Earlier quoted context omitted.
It's also worth reflecting on the fact that banking being terrible is predominantly an American problem among the developed nations. Even in 3rd world countries, banking is pretty awesome. Checks have been obsolete for decades, any kind of money transfer takes around 5 seconds after you press send from your bank's app, even during weekends and between different banks. Transfer limits are generally settable from the a…
And crypto gives the entire world that great experience, without needing a bank or a government. It is hard to say that isn't an amazing technical solution to an organizational problem. There are worse countries to manage your finances in than the US by the way. Lebanon is in the midst of a terrible bank and currency crises. People literally are not allowed to take money from the bank. This happens repeatedly through…
ha ha keep drinking the kool aid:
- crypto is difficult to use (really, no one wants the hassle of managing private keys)
- transactions are irreversible (i realise by design, but actually most people just want some measure of fraud protection)
- often high transaction costs
- slow transaction times (>10 mins for btc, often longer, versus literally instant for conventional payments)
- very, very limited transaction rates.
- oh and you could easily lose your cash with no recovery (go to point one re private keys)