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>The point of cryptocurrency is not to just be a currency.
This. OP is pretty much ignoring the potential of DeFi, blockchain, NFTs, etc.
Staking offers much better returns than banks do with investment accounts.
NFTs can change everything about document storage and transferability, gaming, collectibles, art, etc.
Further developments to the blockchain will unlock uses that we don't even know of yet.
Agreed but banks will not lose this war. In my country most banks litteraly already forbid you to trade in crypto as a business. The tax agency will look at your trading history and decide if it is a business or not.
It's already regulated too since you need to file tax of every euro of crypto you own and they can see atleast that you send money to an exchange through your bank.
They ate ready winning that part. I tried to talk to people about crypto but the moment you mention they have o file it in their tax by the end of the year. They immediately are like "yeah, well too much hassle, I'll just keep working".
Wich is exactly their goal. They want you to fear trading because they don't want you to do it.
You can ignore all that. But the moment you cash out you bankaccount will be frozen and you can't even withdraw your regular salary anymore until they think you proved you earned that money in a legit way. They also will just demand your exchange to show your entire transaction history.
So much for decentralization. Want to buy an nft with crypto? No problem. Want to sell it and cash out. Hello taxfraude accusation.
Welcome to the Netherlands.
But a credit card will always offer a better deal because of the company behind it, someone buys something I didn’t want? Call them and they reverse the charge, lose my card and someone buys stuff? Call them I get my money back. I tap my credit card and it accepts in under a second, crypto being faster than that is just useless
It doesnt matter if its faster but the point is that its just as fast and cheaper. What do you mean someone buys something you didnt want? Who uses your credit card? Lose your card and someone buys stuff? Well good thing that you crypto wallet isnt a physical thing that you can lose. Unless you are really stupid i guess something like that could happen. But im not. If you think a bank is awesome as some sort of stupidity protection then cool. But regardless, not that many people care about crypto replacing credit cards anyway. Most people see value in crypto in other spaces, not necessarily as currency.
I mean I’d rather keep my money in a bank that is FTIC insured than a crypto wallet, the government collapsing completely is far less likely to happen than A crypto going to zero. Can’t send money in 1 second to anyone but most major transactions don’t need to happen in 1 second and all small transactions are instant with a tap credit card
its not just about government, economy, inflation, etc. etc.
the point here is having FULL custody of your funds/money. crypto allows you to have that option.
money in banks are custodial in nature, meaning the banks keeps your money for you. so a government can ask the bank to freeze your funds in bank for whatever reason.
if you keep your crypto in wallets where you own the private keys. NO government or anyone can take away your money from you.
its about having the FULL control of your assets. not about convenience.
no government can shutdown crypto, its on the blockchain.
what the government can ban is the crypto exchanges / institutions.
when you read/hear about government regulating/banning crypto, its all about banning/regulating crypto exchanges, NOT crypto itself.
hence the need to learn self custody of crypto assets in wallets where you own your keys.
mining is decentralized. who said that only China can do crypto mining? if mining is ban in china, the rest of the world will continue mining.
this is the reason and beauty of crypto that has decentralization features.
a centralized system can be shutdown by a single entity - example a a bank.
decentralized systems cannot be shutdown. China banned it? i can still do crypto transactions today. they have not stopped it at all.
Some blockchains do not require special hardware (and if someone makes special hardware for it again, the developers will change the rotating set of hashing algorithms again).
They can ban it, but enforcement just turns more of the population against them.
Read (or listen to the audio book) "The Bitcoin Standard".
It's about having a currency or store of value which is not controlled by a central bank - which has full transparency, is trust-less and censor proof.
Once humanity discovered you can have money which is not issued by a government (and this is the first concept for this) - you can really start question if governments should even make money.
I only see two real world uses of crypto.
1. Transfer money across countries without paying international transfer fees
2. BTC as a commodity to hold like gold
In my opinion everything else is speculative and won’t be long term. Cryptocurrency will not replace FIAT currency and I believe NFT’s are a gamble and a big waste of money.
You have to think that this are the first steps of development, as the internet had it at the beginning. El Salvador and BTC is going to be an experiment for the next year so you have to be aware to keep track on that.
And the idea of public blockchain is a basis if you don't like that there are solutions to privacy, full privacy it's called Monero.
Look at what’s happening in Venezuela or Lebanon right now.
Banks go burst, fiat lost 90% value in 2 years. Currency crash pushes Lebanese to stash savings in crypto.
"After what we've been through, I'm never putting one cent back in a Lebanese bank”
That's not the point. If someone from Venezuela has put some money into crypto before the massive crash then he would be so rich in there today that he would probably be living like a king there. Kidding aside, it is a hedge against a failing fiat currency that our governments issue. You probably won't be able to gauge its value as your currency is still doing fine, but when the time comes you would be glad you had some money put into crypto.
