How does the average Joe benefit from transacting with cryptocurrency?
I understand the argument, that it would be beneficial for companies to use cryptocurrency as a settlement tool (to avoid paying a middle-man percentages on larger transactions). But I don't understand how a private individual benefits from participating in this economic model, where there is no central authority to provide them with security.
To me, it seems like people would always trade not having a central authority for that security?
>How does the average Joe benefit from transacting with cryptocurrency? He doesn't. Muh revolutionary tech is just a meme so we can dump our bags on normies.
Brandon Perry
in 2017 i had like 3months time i invested into researching and delving into bitcoin (only bitcoin, nothing else).
so to keep this short and tailored to the thread: there's roughly one and a half dozen (!) very hard/solid selling points to bitcoin (btc) which make it really attractive. you should do your own research, its of no use if someone else tells you in a 20secs post. this shit is going to 100k+ USD, no matter if you're in it or not.
Landon Campbell
Thoughts on ETH? Will it see a better return than BTC? ($3,000 ETH is the same percent return as $100,000 BTC right now)
Aiden Taylor
Nobody can confiscate your BTC if you hold the private keys and you can transfer it anywhere you want, if you don't understand how valuable that is you're retarded Go educate yourself
Nathaniel Robinson
I'm looking for counter-arguments; hence this thread.
>I did my research, you should trust me etc.
The idea behind Bitcoin is very simple. It is not very hard to understand - and if you understand it, you start to see that it doesen't benefit the average person to use this as an everyday currency (at least not in the developed world)
Jayden Hall
But does that really outweigh all the security that a bank provides for you? How many people really get their funds seized, ever?
Yeah..
Hunter Evans
Yes and tons. Look it up.
Easton Turner
Yes. A fuckload.
Anthony Ramirez
This. I'd rather use some ERC20 like USDC or even XRP. Both are more convenient.
Daniel Reyes
Try depositing 250k at once like some user on here did with his crypto. The bank froze his assets and his house got raided.
Mason Powell
>everyday currency You didn't even say that in your OP you said average people wouldn't benefit. Bitcoin is/has become a store of value rather than a currency, digital gold. It's a finite resource. Anyway what the fuck are you even doing everyone knows Bitcoin will continue increasing in value indefinitely, you're wasting the time and energy of people better than you with your childish notions and faggoty nonsense
Xavier Lee
>How does the average Joe benefit from transacting with cryptocurrency? Buying drugs off the dark web
Jack Ramirez
No, I was responding to a person who was talking about Bitcoin specifically.
My OP, and my main interest, was about the cryptocurrency model in general. It doesen't make sense as a fiat substitute.
My argument is, that institutions provide an amount of security, that this economic system cannot. Therefore, people would probably be more likely to want a central authority, that can safeguard their funds.
Owen Lee
I'm guessing you guys live in America?
Austin Fisher
EZ: Inflation is theft
Michael Phillips
why would the average joe go through the hassle of using the internet and email if they can get all their information on the tv and communicate with cellular telephones?
Ayden Collins
Believe me - a significant amount of people do.
Sebastian Watson
bitcoin (btc) is actually not that simple...you need to put at least a few days in to get the fundamentals. thats too much for most people already. and after that there's an even steeper learning curve if you go into the encryption and tech details. at least that's how i perceived it. recommend you do your own research as i did, so you're building some solid defenses against both shill and fud. i can only speak for myself.
Jaxon Sanchez
It doesn't matter if the average Joe uses cryptocurrency.
It has a use for people who don't want authorities fucking with their money.
However, looking at some of the use cases for the lightning network does make crypto look appealing for the average joe.
Is there currently any universal way to make tiny online payments, for example tipping for a tweet without having to deal with credit card bullshit?
Jaxon Gray
99% of everything crypto is bs and its basically a ponzi scheme that appeared by itself on the internet and everyone started "playing" it.
Its basically the biggest poker game ever.
Christian Edwards
You don't need to understand technical details, to understand how a system works (effectively). The flaw that this system has, is that it shifts all of the security-related responsibility onto the individual (responsibility that an institution - like a bank - was holding before).
It doesen't seem that attractive to me. People could potentially be financially ruined by committing typing errors.
Jace Cooper
By the time BTC is $100,000 ETH will be over $5,000 at least so yes. ETH is way oversold atm
Anthony Murphy
Unless you’re some kind of political dissident, you have no worries about losing your funds.
Colton Williams
t.drug trader
David Flores
BNB has a great use case. Saves a nice percentage on your Binance trading fees. BAT seems to be a cool concept for tipping sites you like.
Robert Edwards
This is the only answer with some merit behind it.
But only if people decided to stop with the bs and just pick one crypto (such as btc) and call it a day, as the global store of value.
Otherwise banks and whales will always be able to manipulate it by trading it vs other currencies (crypto or fiat).
Ryan Wilson
- store of value - decentralized - anonymous - 24/7/365 - global - fungible - reliable - secure - limited thin about every point what it really means and why that would be good. then compare every one of these points with other investments/assets like gold individually. do this on a piece of paper and use honest judgment. once you're done you see visually how good it is compared to all other assets. this is how i did it back then and it convinced me.
these 9 points are not complete, there's a couple more but i dont remember all of them.
Jason Edwards
Transferring currencies between country's
Matthew Nguyen
there's some checks in the system iirc when you type certain things/addresses wrong that you can't execute a transaction. afaik because of that, of all the mathematic possibilities for addresses/keys there's only a certain percentages useable. it's already "as idiot proof as it can get" by now to a big degree, its not like that btc got inventend just yesterday.
