I want crypto to succeed but I'm not seeing the use within the public. Really all I see is the FOMO of getting rich in crypto investments.
It seems it's been made almost deliberately hard to use in the US as a currency because of the tax situation surrounding it (reporting it as capital gains and tracking when you bought/sold). Normal people aren't going to be excited about it when they find they have to pay capital gains tax for that coffee, or equivalent Venmo transfer.
Edit: If I'm wrong about tax situation let me know. But I started to use a crypto transaction tracking service so I can do my taxes easily next year. The tax situation surrounding crypto makes me nervous.
Metamask was just copying some addresses and stuff. I realize that the average person can't even come close to doing it yet, but soon it'll be all QR scanning and stuff and they can prob do it.
If I spoke to 99% of my non tech friends - who (thanks to things like the NHS Covid Check In app) now get QR codes - I don't think any would feel the need to avoid using Stirling and a bank?
(Edit: particularly when contactless/phone/watch payment is so ubiquitous in the UK)
But the narrative is enticing: "Control YOUR money/value!"
Perhaps it's a little like the Linux vs Windows/macOS/iOS/Android thing - "have complete control of your computer! Prevent people from spying on you! Tinker under the hood!" - and yet most of us are content with changing the background picture and happy if we don't get malware.
I wonder if cryptocurrency is doomed to the same fate. If we take away the speculation and get rich quick - for the average person, what's left? If it won't make me rich (and there's a risk it'll make me poor!), why move from what I already have that works (arguably) far better?
This was also the refrain in 2017. Billions were raised to make it happen.
Four years later, what does the cryptocurrency industry have to show? Mass market adoption seems as unlikely as ever.
QR codes don't solve anything when the basic design is so user-hostile — for the end user, crypto is unsafe money that you can lose at any time even if you think you're taking precautions. The only reasonable solutions available are centralized, and at that point you're competing against Apple, Google, Visa, etc.
I think the average people will use Paypal/Venmo as a novelty and also to get the volatile investment gains. Then the individualists will hold theirs cold storage.
DeFi DApps have happened in the past four years allowing you to easily invest and spent your cryptos from your browser.
Stable coins and lending protocols have happened enabling you to earn interest on your dollars without exposing yourself to Bitcoin‘s volatility.
Decentralized exchanges happened allowing you to swap between coins without the need for a centralized exchange in that case.
Major wallets integrate many of these features allowing you to manage cryptos from your smartphone.
Progress happened you’re just not looking for it.
You have to find the directories in your area, but I've been amazed how many capable freedom focused people are now not only accepting crypto payments, but prefer it.