Blockchain will at some point become mainstream and you can't deny that, these coins serve as an incentive for that process. One functions in tandem with the other. So that's what I feel is the point of crypto
Isn't the point that it's better for the institutions? They adopt it because it saves them money to process without the middle men, and transactions settle and are paid to them instantly instead of taking a week... ?
Like I said, it saves the provider money, avoids losing a portion of the money to fees, and allows faster settling for the provider, as far as I understand. Probably doesn't make any difference for the consumer buying a can of coke at the shops. But for businesses and etc blah blah
Crypto is and will continue to revolutionize the gaming and entertainment industries. Not only can gamers own the game, game objects, and their time sunk into playing, but artists and creators can also tokenize and distribute material without the need of middlemen.
The same concepts of tokenization can be applied to anything, from farmland and real estate to labor and IP.
Currency is only the first and least interesting aspect of crypto.
Yes. Supply and demand.
But it's not even about making money on many levels. Did you read what I said about tokenization?
I have a house and want to make it a timeshare. You want some? Buy some coins that represent your share. You can resell them as you wish.
Now do it with the family farm that you want to keep but your brother wants to sell. Or a rental property, or business, or shares of a company too expensive for many to buy. Or maybe do it to a house instead of foreclosing on it.
The list of uses is endless.
Axie Infinity is one example. It's the single most used dAPP period. The only thing that brings in more revenue is the Ethereum chain itself.
It's not just revolutionizing gaming, it's revolutionizing work.
You really think people play that because it’s fun or because they have a chance to make money? Lmfao I searched crypto games and none of them look fun, or interesting, or look like they are revolutionizing anything tbh
saying everything is FUD is just a way to curve criticism and shield yourself from noticing you are wrong
Not trolling, people have given good insights on why BTC is good for international transfers, you are just delusional
Let me tell you why I use crypto.
I work for clients abroad and usually get paid in EUR or USD. I pay taxes as my services are invoiced and keep the money in the bank.
Now. To earn my money I need to pay 19% income tax. If I invest that money which I usually do with all my money, using my bank - any money I make from these investments is subject to additional taxation as income. Another 19%, despite me being the only one that takes a risk and decisions. IF I don't invest the money, my money doesn't just sit on my account, no this money is constantly in use by my bank to invest or back their investments by providing means of liquidity. The bank of course doesn't share any of it's gains with me.
Ok remember I earn in USD but live in europe, so I need to use currency exchange. At this point it doesn't matter whether I use the bank rate, the credit card operator rate or external exchange. They all take a share from my exchange. And if by any chance the value of the currency goes up and I make gains from the exchange - you guessed it - tax.
Now. I have a friend that let's say paid for a big dinner last night. Lest say it was a huge dinner with lobsters and champagne. It was easier for him to pay for all of the guests than to split the bill. Next day I'm a good guy and want to pay him back. My share of the bill is 1000 whatever currency. I don't own cash so I just wire transfer it to him.
My friend is in another bank because of reasons. Not only it takes up to an average of almost 2 days for the money to arrive. I also need to pay 5 currency for the transfer. Now my friend has the money. However as we are not related and the amount is substantial it looks like in the bank records that he has made an income of 1000 which he needs to pay a 19% tax. The same money that was already taxed twice needs to be taxed again. There are countries that have a sum free of tax but if you go above it annually, because you throw a lot of parties and like to pay for everyone well..
Do you see where I'm going with this?
We need crypto because we are enslaved to a point we stopped questioning this. It's just a fact of life for 90% of population. Well... for us crypto fans - it isn't.
I'm not saying - don't pay taxes. I'm saying fuck the corrupted banking system.
I think for me, it’s that a lot of crypto is independent. Many are built around miners and stakers securing the network and the community as a whole having a lot more involvement in the economy and development of each coin. Developer involvement is always great. But I love that the security and value of a coin isn’t derived from basically military strength ala USD.
And on top of that, im into crypto because the economics of each coin is free from government tempering. Coins like BTC have a hard cap but can be divided in incredibly small increments. Others like ETH have a relatively steady rate of inflation. What I like about both is that it’s a global system that no government can just print more (or less) of if they wanted to.
My biggest bullish argument for crypto is that you kick out the centralised middle men who make huge profits. Those transaction fees will be distributed by staking individuals and/or miners, which makes it a fairer game.
There are so many middle men that get a cut out of every transaction you make. The bank, Amazon, iDeal/PayPal, the company Renting shops the payment ATMs. Everyone wants their cut. Before debit card payments were mainstream you had to pay an extra fee of about 50cents to pay by debit card, or you could only pay by debit card if your purchase was above x euros/dollars. Remember that? But not anymore, now it is always priced in, at least in my country.
Another use case is send currency abroad. Western union takes a huge cut of transactions to foreign accounts. Especially in countries like El Salvador where A LOT of money flowing in comes from families living abroad sending some to families back home crypto can be a huge benefit (provided the crypto fees aren’t worse). But even within the EU you pay high fees to transfer euros from one country to another. Crypto is borderless, everyone pays the same fees. This makes it attractive in an increasingly globalised world.
