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.
Sourced from CNET. Image taken from Apple 1998.
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. Begins to be interested in Bitcoin.
This is only one example of many. Here's the thing: Most of the time, setting up nodes happens late.
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 a small group 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 clear that Bitcoin is bad for the environment argument is gaining so much support. 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
How to Open a Precious Metal IRA
The first step is to decide if you want an Individual Retirement Account (IRA). You must complete Form 8606 to open an account. For you to determine the type and eligibility for which IRA, you need Form 5204. This form should be completed within 60 days after opening the account. Once this has been completed, you can begin investing. You can also choose to pay your salary directly by making a payroll deduction.
To get a Roth IRA, complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious Metals IRA, there are specific requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. You cannot earn more than $110,000 annually ($220,000 if married filing jointly) in any one tax year. You must also contribute regularly. These rules apply to contributions made directly or through employer sponsorship.
You can use a precious-metals IRA to purchase gold, silver and palladium. But, you'll only be able to purchase physical bullion. This means that you will not be allowed to trade shares or bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option is available from some IRA providers.
There are two main drawbacks to investing through an IRA in precious metallics. First, they're not as liquid as stocks or bonds. It is therefore harder to sell them when required. They also don't pay dividends, like stocks and bonds. Also, they don't generate dividends like stocks and bonds. You will eventually lose money rather than make it.
How much money should my Roth IRA be funded?
Roth IRAs can be used to save taxes on your retirement funds. These accounts cannot be withdrawn until you turn 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, your principal (the deposit amount originally made) is not transferable. This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule states that income taxes must be paid before you can withdraw earnings. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 So you would only have $6,500 left. Since you're limited to taking out only what you initially contributed, that's all you could take out.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. Traditional IRAs allow for pre-tax deductions from your taxable earnings. Your traditional IRA allows you to withdraw your entire contribution plus any interest. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. But once you've retired, you can withdraw the entire contribution amount plus any accrued interest. There is no minimum withdrawal requirement, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
What is a Precious Metal IRA?
A precious metal IRA lets you diversify your retirement savings to include gold, silver, palladium, rhodium, iridium, osmium, osmium, rhodium, iridium and other rare metallics. These are called “precious” metals because they're very hard to find and very valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Bullion is often used for precious metals. Bullion refers to the actual physical metal itself.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
A precious metal IRA allows you to invest directly in bullion, rather than buying stock shares. This allows you to receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you pay a small percentage tax on the gains. Additionally, you have access to your funds at no cost whenever you need them.
Is it possible to hold a gold ETF within a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
A traditional IRA allows for contributions from both employer and employee. Another option is to invest in publicly traded corporations with an Employee Stockownership Plan (ESOP).
An ESOP can provide tax advantages, as employees are allowed to share in company stock and the profits generated by the business. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
A Individual Retirement Annuity (IRA), is also available. An IRA lets you make regular, income-generating payments to yourself over your life. Contributions to IRAs can be made without tax.
What are the fees for an IRA that holds gold?
A monthly fee of $6 for an Individual Retirement Account is charged. This fee covers account maintenance fees, as well any investment costs that may be associated with your investments.
You may have to pay additional fees if you want to diversify your portfolio. The type of IRA you choose will determine the fees. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
Many providers also charge annual management fees. These fees range from 0% to 1%. The average rate is.25% annually. These rates are often waived if a broker like TD Ameritrade is used.
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.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)
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
Investing in gold vs. investing in stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because many people believe gold is no longer financially profitable. This belief is based on the fact that gold prices are being driven down by global economic conditions. They feel that gold investment would cause them to lose money. There are many benefits to investing in gold. Let's take a look at some of the benefits.
One of the oldest forms known of currency is gold. There are thousands of records that show gold was used over the years. It was used by many people around the globe as a currency store. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. The first thing you should do when considering buying gold bullion is to decide how much you will spend per gram. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
It's worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. Although the price of gold has dropped, production costs have not.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. But, if your goal is to make long-term investments in gold, this might be worth considering. Selling your gold at a higher value than what you bought can help you make money.
We hope you have gained a better understanding about gold as an investment tool. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only after you have done this can you make an informed choice.
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