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There is an actual useful use for cryptocurrencies which is sending money anywhere around the world instantly with small fees That is incredibly useful for dev
by boda11 5y ago
There is an actual useful use for cryptocurrencies which is sending money anywhere around the world instantly with small fees
That is incredibly useful for developing countries and the ecosystem of p2p allow in and out to fiat in a relatively smooth way
- blocked_again 5y agoYou do know that India has probably one of the best centralized payment systems in the world right? Read about UPI aka Unified Payment Interface.
- eric_cc 5y agoNice try, India!
- cuteboy19 5y agoNo one in India uses it for that purpose. UPI is significantly better than anything crypto has come up with. Crypto is purely a gambling vehicle in India
- boda11 5y agocan you send money to another country using UPI? if you can probably it uses swift under the hood crypto currency network replaces swift which is a more cumbersome system with higher price and delay of days to send money between countries
- cuteboy19 5y agoSo instead of one exchange rate you would need to deal with two. Not to mention the risk of the crypto in question being insanely volatile. Remittances are huge in India but no one really uses crypto for this purpose
- Kbelicius 5y agoWhich isn't a technical but a political problem. So what you are saying is that cryptocurrencies are a technical solution to a political problem. I would love to hear more about that.
- boda11 5y agoThe network can be used by anyone whether you have a political problem or not you can use it for remittances to save costs or maybe the other party you are sending to doesn't have a bank account or something If you have a good non authoritarian government stable coins can be used to rollout a payment solution cheaply that works in any place an internet exist that could save you tons of money You can use cryptocurrencies to get around currency restriction or failing currency which is mostly political problem and you use the crypto networks to help you in that
- actuator 5y agoThere are products like Revolut which do this and even allow currency exchanges at market rates by using the current underlying frameworks without the need for inventing a speculation medium. This is one of the weakest arguments in favour of crypto as it is not like you can't work with the current systems.