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That's not really true of crypto if you consider any chain but Bitcoin and Ethereum. You can send USDC on Arbitrum (an Ethereum L2) for <$0.10, or Polygon for <

That's not really true of crypto if you consider any chain but Bitcoin and Ethereum. You can send USDC on Arbitrum (an Ethereum L2) for <$0.10, or Polygon for <$0.01. Also, as the article points out, international transfers are still painful. Paying $10 to transfer money internationally is probably still a very good deal for most people.

jrm4 3y ago
I don't know why this is downvoted; I understand that there's a lot to dislike about crypto, but "international transfers" is no longer even a question. A lot of people today literally use crypto for that.
- kelnos 3y ago
  Sure, but also consider this statement by the GP: > You can send USDC on Arbitrum (an Ethereum L2) for <$0.10, or Polygon for <$0.01. The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means. There are too many choices and too much jargon in the cryptocurrency world, and it takes real work and effort to figure it out. And then you have to have confidence that you understand it well enough so you don't make a mistake and send your money someplace you didn't intend. That's a real concern for many people, especially those who aren't all that tech-savvy. All those people will likely just rely on something like Western Union, even though it's annoying and they could theoretically have less friction with cryptocurrencies, at least after they've learned everything and set it up properly.
  - latchkey 3y ago
    > The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means. You're absolute right and over time, that is changing. When I got onto the internet in 1991, I got an email address and couldn't for the life of me understand what good it would be for. I didn't know anyone else with one!
  - tornato7 3y ago
    It's pretty easy to make a Robinhood wallet these days and start transferring crypto, and it uses Polygon by default. No knowledge of ECDSA required.
dist-epoch 3y ago
USDC is hardly what people think when they say crypto. For once it's not trustless, you need to trust that the backing dollars are in some bank account.
- latchkey 3y ago
  If you can't trust Deloitte and the American Institute of Certified Public Accountants... https://www.circle.com/hubfs/USDCAttestationReports/2023/2023%20USDC_Circle%20Examination%20Report%20May%202023.pdf https://www.circle.com/hubfs/USDCAttestationReports/2023/202...
  - jrm4 3y ago
    I'm generally good with crypto, but no, you literally cannot trust Deloitte :)
    - latchkey 3y ago
      Why?
- tornato7 3y ago
  You are correct, similar to any other money transfer service it needs to be redeemed somehow. USDC is probably more trustworthy than an individual bank if you own >$250k because of their active treasury management.

jrm4 3y ago

I don't know why this is downvoted; I understand that there's a lot to dislike about crypto, but "international transfers" is no longer even a question. A lot of people today literally use crypto for that.

kelnos 3y ago
Sure, but also consider this statement by the GP: > You can send USDC on Arbitrum (an Ethereum L2) for <$0.10, or Polygon for <$0.01. The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means. There are too many choices and too much jargon in the cryptocurrency world, and it takes real work and effort to figure it out. And then you have to have confidence that you understand it well enough so you don't make a mistake and send your money someplace you didn't intend. That's a real concern for many people, especially those who aren't all that tech-savvy. All those people will likely just rely on something like Western Union, even though it's annoying and they could theoretically have less friction with cryptocurrencies, at least after they've learned everything and set it up properly.
- latchkey 3y ago
  > The vast majority of Americans reading that would have no idea what any of that means, or even how to figure out what it means. You're absolute right and over time, that is changing. When I got onto the internet in 1991, I got an email address and couldn't for the life of me understand what good it would be for. I didn't know anyone else with one!
- tornato7 3y ago
  It's pretty easy to make a Robinhood wallet these days and start transferring crypto, and it uses Polygon by default. No knowledge of ECDSA required.

dist-epoch 3y ago

USDC is hardly what people think when they say crypto. For once it's not trustless, you need to trust that the backing dollars are in some bank account.

latchkey 3y ago
If you can't trust Deloitte and the American Institute of Certified Public Accountants... https://www.circle.com/hubfs/USDCAttestationReports/2023/2023%20USDC_Circle%20Examination%20Report%20May%202023.pdf https://www.circle.com/hubfs/USDCAttestationReports/2023/202...
- jrm4 3y ago
  I'm generally good with crypto, but no, you literally cannot trust Deloitte :)
  - latchkey 3y ago
    Why?
tornato7 3y ago
You are correct, similar to any other money transfer service it needs to be redeemed somehow. USDC is probably more trustworthy than an individual bank if you own >$250k because of their active treasury management.