Cryptocurrency is really good for:
- Fraud
- This unregulated pseudo-stock-market where one type of digital magic bean is worth five figures despite having no basis in reality
That’s it. If it had any real use or value as a currency, Paypal, Venmo, Zelle, CashApp, the entire ACH industry, and every other way we transfer money between people or businesses without using a credit card would be on the way out. The fact that there is no competitor to these products that a normal person can use proves that crypto is useless.
This morning, I walked into a bank and withdrew cash. I then walked down the street to another bank and deposited the cash. Then I sent that cash via Zelle to a vendor who is going to do a painting project for one of my clients. This was an incredibly stupid process (again, that crypto could have done for me if it worked like the advocates said).
At least the teller wished me a happy birthday after looking at my ID.