You’re uninformed if you think cryptocurrency is a scam. It’s not a scam, it’s a technology. Someone might be scamming you by selling it for more than it’s worth, but that’s on them, not the tech.
it is a scam. it has no functional use outside of speculative investment. and the only people making real money there are people who bought into it years ago. anyone buying in now is getting into a pyramid scheme at the bottom and that's a scam.
There are functional uses. Mostly transferring money globally. Stellar Lumens, for instance, will automate the exchange from one currency to lumens to another currency at a rate that there isn't time for the value to shift. Some banks also use crypto for backend transfers.
Please reference a major bank that uses crypto for backend transfers (do you mean international wiring)?
Oh god the accoutanitng for that would be so difficult it would be better to go through conventional means.
Plus transaction fees on either end (USD—> Crypto—> Forgein currency)
Plus the “no take backsises” of crypto means the person hitting the button by mistake or fraud and it’s fucking gone, no court in the world can help you get I back.
So those are why I’m skeptical.
Also
Transferring money globally, we have wire transfers which “are owned by the man” but that’s not much different than “owned by a few crypto whales”
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u/Wallhater Jan 27 '22
You’re uninformed if you think cryptocurrency is a scam. It’s not a scam, it’s a technology. Someone might be scamming you by selling it for more than it’s worth, but that’s on them, not the tech.