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this post was submitted on 21 Feb 2024
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because that is what it actually is used for.
That is dead and burred.
The one thing a currency needs is a relatively stable value, otherwise it is useless as a medium of exchange...ie: money.
While crypto is as stable as that bear that ate a couple of kg of cocaine.
I think of it as a ponzi scheme because that us what it has become.
Yes, unfortunately that's the state of things currently, but I won't call the prospect of using cryptocurrencies as actual currencies "dead and buried", yet. Eventually the hype will subside and people who thought they could "make money quick" will leave the game, and those who wanted a decentralized way to keep their money, aware of all the pros and cons, will stay. Hopefully that will lead to a more stable value, and maybe, just maybe they'll come back mainstream as an actual currency.
This is really more what I hope than what I see likely to happen, but one can hope ;)
From the perspective of the developed world, crypto is unstable. It many countries, though, their home currency could be less stable.
People who downvoted never heard of Argentina, for example, where their currency is so bad that individual provinces have started creating their own local currencies instead.
https://www.bloomberg.com/news/articles/2024-01-19/defying-milei-s-austerity-argentina-province-plans-own-currency
https://www.coindesk.com/markets/2024/02/12/tether-and-circle-stablecoin-purchases-dominate-in-argentina/
https://www.forbes.com/sites/digital-assets/2023/04/26/crypto-usage-rises-across-argentina-despite-the-anti-crypto-imf-deal/?sh=7631cd706ece
They don't need to know anything, as exalted first world white men, it's their burden to enlighten the brown people's from their ignorance