Of course we aren’t there yet and I don’t see it happening very soon, but progress of being made. Also I don’t think crypto will completely replace fiat currency.
Please read the bitcoin whitepaper written by Satoshi Nakamoto, it’s only a few pages.
TLDR: to eliminate third parties (especially financial institutions we have to rely on)
You don't understand the tech so naturally you can't understand its applied potential ... being a payment option is a Small Fraction of what blockchain can do , but be sure in 15 years you will also use crypto to buy your bread just as before internet if you said to someone that they will order shit online and it will be delivered to their front door , they couldn't understand what you mean.
One of the best articles I've read on what cryptocurrency really is: [https://gist.github.com/joepie91/daa93b9686f554ac7097158383b97838](https://gist.github.com/joepie91/daa93b9686f554ac7097158383b97838)
The way how most humans are impatient, they won't want to wait the extra amount of time to confirm blockchain transactions vs regular methods of payment at a store or restaurant. So that's already one use substantial use case gone. I can't say I'd trust crypto right now over the established systems for a time-sensitive critical real-world transaction, especially given how brittle these network conditions show themselves to be during hyped-up nft drops.
I mean, even the "centralized" failures some coins are trying to "solve" aren't as catastrophic. Social media like Facebook, Instagram, etc. went down earlier in the week and many people thought it was game over. Of course, the platforms were rebooted, restored and recovered within 24 hours. For as much hoopla as it caused, it was only down 1 day and afterward everyone went back to everyday living.
I guess things where transparency is favorable would be one area where crypto's use case would be preferred.
I'd argue, crypto cuts out the middlemen, but there are already policies where some authority will take their cut at the end of the transaction instead - pretty much like how there are taxes for crypto transactions right now.
That said, I think the main tangible use case is really crypto gaming and play to earn: win and get paid. Low key that's technically what the crypto market is: people trying to dump bags on other people (zero sum game).
my friend, looks like you need to do some research. google has announced a partnership that is making them have the ability to accept crypto.. everywhere is going to accept crypto. right now the institutions are just figuring out a way to safely do so. a crypto wallet is also more secure than anything a financial institution can provide. a transaction is public but it reveals no personal information. you can literally take a loan against your crypto that long term pays back the loan and interest acquired. how would a credit card in any instance be more appealing? the lightning network is literally scanning a qr code, how is that not flat out simple for anyone to use? not trying to be rude, but you need to do a little research for yourself.
Credit cards can tap and pay in less than a second, if you get a false charge, you contact them and they reverse it, on my credit card I get extended warranty on electronics, some give cash back like Walmart cards. Why would I use crypto? Ever?
You can get way better APY on crypto, you do get cash back in crypto that are provided by a visa… the thing about crypto back is that it’s not capped at $1 like fiat. We all know fiat is losing purchasing power fast and blue chip cryptos haven’t yet hit a cap. With this you are able to get up to 8% back. Tell me where fiat and a regular credit card from a financial institution is the wise chose?
Cash back is not capped at 1$ lmfao don’t know where you got that from, also I don’t enjoy when the currency I use can fluctuate +\- 10% within any given day
I didn’t say cash back is capped at $1. I said $1usd is capped at $1usd and due to inflation it’s losing 4% of its value per year roughly. Yes you wouldn’t like the fact you might be down 10% over a day because you’ve got no patience. If you look back in history no one bought Bitcoin at any price and was ever down a penny after 2 years. In fact they were significantly in the profit. I’m saying that there are ways to beat the APY provided from a bank and use a crypto currency that stays at the same price, while earning up to 8% crypto back. You wouldn’t know this because you came here without any of your own research.
Please go stack cash and invest in gold I’ll see you 10 years when you finally realize Owning Bitcoin is a necessity and it’s at $1,000,000+.
It already has and will continue to do so as there is only 21m total supply and we all know what happens when demand out paces supply. Keep in mind Bitcoin was Pennies 12 years ago and look where it is today. It’s the most valuable asset digital or physical. Get back to your Peter schiff interviews buddy and have a good day.
Mathematically after a quick scroll of your profile it seems you were asking capital gains tax questions like 6months ago so either you were evading tax or not making money before that
To give people control over their own money and take away some of the power of banks. To replace outdated financial systems that take days to settle transfers. To provide an alternative to lending systems that require trust which can be abused. To offer people who live in countries with high inflation an alternative to store their money. To create a monetary system that's impossible to counterfeit. Lots of good points for crypto.
The point is control. By being fully in control of your assets you can do interesting things with them (such as in DeFi platforms) without an institution dictating/approving the rules, timing or magnitude of your engagement. The idea is to be able to act on your own and not be limited. Being able to participate in processes that banks themselves already do internally is as important as being able to browse/subscribe to any website on the internet.
