A few weeks ago, someone wanted to send me some crypto. After spending months studying for a Blockchain exam, I usually avoid such things. But, hey, $20 is $20.

So I signed up for a wallet, installed an extension, verified my credentials, saved a seed phrase, and - without too much technical fuss - had some crypto transferred to my account.

So far, so good. Compared to a traditional financial institution it had some advantages - there were no KYC checks or ID verification requirements. But the disadvantages were obvious - I had to install a different app on my phone and link it to my computer. The UI for the app and extension were awful. A huge amount of technical jargon was thrown my way - and there were dozens of technical pages to read through all stuffed with yet more jargon, memes, and insider jokes.

It felt sloppy and unprofessional. But, hey, $20 is $20.

Then I tried to withdraw the crypto into something useful. You know, money that I can use to buy goods and services. This, it turned out, was impossible.

I had to install a different extension. Then I had to decide which bridge to use. I popped into Discord chat and said "Hey! I'm new! Which bridge should I use?"

The answer won't surprise anyone who has dealt with cryptocoins.

"DYOR!"

Here's the thing - I don't want to do any research. When I want to change money with Wise.com, I just click a button and the cash is converted.

One of the classic web design books is literally called "Don't Make Me Think!" People are busy and tired and stressed and confused and just want their damned money.

I asked again "How do I judge which site is safe and which service I should use?"

The responses were filled with technical jargon, links to 3rd party sites, a list of acronyms, and assumed a huge amount of pre-existing knowledge. When I said "I've only just got started - how do I withdraw money?" I was told to watch a 3 hour YouTube video and / or install yet another extension.

That's when it struck me.

Cryptocurrencies are perfect for people who want to feel smart.

Some people like learning. That's great! But rather that learn something useful, they create ever more complex systems. They become the gatekeepers of rarefied knowledge. A lore so vast and tangled that they can smugly laugh at the smoothbrains who just don't get it. HFSP!!

Right now, in the UK, I can send £0.01 to anyone for free. The transfer is instant. But, more importantly, it is simple. I don't need to learn anything. My friend sends me their account details, I click a button, paste their info, hit a button, and done.

I don't need to know how the underlying infrastructure works. I don't need to understand how the global financial system works. But, with crypto, I need to understand staking, gas fees, bridges, offramps, DeFi, and a dozen other things. This is stupid. It makes insiders feel smart because they have embraced the self-created complexity, and allows them to feel smug that normal people aren't as smart. That's it. That's why some people love crypto.

PayPal solved crypto's fundamental usability problems decades ago. Click here to send money to an email address. Done.

Fifteen years of cryptocurrencies and the usability is still dreadful. Why? Because the people running it are addicted to complexity.