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Actually, 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 t

Actually, 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 ago
1. 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 ago
  1. 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 ago
    I 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 ago
      Very interesting! I'll keep that in mind !!

jqpabc123 4y ago

1. 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 ago
1. 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 ago
  I 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 ago
    Very interesting! I'll keep that in mind !!