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This was and remains an important USP for cryptocurrencies. Security in one's ability to pay for goods and services is incredibly important for any currency. In

This was and remains an important USP for cryptocurrencies. Security in one's ability to pay for goods and services is incredibly important for any currency. In Canada, the government effectively de-banked hundreds of people and froze their funds for participating in and donating to the trucker protest. As more and more people experience this loss of liberty, the need for free and secure transaction methods will grow. Governments and companies are becoming more oppressive, not less. For this reason, I see cryptocurrencies as inevitable. Eventually cash will be eliminated, and this will only leave cryptocurrencies. For the record, I am far from a "crypto bro." I understand all of their limitations, including high volatility. I am arguing that their value is quickly growing in relation to their risks.

jacquesm 3y ago
Indeed. I've sent money to more than one individual over time that had no way of receiving it other than crypto. For instance, when you're homeless or in some third world country crypto may well be your only option (that, and WU but they're outrageously expensive and inconvenient).
delfinom 3y ago
>I see cryptocurrencies as inevitable. Eventually cash will be eliminated, and this will only leave cryptocurrencies. Except, unless cryptocurrencies are tied to some brain implant so you cant lose the keys. There will be a need for a custodian for the average joe's key...and banks 2.0 here we come.
- Gareth321 3y ago
  I agree, and I think banks 2.0 are already here: exchanges. Some of them offer credit cards, loans, leverage, investing, and savings accounts already. The catch is that they're largely unregulated, so I see a lot of people opting to keep their cryptocurrency in personal wallets. Like cash, if you lose your wallet, you lose your currency. So people might have a hardware wallet at home in a safe, and one which they top up when they do their shopping each day. In fact, wallets are safer than cash because currency can be retrieved if they're well designed. Bitcoin wallets, for example, merely hold a key to one's funds in the cloud. That key can be shared with multiple devices. Many offer retrieval methods using pass-phrases, which can be stored electronically or printed and kept in a safe or deposit box, for example. I'm not claiming crypto is better or more convenient today than banks. At least not for most people. My premise is that they will become more valuable over time relative to their risks and limitations.
BobaFloutist 3y ago
Do you really think crypto will become the default currency and governments will take no steps to restrict and regulate transactions in exactly the same way they do with cash?
- Gareth321 3y ago
  I don't think it will ever become a default currency for modern nations. I think it will be used for parallel economies, which will expand. People will be able to buy more and more goods and services with crypto. Many more services will be set up to facilitate the conversation from USD, for example, to BTC. The scale of these parallel economies will depend on the lengths to which governments attempt to stifle freedoms. As they become more egregious, more and more people will opt to be paid in cryptocurrencies, and shop at places which accept it. There are many ways governments can and will clamp down on cryptocurrencies, but there are even more ways to achieve circumvention.

jacquesm 3y ago

Indeed. I've sent money to more than one individual over time that had no way of receiving it other than crypto. For instance, when you're homeless or in some third world country crypto may well be your only option (that, and WU but they're outrageously expensive and inconvenient).

delfinom 3y ago

>I see cryptocurrencies as inevitable. Eventually cash will be eliminated, and this will only leave cryptocurrencies. Except, unless cryptocurrencies are tied to some brain implant so you cant lose the keys. There will be a need for a custodian for the average joe's key...and banks 2.0 here we come.

Gareth321 3y ago
I agree, and I think banks 2.0 are already here: exchanges. Some of them offer credit cards, loans, leverage, investing, and savings accounts already. The catch is that they're largely unregulated, so I see a lot of people opting to keep their cryptocurrency in personal wallets. Like cash, if you lose your wallet, you lose your currency. So people might have a hardware wallet at home in a safe, and one which they top up when they do their shopping each day. In fact, wallets are safer than cash because currency can be retrieved if they're well designed. Bitcoin wallets, for example, merely hold a key to one's funds in the cloud. That key can be shared with multiple devices. Many offer retrieval methods using pass-phrases, which can be stored electronically or printed and kept in a safe or deposit box, for example. I'm not claiming crypto is better or more convenient today than banks. At least not for most people. My premise is that they will become more valuable over time relative to their risks and limitations.

BobaFloutist 3y ago

Do you really think crypto will become the default currency and governments will take no steps to restrict and regulate transactions in exactly the same way they do with cash?

Gareth321 3y ago
I don't think it will ever become a default currency for modern nations. I think it will be used for parallel economies, which will expand. People will be able to buy more and more goods and services with crypto. Many more services will be set up to facilitate the conversation from USD, for example, to BTC. The scale of these parallel economies will depend on the lengths to which governments attempt to stifle freedoms. As they become more egregious, more and more people will opt to be paid in cryptocurrencies, and shop at places which accept it. There are many ways governments can and will clamp down on cryptocurrencies, but there are even more ways to achieve circumvention.