Praveen discusses the user experience of setting up a Bitcoin wallet, emphasizing the need for improved onboarding for new users. He explains the flow for both hardware and hot wallets, highlighting the importance of personal responsibility in Bitcoin custody. The discussion also covers the concept of graduated wallets, the role of layer 2 solutions, and the ongoing debate about filters and mining centralization. Praveen shares his vision for Cove wallet, including future features and the importance of catering to users who prioritize self-sovereignty in their Bitcoin journey.
Takeaways
🔸The wallet setup process can be overwhelming for new users.
🔸Improving onboarding flows is essential for user retention.
🔸Personal responsibility is a core principle in Bitcoin custody.
🔸Graduated wallets can help users transition from simple to advanced features.
🔸Layer 2 solutions are still in a wait-and-see phase.
🔸Miniscript and advanced features may become more popular in the future.
🔸Filters in Bitcoin can lead to mining centralization issues.
🔸Multiple implementations of Bitcoin software can enhance decentralization.
🔸User feedback is crucial for developing wallet features.
🔸Cove aims to be the best wallet for new users across all platforms.
Timestamps:
(00:00) - Intro
(01:19) - Why did Praveen create Cove wallet?
(05:59) - Comparing Cove wallet with other Bitcoin wallets
(09:44) - Cove wallet’s business model
(13:47) - Seeking feedback from users to improve the wallet
(16:55) - Cove wallet setup flow
(20:14) - Sponsors
(26:54) - Should a user start with a graduated wallet?
(30:07) - Differing views on Bitcoin custody; Self-sovereign approach to custody
(39:04) - Are Layer 2 solutions fuelling the MoE qualities of Bitcoin?
(47:11) - Bitcoin Treasury Companies (BTCTCs)
(49:39) - Sponsors
(51:08) - Praveen’s view on Bitcoin Core Vs Bitcoin Knots debate; The impact of filters on Bitcoin’s future
(1:04:24) - Will there be alternative implementations of Bitcoin?
(1:13:48) - Closing thoughts
Links:
Sponsors:
CoinKite.com (code LIVERA)
Stephan Livera links:
Follow me on X: @stephanlivera
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