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There are people I know who genuinely rely on crypto for their survival. For them, it’s the only way to send money abroad to support family in certain countries
by xpl 2y ago
There are people I know who genuinely rely on crypto for their survival. For them, it’s the only way to send money abroad to support family in certain countries, or to access their own funds when they move.
As the world becomes more fragmented, with financial and cyber spaces becoming increasingly isolated, crypto is often the only tool left to maintain personal financial freedom.
So, in the long run, I believe crypto will be just fine. The trend isn't likely to reverse anytime soon.
- theothertimcook 2y agoUnfortunately that is the minority use case. Most currencies are dogshit remittance tools but have the benefit of being harder to regulate and monitor than PayPal, western union, swift etc. You're probably right, but they will be centralised cryptos and thus kind of defeat the whole point.
- xpl 2y agoCrypto arguably has a better UX than traditional banks' SWIFT when in comes to sending money abroad. I often need to wait for many days for a SWIFT to get through. There are fees — sometimes way larger than crypto fees. Transactions are frequently blocked, and I end up spending a lot of time convincing my bank that the transfer is legitimate. Plus, they tell you that if there's an error, like sending money to the wrong account, it can't be reversed — just like with crypto. So really, what's the point of all that extra hassle?