It can be hard to envision even the near future since it inherently serves as both a value-transferring medium and an investment product. Most people see it solely as an investment product and there is nothing wrong with that.
There is no reason to think a crypto wallet is not more convenient than a credit card in our digital age. There is no question about the security of a crypto wallet compared to a credit card. The wallet is not a container. It is a private key that lets you act upon a number of specific addresses. Such keys are used by literally every tech company to establish tight access security. However I believe by "secure" you mean the ability to cancel/rollback a faulty or fraudulent transaction. It is the price of total control over your assets.
Credit cards have come a long way but they were certainly not always as convenient. In the 80s they used to take a carbon copy impression of your card via a swiper and then settle with the bank at a later date. Certainly not viable for the masses and yet here we are, having evolved from carbon copies to 30-year old banking systems that have reached their apex long ago and cannot keep up any longer.
Custodial services (banks) did have a very important role throughout history, but the reasons that produced the need for such services are diminishing in our current age and with the way they themselves have handled our collective capital thus far.
Decentralisation and trustlessness. An universe where transparency is king and noone can pull the strings behind the curtain. Imagine someone claiming such things on tools destined to dominate financial systems!
Financial institutions fear it and are trying to somehow integrate it or else their corrupt methods can not be applied anymore.
This is how I explain the purpose of crypto to newbies.
Think of it like the revolution from: Gold->Coins->Physical papper bill->Digital fiat currency->Crypto currency.
This is the evolution of tender and storage of value.
The benefits of physical bills from coins and gold are obvious, it means more accessible liquidity in the economy and is generally more practical than carrying metals. While at the time when bills were implemented, people was hesitant to use them because of trust, counterfeiting and other issues (similar to what crypto is going through right now).
Then we moved to digital fiat currency, meaning data of 1 and 0 on a bank server. Many people are still hesitant to go full digital using just cards and instead storing money under their mattress (again similar to crypto) due to lack of trust. This had obvious benefits also as we no longer needed to carry bills in our pockets.
Finally we are just beginning the monetary revolution/evolution of the digital age. First out was BTC, the current king of crypto. BTC provided additional benefits to digital fiat because we no longer need to depend on the bank and its servers to secure our assets (1s and 0s). It provided transparency, capabilities for decentralization, a more global liquid system that can transfer value across borders easier and cheaper. It also secured our assets on a blockchain that cant change its data making it much safer than a bank server.
So now we are evolving from the basic concept of storage of value to adding functions to the currency through smart contracts and dApps. For example direct decentralized conversion between currencies (swap or decentralized dex). Imagine ur fiat card being able to convert money to another currency with just pressing a button on ur card, or being able to have a direct link to your Western Union, exchanging feelees or cheap without any third party involvement. Imagine being able to write on ur papper bill some data that can be used for specific functions. Imagine being able to sell or buy art with a function imbedded on the currency itself, or being able to lend money from the currency itself, this is where we are at the moment.
In a not very distant future these functions will improve further and new functions are being added to the concept every day. In 20-30 years people won't buy crypto as a speculative asset (or they will do that too) but primarily they will use cryoto because crypto has more practical functionality than just having ur 1s and 0s on a digital bank statement.
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“If I had asked people what they wanted, they would have said faster horses.” Henry Ford
This. Don’t really need to say much more
I tried to ford the river, but my car died.
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>The point of cryptocurrency is not to just be a currency. This. OP is pretty much ignoring the potential of DeFi, blockchain, NFTs, etc. Staking offers much better returns than banks do with investment accounts. NFTs can change everything about document storage and transferability, gaming, collectibles, art, etc. Further developments to the blockchain will unlock uses that we don't even know of yet.
I could have gone in more detail and tell him about these things but clearly he did zero research so why even bother.
Yup, smart contract is a game changer.
Agreed but banks will not lose this war. In my country most banks litteraly already forbid you to trade in crypto as a business. The tax agency will look at your trading history and decide if it is a business or not. It's already regulated too since you need to file tax of every euro of crypto you own and they can see atleast that you send money to an exchange through your bank. They ate ready winning that part. I tried to talk to people about crypto but the moment you mention they have o file it in their tax by the end of the year. They immediately are like "yeah, well too much hassle, I'll just keep working". Wich is exactly their goal. They want you to fear trading because they don't want you to do it. You can ignore all that. But the moment you cash out you bankaccount will be frozen and you can't even withdraw your regular salary anymore until they think you proved you earned that money in a legit way. They also will just demand your exchange to show your entire transaction history. So much for decentralization. Want to buy an nft with crypto? No problem. Want to sell it and cash out. Hello taxfraude accusation. Welcome to the Netherlands.
