mind that the largest company today is the one that has been relentlessly focusing its efforts on UX and UI. The market capital of this company is six times greater than Bitcoin's.
Image taken from Apple 1998; Sourced by CNET
Although Bitcoin is not a company, the same principle applies. This boils down into making things easier to understand.
Make it easier when setting up a validating network node. It gets simpler. It gets even simpler. Installing Bitcoin Core should be as easy as installing a Chrome extension. Or an app from Google Play. Then suddenly people will realize that this node thingy really is super easy!
I will clarify. Setting up a validating network node is easy. However, simplicity and perceived simplicity are two different things. Perceived simplicity today requires effortlessness.
Let's now talk about the emotions that should be experienced when running a validating network.
Take block explorer websites.
Image from blockchain.com
Technically, all of this information can be found on any validating node. This information is more difficult to understand and requires technical knowledge. This knowledge is not available to the average Joe.
Hence, you should improve the UI/UX. The block explorer websites' interface can be superimposed on top of node program. You can take it one step further. Allow users to see the number of nodes they are transmitting data from, how many blocks have they helped validate, and any temporary chain splits. Simpler. Interactive. It's also easy. There will be many ideas for creating a fun UI or UX based upon the blockchain.
UX and UI are not only important for decentralization. They can alter the way people access Bitcoin.
Here's an illustration of how I envision the typical path for someone who enters Bitcoin.
Hears of cryptocurrencies as a means to make fiat. Gets into altcoins. Gets into Bitcoin. Goes down the rabbit hole. Believes in Bitcoin. Sets up a validating Node.
This is only one example of many. Here's the thing: Most of the time, it takes late to set up a node.
This is what an intuitive and more intuitive node UI or UX could do to change this pathway:
Hears of cryptocurrencies as a means to make fiat. Decides to install a Bitcoin validating Node to experience the value proposition. Interacts with the blockchain to learn more – possibly even has fun. Interested in Bitcoin. Spreads word. Loops.
A validating node means that Bitcoin is open to all new users. This implies that there are zero risks. It will be promoted as such by UX and UI improvements. They will promote learning by interacting with Bitcoin. The blockchain will provide education. Videos and articles can only do so much.
Here are some additional UI and UX benefits.
- It is attractive to non-technical people. Bitcoin is the most decentralized cryptocurrency. However, the people running validating nodes are largely drawn from finance and tech communities. Let's also bring people from other communities. One immediate thought is that NFT designers could transition to Bitcoin's UI/UX.
- These websites reduce the inherent risk of centralized block-explorer websites.
- This would make Bitcoin, the payment system, more widely known. Bitcoin, the currency, can be argued over, but Bitcoin, the payments system, is extremely difficult to refute even with mainstream economics.
It is worth noting at this point that increasing decentralization may also bring about some disadvantages. Typical democracy problems. There are pros and cons to decentralization among technocrats. This is a different discussion.
Let's be clear: We need to talk more about this! Many people still have a deep misunderstanding of Bitcoin. It is painful evidence that the argument "Bitcoin's bad for the environment" has gained so much popularity. Even though we are all at different levels of the rabbit hole, Bitcoiners can still benefit from simpler interactions with the blockchain.
Talk about it in Telegrams, Discords, and, of course, on Twitter. Is it possible? Is it feasible? Does it make sense? Are you actively working on it?
Let's go back to the beginning of the story.
Your little girl is playing with her computer and yells "Wow!" as well as "Oh!" As you walk by, you see a block being added to the chain of blocks that preceded it. One chain becomes two until the chain at the top grows longer and the one below disappears into flames. Your girl claps.
This, my friends, is a vision that's worth pursuing.
Ram contributed this guest post. These opinions are Ram's and don't necessarily reflect the views of BTC Inc.
Frequently Asked Questions
Are gold investments a good idea for an IRA?
If you are looking for a way to save money, gold is a great investment. You can diversify your portfolio with gold. But gold has more to it than meets the eyes.
It has been used as a currency throughout history and is still a popular method of payment. It is often called “the most ancient currency in the universe.”
Gold, unlike other paper currencies created by governments is mined directly from the earth. Because it is rare and difficult to make, it is extremely valuable.
The supply-demand relationship determines the gold price. When the economy is strong, people tend to spend more money, which means fewer people mine gold. This results in gold prices rising.
On the flip side, when the economy slows down, people hoard cash instead of spending it. This results in more gold being produced, which drives down its value.
This is why investing in gold makes sense for individuals and businesses. If you have gold to invest, you will reap the rewards when the economy expands.
You'll also earn interest on your investments, which helps you grow your wealth. In addition, you won’t lose any money if gold falls in value.
Is physical gold allowed in an IRA.
Gold is money. Not just paper currency. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Many Americans now invest in precious metals. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During these turbulent market times, gold was among few assets that outperformed the stocks.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold offers liquidity. This means you can easily sell your gold any time, unlike other investments. Gold is liquid and therefore it makes sense to purchase small amounts. This allows for you to benefit from the short-term fluctuations of the gold market.
What are the fees associated with an IRA for gold?
Six dollars per month is the fee for an Individual Retirement Account (IRA). This includes the account maintenance fees and any investment costs associated with your chosen investments.
You may have to pay additional fees if you want to diversify your portfolio. These fees can vary depending on which type of IRA account you choose. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Many providers also charge annual management fees. These fees are usually between 0% and 1%. The average rate per year is.25%. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
What Does Gold Do as an Investment Option?
Supply and demand determine the gold price. It is also affected negatively by interest rates.
Because of their limited supply, gold prices can fluctuate. There is also a risk in owning gold, as you must store it somewhere.
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads and Example. Risk Metrics
The History of Gold as an Asset
From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. Aside from its inherent value, it could be traded internationally. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. One pound sterling, for example, was equivalent in England to 24 carats, and one livre tournois, in France, to 25 carats. A mark, on the other hand, was equivalent in Germany to 28 carats.
In the 1860s, the United States began to issue American coins made from 90% copper, 10% Zinc, and 0.942 Fine Gold. This caused a drop in foreign currency demand which resulted in an increase of their prices. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. The U.S. government was unable to pay its debts due to too much money being in circulation. They decided to return some of the gold they had left to Europe.
Many European countries began accepting gold in exchange for the dollar because they did not trust it. Many European countries began to use paper money and stopped accepting gold as payment after World War I. The price of gold has risen significantly since then. Even though the price of gold fluctuates, it remains one the best investments you can make.
Title: How Improving The UI And UX Of Bitcoin Nodes Could Benefit Everyone
Sourced From: bitcoinmagazine.com/technical/improving-bitcoin-nodes-ui-and-ux
Published Date: Thu, 22 Sep 2022 22:45:00 GMT