Dylan Brooks
Yikes, okay.
>- store of value No. Crypto is a very unsafe store of value in general (currently).
>- decentralized Yes. But this is both good and bad. You have to be your own bank (there are no instances of security to help you, if you lose your funds)
>- anonymous Some are. I don't see how this is important for everyday transactions.
>- 24/7/365 How is fiat not?
>- global Yes. But very rarely useful for Joe.
>- fungible More or less. But why is it important?
>- reliable Fiat is reliable too?
>- secure Fuck no.
>- limited Yes. But again, not beneficial to Joe.
Kevin Nguyen
>Yikes Fucking kill yourself plebbit faggot
Henry Ortiz
Jesus fucking christ reddit
Owen Taylor
I get it.
Who do you call if you copy/paste the wrong (but existing) address?
i don't know man....you need to be not a total retard for crypto...it's propably not for you. stay poor
Bentley Moore
Then it's probably not for Joe either?
Angel Myers
This is the best answer so far, however, it is such a big idea, that Joe probably wouldn't act on it. I think you'd need more direct, short-term incentive.
Honorable mention.
Chase Long
Holy fuck you reddit faggot go away.
Samuel Ward
>as long as you agree with us goy, you won't lose your good goy points! kys
No, the concept of being your own bank is still a problem. My argument is, that people - generally - would choose a centralized institution because of security and ease of use.
"Decentralization" and "Apoliticalness" are not attractive concepts to people who work 9 to 5 jobs, and don't really give a fuck about anything else.
>No. Crypto is a very unsafe store of value in general (currently).
anything is. the only thing that would be scary for bitcoin is if all technology on the planet got fried, which is pretty unlikely and if it did happen we'd have bigger problems than money. paper money as a store of value or bank accounts are also unsafe in case of global cataclysm. if shit hits the fan we'd start bartering with goods/services pretty quick and things like money would take a back seat to things like trading some of your coal for a pound of chicken, trading some of your toilet wine for a pack of cigarettes, or making your sister give the neighbor a hand job so your family can eat that night. >>- secure >Fuck no.
and the other scary part about it is getting hacked but thats up to you to secure your crypto appropriately, it isn't hard to get a wallet. and its very hard to hack the entire network and a lot of the worlds smartest computer nerds say hacking it is almost impossible, which is rare in the tech world to have something thats almost unhackable. the only thing ive heard them scared of us quantum computers hacking the bitcoin blockchain but by that time we can just have quantum blockchains.
Michael Hughes
Normies will think it's a better way to invest your money. Throw 5 dollars on a shitcoin and have it be worth 30 in a year. Tell me what bank offers interest rates for mutuals, savings or GICs better than that?
Sure there is an element of risk, but the possibility of you investing a thousand dollars and ending up with 10k+ in 2 years is far more enticing than a GIC which promises to give you 50 dollars in a year compounding interest each month.
Justin Long
You are talking about crypto as a vehicle for investment. I am not.
Let me boil it down for everyone reading this thread:
Why would any cryptocurrency ever replace fiat? How would it benefit your average person?
Julian Cook
>How does the average Joe benefit from transacting with cryptocurrency?
No need to trust anyone. Also decentralized social media and gaming can deal with free speach and copyright issues far better.
Matthew Jenkins
It's there to bypass banks/credit cards. If you don't want psychotic institutions acting as your moral compass telling you what you can and can't buy and who you're allowed to support then the benefit should be obvious. What I don't like is that it's still entirely at the mercy of the US government. If they decide it's illegal tomorrow it will become worthless.
Josiah Edwards
>Why would any cryptocurrency ever replace fiat? How would it benefit your average person? It would unless by "average person" you mean a drug-addicted criminal nigger.
Joseph Diaz
>No need to trust anyone. except for the protocol designers and all the coders
who never, ever ever make mistakes right?
Hudson Gray
it doesn't. imagine if I told you you can put your money in the cloud where nobody is responsible and if you lost your money they lost forever, or put them inside a professional company that insures your money and you can sue them if something happens and they also pay you interest. Of course everyone is gonna choose the second
Jason James
Akchually, this shit is about to change. After 2008's credit default swap crisis bailots, it was decided that bailouts are poor optics. So bail-in procedures were put in place. What are bail-in's you ask? Good question. It means that now bank-to-bank serivates settlements(of which there is multiple times more than estimated global economy)take priority over customer deposits(your muniez in banl account). >t.sources >dude, trust me
Lincoln Mitchell
>durrr ever heard of FDIC? your funds up to 250 thousands are insured by the gov >inb4 but wat if the gov goes bankrupt too!
David Taylor
I use crypto for Chaturate tokens.
That's about it.
Joshua Morris
have sex incel this is reddit sub now
Kayden Robinson
Shit is not about to change bank will do risky investments and when they are JUSTd normies and govs will pay their losses. THIS is what's not going to change, hence bitcoin.
Ayden Morales
bend over
Carson Cruz
>Only US exists I’ve lived through two massive devaluations of my currency and I’d rather use bitcoin instead of USD if it was widely available at the time.
Hudson Torres
Are you now, then?
Hindsight is powerful.
Jack Gonzalez
Well things are stable now so there’s no need for it but half of my savings are in btc just in case so there’s that.
Joshua Walker
bitcoin had more than 3 massive devaluations so far
Austin Mitchell
Your funds are insured. The actual value being degraded by inflationary pumping isn't.
Justin Wood
oh the horror. 2% inflation per year is truly devastating
