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Bitcoin’s “Mayflower Generation” has grown into a rebellious army of soldiers. Whereas, how has the dangerous terrain transformed— and how can they maintain their coins safe? There’s one more vital step to progress, Bitcoin’s last security test - Simplicity! Let’s hop into more details below!
It’s been only thirteen years since Bitcoin’s (BTC) “Mayflower point,” when a teeny bother of BRAVE travelers decided to bypass the Fiat Empire and strikeout to a new ground of financial self-power. Though, yet it took 150 years for the American colonists to cultivate adequate numbers to toss off the collar of the unrepresentative nation, the Republic of Bitcoin has moved from Pilgrims to Revolutionary Army in slightly over a decennary.
What kind of individuals are these unexplored Bitcoiners? How do their personality, demographics, and technological knowledge vary from earlier adopters? Is “Generation Bitcoin” adequately ready to safeguard their acquisition against present and future security dangers? Also, most significantly, what are the obstacles that the rapidly expanding community must quickly handle to secure the victory of our uprising?
The Variety of Demographics
So, who are these new Bitcoiners? While we aren’t sure specifically, we can catch some high-level trends.
First, there’s unempirical but yet helpful anecdotal proof such as more diversity between attendees at enterprise events and more women in senior enterprise positions. Still, there’s publicly available data, like the variety of companies holding Bitcoin on their balance sheet. Long ago, pioneers would have been laughed at. Nowadays, a growing range of public and private corporations hold part of their finances in Bitcoin, and a number of miners have gone public, as a matter of fact!
Most significantly, the available information on private individuals exhibits that the old stigma is also altering fast. In the United Kingdom, for instance, the ratio of investors over 55 holding crypto bounced from only 7 to 22% between 2019 and 2020. Likewise, recent customer research by Gemini discovered that over half of “crypto-interested” customers are women and among them, a quarter is over 55.
What Are the Changing Threats?
What’s more, there is highly publicized crypto elimination in jurisdictions such as China. The United States has also taken people's assets such as gold while there was the Great Depression phase. The threat of government seizure is more than just speculation.
As a matter of fact, the major threat to Bitcoin users is the fluky loss. Although the dangerous scenery for Bitcoin is quite more intricate than other types of digital security, Bitcoiners need to face the governments as well as their own neglect.
While it’s correct that the security terrain is problematic, the real threat to people's coins (and its quick fix) is truly quite straightforward and can be said in one word: usability.
Making Security Straightforward
For Bitcoin’s earlier settlers, simplicity was never a problem — they clasped digital asset security best practices like self-custody and multi-signature security from the very start. Now, we have a far more diverse array of Bitcoiners, a far smaller ratio of whom know how to keep their coins secure, as if they do comprehend the threats they face.
More individuals will put their investment at risk by holding their coins on exchanges or acclimating to easy security practices such as keeping passwords and seed phrases on the internet.
So, the real inquiry is not whether Bitcoin’s new users are skilled enough to shield themselves from the dangers out there. Instead, we should ask when our industry will do what it ought to have done right from the beginning, and make self-custody so easy, frictionless, and involuntary that there’s no learning curve at all. Resolve that riddle, and we’ll have protected the revolution for each generation to come.
This article does not include investment advice or proposals. Every investment and trading move involves a certain risk, and readers should perform their own research when making a decision.