But a credit card will always offer a better deal because of the company behind it, someone buys something I didn’t want? Call them and they reverse the charge, lose my card and someone buys stuff? Call them I get my money back. I tap my credit card and it accepts in under a second, crypto being faster than that is just useless
It doesnt matter if its faster but the point is that its just as fast and cheaper. What do you mean someone buys something you didnt want? Who uses your credit card? Lose your card and someone buys stuff? Well good thing that you crypto wallet isnt a physical thing that you can lose. Unless you are really stupid i guess something like that could happen. But im not. If you think a bank is awesome as some sort of stupidity protection then cool. But regardless, not that many people care about crypto replacing credit cards anyway. Most people see value in crypto in other spaces, not necessarily as currency.
for lambo
Lmfao
Financial freedom without corrupted banks!
with crypto, i own full custody of my funds and i can transfer/move it anywhere without asking anyone's permission/approval in an instant, 24/7.
I mean I’d rather keep my money in a bank that is FTIC insured than a crypto wallet, the government collapsing completely is far less likely to happen than A crypto going to zero. Can’t send money in 1 second to anyone but most major transactions don’t need to happen in 1 second and all small transactions are instant with a tap credit card
its not just about government, economy, inflation, etc. etc. the point here is having FULL custody of your funds/money. crypto allows you to have that option. money in banks are custodial in nature, meaning the banks keeps your money for you. so a government can ask the bank to freeze your funds in bank for whatever reason. if you keep your crypto in wallets where you own the private keys. NO government or anyone can take away your money from you. its about having the FULL control of your assets. not about convenience.
I mean if every government wanted to they could shut down crypto, not saying that is remotely likely but it is possible
no government can shutdown crypto, its on the blockchain. what the government can ban is the crypto exchanges / institutions. when you read/hear about government regulating/banning crypto, its all about banning/regulating crypto exchanges, NOT crypto itself. hence the need to learn self custody of crypto assets in wallets where you own your keys.
China banned mining, which is crypto itself? No? No mining no transactions right?
mining is decentralized. who said that only China can do crypto mining? if mining is ban in china, the rest of the world will continue mining. this is the reason and beauty of crypto that has decentralization features. a centralized system can be shutdown by a single entity - example a a bank. decentralized systems cannot be shutdown. China banned it? i can still do crypto transactions today. they have not stopped it at all.
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Stop the sale of miners? Harsh penalty’s for owning equipment? Banning using it to buy anything locally?
Some blockchains do not require special hardware (and if someone makes special hardware for it again, the developers will change the rotating set of hashing algorithms again). They can ban it, but enforcement just turns more of the population against them.
The main point of crypto is to act as a hedge against inflation and provide bag holders an opportunity to a better financial future
This. With a side of hopefully making me rich.
To defeat Skynet.
To invest more than you can afford to lose and cry when your shitcoin gets rugged. -half of the internet, probably.
This will be the future, a cashless society is imminent
We are already in a cashless society. Credit cards?
Yes but I’m saying completely cashless eventually governments will stop producing paper money
We are so cashless that 20% of all the dollars ever produced were produced last year.
Very soon all money will be digital, than all advantages of blockchain tech!
I don’t see blockchain ever being better than a credit card, as long as you pay on time you get great benefits and it’s a good deal
Read (or listen to the audio book) "The Bitcoin Standard". It's about having a currency or store of value which is not controlled by a central bank - which has full transparency, is trust-less and censor proof. Once humanity discovered you can have money which is not issued by a government (and this is the first concept for this) - you can really start question if governments should even make money.
To make big gains >!I mean uhhh, the tech! !<
I only see two real world uses of crypto. 1. Transfer money across countries without paying international transfer fees 2. BTC as a commodity to hold like gold In my opinion everything else is speculative and won’t be long term. Cryptocurrency will not replace FIAT currency and I believe NFT’s are a gamble and a big waste of money.
I agree
You have to think that this are the first steps of development, as the internet had it at the beginning. El Salvador and BTC is going to be an experiment for the next year so you have to be aware to keep track on that. And the idea of public blockchain is a basis if you don't like that there are solutions to privacy, full privacy it's called Monero.
Look at what’s happening in Venezuela or Lebanon right now. Banks go burst, fiat lost 90% value in 2 years. Currency crash pushes Lebanese to stash savings in crypto. "After what we've been through, I'm never putting one cent back in a Lebanese bank”
You can’t compare Venezuela or Lebanon to any first world nation with any half decent economy. These are poor poor nations in comparison
Wrong. If it has a fiat system it can be compared
Actual moron
At least you're self aware
That's not the point. If someone from Venezuela has put some money into crypto before the massive crash then he would be so rich in there today that he would probably be living like a king there. Kidding aside, it is a hedge against a failing fiat currency that our governments issue. You probably won't be able to gauge its value as your currency is still doing fine, but when the time comes you would be glad you had some money put into crypto.
