It saddens me that crypto never really became a legit cash replacement. I guess the incumbents are just way too powerful, and Bitcoin kind of got off on the wrong footing.
Government don’t like cryptos, they can’t control them so it’s normal they won’t promote them. But cryptos have come a long way, they are used extensively for cheap cross border transfers and with Proof of Stake we don’t need mining any more (and its problematic energy consumption):
Well, being dependent on a central authority wasn’t solved.
Sure it was. The only friction point is cashing out to fiat, but nothing is stopping people from doing that independent of a bank or central authority (see localbitcoin and localmonero)
It saddens me that crypto never really became a legit cash replacement. I guess the incumbents are just way too powerful, and Bitcoin kind of got off on the wrong footing.
Bitcoin is not scalable enough to be used in general payment transactions. It’s simply far too slow. It is not a currency.
It hard to replace currency with a speculative commodity.
Government don’t like cryptos, they can’t control them so it’s normal they won’t promote them. But cryptos have come a long way, they are used extensively for cheap cross border transfers and with Proof of Stake we don’t need mining any more (and its problematic energy consumption):
What is a legit and currently in use Proof of Stake cryptocoin?
Ethereum (ETH) and Solana are the most common examples, but there are many more
To be fair, bitcoin is trash and crypto proponents shot themselves in the foot by deciding to stick with it as the “flagship” coin for so long.
The only cryptocurrency worth its salt is Monero, guess why it’s being chased off of most exchanges?
Well, being dependent on a central authority wasn’t solved.
And the digital Euro capable of offline transactions (when/if it ever comes) seems just as good.
Crypto did establish itself as a sort of additional alternative value holder tho (like a gold alternative).
Sure it was. The only friction point is cashing out to fiat, but nothing is stopping people from doing that independent of a bank or central authority (see localbitcoin and localmonero)