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But if it's off chain, why use Bitcoin at all?

If you never actually use the blockchain, then you don't really know if those BTC you 'bought' even exist.

The same reason why when you use Venmo you don't think "wait, why use USD at all if it's all a database?"

The truth is, the current financial system is just a large number of databases trying to sync with one another, and one of cryptocurrencies' goal is to decrease this amount of databases.

> and one of cryptocurrencies' goal is to decrease this amount of databases.

And replace them with one of the biggest wastes of electricity?

What's the point of "getting rid of databases", when you end up needing them for something as fundamental as an BTC/USD exchange anyway?

> biggest wastes of electricity

you're aware that you're talking about legacy cryptocurrencies?

It’s still backed by the currency. Kind of like how when you make a stock trade the actual trade isn’t cleared for some time. In this way the blockchain of Bitcoin is simply transparent and easy to follow, if slow and expensive.

A big criticism of the current market is that Tethers aren't backed by anything. Nonetheless, there's a huge BTC and USDT and USD trade going on.

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