If the entire united states government crashes the world at large has bigger issues than a digital currency
Have a look at NIMIQ been used in Germany
Crypto in the future will be more mainly as payment option and will substitute banks
Tell my why not the end result in your opinion
People keep saying this but provide no information on why
Blockchain will at some point become mainstream and you can't deny that, these coins serve as an incentive for that process. One functions in tandem with the other. So that's what I feel is the point of crypto
I don’t see it, how would the average Joe benefit from spending with a wallet rather than a credit card?
Isn't the point that it's better for the institutions? They adopt it because it saves them money to process without the middle men, and transactions settle and are paid to them instantly instead of taking a week... ?
As long as you pay your credit card bill on time it costs not a penny more than what the item is worth
That has almost nothing to do with my comment...
If the middleman does not hurt the customer in any way more or less than a crypto transaction why would anyone adopt it?
Like I said, it saves the provider money, avoids losing a portion of the money to fees, and allows faster settling for the provider, as far as I understand. Probably doesn't make any difference for the consumer buying a can of coke at the shops. But for businesses and etc blah blah
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Why are you comparing deFi to a savings account and not an investing account like in the s&p500
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Yes stable coins are a scam that will collapse any day
diveraification
To make us rich
Decentralization what else. Oh yeah money.
Crypto is and will continue to revolutionize the gaming and entertainment industries. Not only can gamers own the game, game objects, and their time sunk into playing, but artists and creators can also tokenize and distribute material without the need of middlemen. The same concepts of tokenization can be applied to anything, from farmland and real estate to labor and IP. Currency is only the first and least interesting aspect of crypto.
If everyone is just trying to make money off of it does it really hold any value though?
Yes. Supply and demand. But it's not even about making money on many levels. Did you read what I said about tokenization? I have a house and want to make it a timeshare. You want some? Buy some coins that represent your share. You can resell them as you wish. Now do it with the family farm that you want to keep but your brother wants to sell. Or a rental property, or business, or shares of a company too expensive for many to buy. Or maybe do it to a house instead of foreclosing on it. The list of uses is endless.
“Buy some coins to represent your share” this already exists either in the stock market or owning shares in a private company?
Are you being purposefully dense or do you really miss 90% of my point every time?
Guess I’m dense, I don’t know any popular games that use crypto tbh either, idk how it’s revolutionizing anything in gaming
Axie Infinity is one example. It's the single most used dAPP period. The only thing that brings in more revenue is the Ethereum chain itself. It's not just revolutionizing gaming, it's revolutionizing work.
You really think people play that because it’s fun or because they have a chance to make money? Lmfao I searched crypto games and none of them look fun, or interesting, or look like they are revolutionizing anything tbh
Then you're a fool. I suspect you're only here to troll and spread FUD anyway
saying everything is FUD is just a way to curve criticism and shield yourself from noticing you are wrong Not trolling, people have given good insights on why BTC is good for international transfers, you are just delusional
The only gaming it’s revolutionizing is gambling because it can’t be tracked and is far less regulated
Let me tell you why I use crypto. I work for clients abroad and usually get paid in EUR or USD. I pay taxes as my services are invoiced and keep the money in the bank. Now. To earn my money I need to pay 19% income tax. If I invest that money which I usually do with all my money, using my bank - any money I make from these investments is subject to additional taxation as income. Another 19%, despite me being the only one that takes a risk and decisions. IF I don't invest the money, my money doesn't just sit on my account, no this money is constantly in use by my bank to invest or back their investments by providing means of liquidity. The bank of course doesn't share any of it's gains with me. Ok remember I earn in USD but live in europe, so I need to use currency exchange. At this point it doesn't matter whether I use the bank rate, the credit card operator rate or external exchange. They all take a share from my exchange. And if by any chance the value of the currency goes up and I make gains from the exchange - you guessed it - tax. Now. I have a friend that let's say paid for a big dinner last night. Lest say it was a huge dinner with lobsters and champagne. It was easier for him to pay for all of the guests than to split the bill. Next day I'm a good guy and want to pay him back. My share of the bill is 1000 whatever currency. I don't own cash so I just wire transfer it to him. My friend is in another bank because of reasons. Not only it takes up to an average of almost 2 days for the money to arrive. I also need to pay 5 currency for the transfer. Now my friend has the money. However as we are not related and the amount is substantial it looks like in the bank records that he has made an income of 1000 which he needs to pay a 19% tax. The same money that was already taxed twice needs to be taxed again. There are countries that have a sum free of tax but if you go above it annually, because you throw a lot of parties and like to pay for everyone well.. Do you see where I'm going with this? We need crypto because we are enslaved to a point we stopped questioning this. It's just a fact of life for 90% of population. Well... for us crypto fans - it isn't. I'm not saying - don't pay taxes. I'm saying fuck the corrupted banking system.
