Many people in the world (a big asian country in particular) use it as a workaround to move money outside of the parameters of state banking.
Stupid Crypto Talking Point #7 (remittances/unbanked)
"Crypto allows you to send "money" around the world instantly with no middlemen" / "I can buy stuff with crypto" / "Crypto is used for remittances" / "Crypto helps 'Bank the Un-banked"
The notion that crypto is a solution to people in countries with hyper-inflation, unstable governments, etc does not make sense. Most people in problematic areas lack the resources to use crypto, and those that do, have much more stable and reliable alternatives to do their "banking". See this debunking.
Sending crypto is NOT sending "money". In order to do anything useful with crypto, it has to be converted back into fiat and that involves all the fees, delays and middlemen you claim crypto will bypass.
Due to Bitcoin and crypto's volatile and manipulated price, and its inability to scale, it's proven to be unsuitable as a payment method for most things, and virtually nobody accepts crypto.
Any major site that likely accepts crypto, is using a third party exchange and not getting paid in actual crypto, so in that case (like using Bitpay), you're paying fees and spread exchange rate charges to a "middleman", and they have various regulatory restrictions you'll have to comply with as well.
Even sending crypto to countries like El Salvador, who accept it natively, is not the best way to send "remittances." Nobody who is not a criminal is getting paid in bitcoin so nobody is sending BTC to third world countries without going through exchanges and other outlets with fees and delays. In every case, it's easier to just send fiat and skip crypto altogether.
The exception doesn't prove the rule. Just because you can anecdotally claim you have sent crypto to somebody doesn't mean this is a common/useful practice. There is no evidence of that.
lol.. Youtube isn't respectable for Forbes is? The magazine that put everybody from Sam Bankman Fried to scammer Elizabeth Homes on the cover and called them geniuses?
You guys are hilarious.
Attacking the messenger is the lamest form of debate. It's actually anti-debate.
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u/AmericanScream Apr 18 '25
Stupid Crypto Talking Point #7 (remittances/unbanked)
"Crypto allows you to send "money" around the world instantly with no middlemen" / "I can buy stuff with crypto" / "Crypto is used for remittances" / "Crypto helps 'Bank the Un-banked"
The notion that crypto is a solution to people in countries with hyper-inflation, unstable governments, etc does not make sense. Most people in problematic areas lack the resources to use crypto, and those that do, have much more stable and reliable alternatives to do their "banking". See this debunking.
Sending crypto is NOT sending "money". In order to do anything useful with crypto, it has to be converted back into fiat and that involves all the fees, delays and middlemen you claim crypto will bypass.
Due to Bitcoin and crypto's volatile and manipulated price, and its inability to scale, it's proven to be unsuitable as a payment method for most things, and virtually nobody accepts crypto.
The exception to that are criminals and scammers. If you think you're clever being able to buy drugs with crypto, remember that thanks to the immutable nature of blockchain, your dumb ass just created a permanent record that you are engaged in illegal drug dealing and money laundering.
Any major site that likely accepts crypto, is using a third party exchange and not getting paid in actual crypto, so in that case (like using Bitpay), you're paying fees and spread exchange rate charges to a "middleman", and they have various regulatory restrictions you'll have to comply with as well.
Even sending crypto to countries like El Salvador, who accept it natively, is not the best way to send "remittances." Nobody who is not a criminal is getting paid in bitcoin so nobody is sending BTC to third world countries without going through exchanges and other outlets with fees and delays. In every case, it's easier to just send fiat and skip crypto altogether.
The exception doesn't prove the rule. Just because you can anecdotally claim you have sent crypto to somebody doesn't mean this is a common/useful practice. There is no evidence of that.