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As per HN rules I request an example of positive, non-shitcoin-speculation impact that cryptocurrencies have had in the last twelve years.
As per HN rules I request an example of positive, non-shitcoin-speculation impact that cryptocurrencies have had in the last twelve years.
With MG and WU, they are deeply embedded in the countries they operate in; they develop relationships with the banks so customers can get their money without hassle, even if they don't have accounts there. If you send money in Country A, it's available in Country B within 10 minutes, which is approx. the amount of time it would take a human to look up that transaction and verify the customer's ID. Your recipient walks out with cash.
Meanwhile, transferring crypto peer-to-peer isn't even free, and transactions are nowhere near instantaneous. And even if your recipient understands crypto, they still have an extra step of converting these bytes into actual legal tender.
To do remittances, you have to have money flowing in both directions, or you will run out of local currency. Cryptocurrencies do not have that. There are not an equal number of people in foreign countries that want to buy cryptocurrencies as there are that want to send money and convert it to local currencies.
The solution for this is, ultimately, arbitrage using the traditional financial channels. And at that point, you are paying the costs for those channels, plus the costs of the extra middlemen you have added on top of them.