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> can anobody explain to me why? Once you get paid, you've got two options: - Keep your crypto and risk losing your money due volatility. - Sell your crypto.
by pid-1 4y ago
> can anobody explain to me why?
Once you get paid, you've got two options:
- Keep your crypto and risk losing your money due volatility.
- Sell your crypto. Now you have to deal with the banking system anyway.
I remember in 2014~2017 a fair number of websites accepted btc payments. It was something new and exciting, people wanted to try. As crypto became more and more volatile, adoption also dropped sharpely.
> countries with problematic (non-stable) currencies.
Generally folks in such contries try to hold something reasonably stable, like USD. It's not uncommon for dollar fueled parallel economies to exist, like in Argentina.
- spapas82 4y agoActually, this is not exactly true: 1. You can convert volatile crypto to stablecoins like USDC that will keep their value (I know that there's a possibility that even stable coins may get de-pegged but the probability is small). 2. You can sell your crypto without going through the banking system, for example using a crypto ATM to reiceve cash directly. 3. Yes I understand that people would want to keep a stable currency like USD but how are they gonna get that stable coin if its a parallel economy? I mean gumroad and stripe will payout in an IBAN account; if you've got an IBAN account in argentina and somebody sends you dollars you'll actually receive pesos! Wouldn't it be better to get the a stable cryptocoin?
- jqpabc123 4y ago1. You can convert volatile crypto to stablecoins like USDC that will keep their value Yes, but don't you need a CoinBase account to buy and hold USDC? This is really just another bank account. 2. --- using a crypto ATM to reiceve cash directly. There are only 1400 Bitcoin ATMs worldwide. Most have transaction limits and high fees. The ones near me charge 8-15% and you have to *register* a phone app (there goes your privacy) to use them. You have to really hate banks to pay that much. 3. --- Wouldn't it be better to get the a stable cryptocoin? Not if you need to buy something --- like food or rent or cellphone service. Bottom line: Crypto is for speculation. It's penetration in the actual currency market is near zero which limits it's real world utility to a similar level.
- spapas82 4y ago1. No, it's not. I can open a coibase or kraken account from my home without going to a bank branch to present myself. 2. Yes there are high fees. I wouldn't mind paying them. 3. Convert the stablecoin through currency using the ATMs. But only convert the amount you need, the rest is safely stored in the stablecoin.
- jqpabc123 4y agoI can open a coibase A CoinBase account requires proof of identity conforming to KYC regulations --- just like a bank. In my experience, CoinBase is actually *more* strict than some banks. At one point, I tried using CoinBase and their USDC debit card for payouts but gave up because too many of my payees were being denied a CoinBase account. Any digital marketplace attempting USDC payouts will likely encounter the same. Crypto is effectively dead now for most *legal* currency use and the Federal Reserve plans to put the final nail in it's coffin by mid-2023. Remember you heard it here first. https://www.frbservices.org/financial-services/fednow https://www.frbservices.org/financial-services/fednow
- spapas82 4y agoVery interesting! I'll keep that in mind !!