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There's at least one useful use case for me. I can convert my country's currency to USD pegged stablecoins (USDC, DAI) at nearly market rates through a centrali
by tcgv 5y ago
There's at least one useful use case for me. I can convert my country's currency to USD pegged stablecoins (USDC, DAI) at nearly market rates through a centralized exchange (ex: Binance) before sending them to my crypto wallet. Then I'm able to generate yield on this amount through apps like AAVE, Curve, Uniwswap, etc.
This way I can hedge against the depreciation of my country's currency in an efficient way.
There are a lot of risks of course, to name a few: Stablecoins could suddenly lose their value; Dapps can be hacked and funds permanently lost;
For what it's worth I'm allocating a small portion of my "liquid" reserves in crypto (10%), only using stablished/audited dapps and avoiding Tether for reducing overall risk.
- beej71 5y agoWhile this seems to be a perfectly valid use of cryptocurrency, it doesn't scream "web3" to me.
- RestlessMind 5y agoNow you are just moving the goalposts. Your gp comment asked - "Even then I personally don't really see how this is useful in practice." And your parent comment provided a legit answer. I have met people who transferred crypto to their home countries with unstable currencies and hyperinflation, which is then used by their families to procure stuff (on black market, of course).