4 ms·
> decentralized monetary system Is there an example of a crypto system that is actually used for legitimate monetary transactions? Excluding money laundering a
by turtlesdown11 2y ago
> decentralized monetary system
Is there an example of a crypto system that is actually used for legitimate monetary transactions? Excluding money laundering and moving money offshore?
- singpolyma3 2y agoBitcoin obviously. But many other major currencies are used for ecommerce as well.
- artursapek 2y agoUSDC is becoming pretty popular. It's on every major chain, and has a native bridge by Circle. On Solana you can send millions of dollars in USDC, in a few seconds, for less than a penny.
- nailer 2y agoI think HN is about 7-8 years behind tech when it comes to crypto. You still hear people talking about ‘gas fees’, slow transaction times, and people like the parent have no idea the variety of asset classes that are tradable onchain.
- turtlesdown11 2y agoSorry, again, what exact use cases do these crypto assets have? Could you provide evidence of them being used in monetary transactions on a regular basis?
- nailer 2y agoAs an individual, I have a Lulu account, which is effectively a savings account like a normal bank (i.e. I loaned my money out to other people and receive interest) with a much higher rate. As an angel investor, I use USDC to instantly send money to companies I am investing in. I personally don’t have an interest in a money market account, but the money market account on crypto works exactly like a money market account outside of crypto except available 24 hours a day. I might rent in Brooklyn in future, so I might wish to be able to access the parcl account for Brooklyn and be able to offset Brooklyn rent increases by buying tokenized Brooklyn Real Estate.
- nailer 2y agolulo not lulu. sorry was using voice recognition.
- artursapek 2y agoto be fair gas fees and slow transactions are still the state of the art on Ethereum.
- nout 2y agoBitcoin. There are now many communities around the world that use bitcoin for normal transactions. E.g. where I live there are many restaurants that accept bitcoin, almost every merchant at the local farmers market accepts bitcoin (for veggies, coffee, etc), there are many people providing services that accept bitcoin (some of them only accept bitcoin). There are some cool success stories, for example a butcher who used to have a small stand on the corner of the street accepted bitcoin for 2+ years and that allowed him to get a brick and mortar store. He sells great selection and quality meat (and raw milk :) )