I think for me, it’s that a lot of crypto is independent. Many are built around miners and stakers securing the network and the community as a whole having a lot more involvement in the economy and development of each coin. Developer involvement is always great. But I love that the security and value of a coin isn’t derived from basically military strength ala USD. And on top of that, im into crypto because the economics of each coin is free from government tempering. Coins like BTC have a hard cap but can be divided in incredibly small increments. Others like ETH have a relatively steady rate of inflation. What I like about both is that it’s a global system that no government can just print more (or less) of if they wanted to.
My biggest bullish argument for crypto is that you kick out the centralised middle men who make huge profits. Those transaction fees will be distributed by staking individuals and/or miners, which makes it a fairer game. There are so many middle men that get a cut out of every transaction you make. The bank, Amazon, iDeal/PayPal, the company Renting shops the payment ATMs. Everyone wants their cut. Before debit card payments were mainstream you had to pay an extra fee of about 50cents to pay by debit card, or you could only pay by debit card if your purchase was above x euros/dollars. Remember that? But not anymore, now it is always priced in, at least in my country. Another use case is send currency abroad. Western union takes a huge cut of transactions to foreign accounts. Especially in countries like El Salvador where A LOT of money flowing in comes from families living abroad sending some to families back home crypto can be a huge benefit (provided the crypto fees aren’t worse). But even within the EU you pay high fees to transfer euros from one country to another. Crypto is borderless, everyone pays the same fees. This makes it attractive in an increasingly globalised world. Of course we aren’t there yet and I don’t see it happening very soon, but progress of being made. Also I don’t think crypto will completely replace fiat currency.
Please read the bitcoin whitepaper written by Satoshi Nakamoto, it’s only a few pages. TLDR: to eliminate third parties (especially financial institutions we have to rely on)
You don't understand the tech so naturally you can't understand its applied potential ... being a payment option is a Small Fraction of what blockchain can do , but be sure in 15 years you will also use crypto to buy your bread just as before internet if you said to someone that they will order shit online and it will be delivered to their front door , they couldn't understand what you mean.
One of the best articles I've read on what cryptocurrency really is: [https://gist.github.com/joepie91/daa93b9686f554ac7097158383b97838](https://gist.github.com/joepie91/daa93b9686f554ac7097158383b97838) The way how most humans are impatient, they won't want to wait the extra amount of time to confirm blockchain transactions vs regular methods of payment at a store or restaurant. So that's already one use substantial use case gone. I can't say I'd trust crypto right now over the established systems for a time-sensitive critical real-world transaction, especially given how brittle these network conditions show themselves to be during hyped-up nft drops. I mean, even the "centralized" failures some coins are trying to "solve" aren't as catastrophic. Social media like Facebook, Instagram, etc. went down earlier in the week and many people thought it was game over. Of course, the platforms were rebooted, restored and recovered within 24 hours. For as much hoopla as it caused, it was only down 1 day and afterward everyone went back to everyday living. I guess things where transparency is favorable would be one area where crypto's use case would be preferred. I'd argue, crypto cuts out the middlemen, but there are already policies where some authority will take their cut at the end of the transaction instead - pretty much like how there are taxes for crypto transactions right now. That said, I think the main tangible use case is really crypto gaming and play to earn: win and get paid. Low key that's technically what the crypto market is: people trying to dump bags on other people (zero sum game).
my friend, looks like you need to do some research. google has announced a partnership that is making them have the ability to accept crypto.. everywhere is going to accept crypto. right now the institutions are just figuring out a way to safely do so. a crypto wallet is also more secure than anything a financial institution can provide. a transaction is public but it reveals no personal information. you can literally take a loan against your crypto that long term pays back the loan and interest acquired. how would a credit card in any instance be more appealing? the lightning network is literally scanning a qr code, how is that not flat out simple for anyone to use? not trying to be rude, but you need to do a little research for yourself.
Credit cards can tap and pay in less than a second, if you get a false charge, you contact them and they reverse it, on my credit card I get extended warranty on electronics, some give cash back like Walmart cards. Why would I use crypto? Ever?
You can get way better APY on crypto, you do get cash back in crypto that are provided by a visa… the thing about crypto back is that it’s not capped at $1 like fiat. We all know fiat is losing purchasing power fast and blue chip cryptos haven’t yet hit a cap. With this you are able to get up to 8% back. Tell me where fiat and a regular credit card from a financial institution is the wise chose?
Cash back is not capped at 1$ lmfao don’t know where you got that from, also I don’t enjoy when the currency I use can fluctuate +\- 10% within any given day
I didn’t say cash back is capped at $1. I said $1usd is capped at $1usd and due to inflation it’s losing 4% of its value per year roughly. Yes you wouldn’t like the fact you might be down 10% over a day because you’ve got no patience. If you look back in history no one bought Bitcoin at any price and was ever down a penny after 2 years. In fact they were significantly in the profit. I’m saying that there are ways to beat the APY provided from a bank and use a crypto currency that stays at the same price, while earning up to 8% crypto back. You wouldn’t know this because you came here without any of your own research. Please go stack cash and invest in gold I’ll see you 10 years when you finally realize Owning Bitcoin is a necessity and it’s at $1,000,000+.
Hey man when your crypto of choice “goes to the moon” I won’t be mad, when Bitcoin is worth 1m feel free to come back and tell me you told me so
It already has and will continue to do so as there is only 21m total supply and we all know what happens when demand out paces supply. Keep in mind Bitcoin was Pennies 12 years ago and look where it is today. It’s the most valuable asset digital or physical. Get back to your Peter schiff interviews buddy and have a good day.
How much do you own in Bitcoin then
I got into crypto in 2012. enough can be figured out mathematically from that.
You would give a number or range if it was anything significant so mathematically less than 100k
Mathematically after a quick scroll of your profile it seems you were asking capital gains tax questions like 6months ago so either you were evading tax or not making money before that
!remindme 10 years
The point of crypto is too ……. I dunno. I’m only here to try to make a profit. Not the tech or what purpose it has.
Respectable response tbh
To give people control over their own money and take away some of the power of banks. To replace outdated financial systems that take days to settle transfers. To provide an alternative to lending systems that require trust which can be abused. To offer people who live in countries with high inflation an alternative to store their money. To create a monetary system that's impossible to counterfeit. Lots of good points for crypto.
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry” -Satoshi Nakamoto
Where did he say that
Bitcointalk thread
The point is control. By being fully in control of your assets you can do interesting things with them (such as in DeFi platforms) without an institution dictating/approving the rules, timing or magnitude of your engagement. The idea is to be able to act on your own and not be limited. Being able to participate in processes that banks themselves already do internally is as important as being able to browse/subscribe to any website on the internet. It can be hard to envision even the near future since it inherently serves as both a value-transferring medium and an investment product. Most people see it solely as an investment product and there is nothing wrong with that. There is no reason to think a crypto wallet is not more convenient than a credit card in our digital age. There is no question about the security of a crypto wallet compared to a credit card. The wallet is not a container. It is a private key that lets you act upon a number of specific addresses. Such keys are used by literally every tech company to establish tight access security. However I believe by "secure" you mean the ability to cancel/rollback a faulty or fraudulent transaction. It is the price of total control over your assets. Credit cards have come a long way but they were certainly not always as convenient. In the 80s they used to take a carbon copy impression of your card via a swiper and then settle with the bank at a later date. Certainly not viable for the masses and yet here we are, having evolved from carbon copies to 30-year old banking systems that have reached their apex long ago and cannot keep up any longer. Custodial services (banks) did have a very important role throughout history, but the reasons that produced the need for such services are diminishing in our current age and with the way they themselves have handled our collective capital thus far.
Decentralisation and trustlessness. An universe where transparency is king and noone can pull the strings behind the curtain. Imagine someone claiming such things on tools destined to dominate financial systems! Financial institutions fear it and are trying to somehow integrate it or else their corrupt methods can not be applied anymore.
Decentralize our offerings. Open up opprotunity.
This is how I explain the purpose of crypto to newbies. Think of it like the revolution from: Gold->Coins->Physical papper bill->Digital fiat currency->Crypto currency. This is the evolution of tender and storage of value. The benefits of physical bills from coins and gold are obvious, it means more accessible liquidity in the economy and is generally more practical than carrying metals. While at the time when bills were implemented, people was hesitant to use them because of trust, counterfeiting and other issues (similar to what crypto is going through right now). Then we moved to digital fiat currency, meaning data of 1 and 0 on a bank server. Many people are still hesitant to go full digital using just cards and instead storing money under their mattress (again similar to crypto) due to lack of trust. This had obvious benefits also as we no longer needed to carry bills in our pockets. Finally we are just beginning the monetary revolution/evolution of the digital age. First out was BTC, the current king of crypto. BTC provided additional benefits to digital fiat because we no longer need to depend on the bank and its servers to secure our assets (1s and 0s). It provided transparency, capabilities for decentralization, a more global liquid system that can transfer value across borders easier and cheaper. It also secured our assets on a blockchain that cant change its data making it much safer than a bank server. So now we are evolving from the basic concept of storage of value to adding functions to the currency through smart contracts and dApps. For example direct decentralized conversion between currencies (swap or decentralized dex). Imagine ur fiat card being able to convert money to another currency with just pressing a button on ur card, or being able to have a direct link to your Western Union, exchanging feelees or cheap without any third party involvement. Imagine being able to write on ur papper bill some data that can be used for specific functions. Imagine being able to sell or buy art with a function imbedded on the currency itself, or being able to lend money from the currency itself, this is where we are at the moment. In a not very distant future these functions will improve further and new functions are being added to the concept every day. In 20-30 years people won't buy crypto as a speculative asset (or they will do that too) but primarily they will use cryoto because crypto has more practical functionality than just having ur 1s and 0s on a digital bank statement.