Transferring money through banks is such a pain in the ass versus crypto. It really feels like we’re at a tipping point where ACH and wire transfers become the equivalent of writing a check.
Compare that to crypto, where buying a cup of coffee takes 3 days, and even failed the last time I tried, where I ended up having to borrow credit from a local. The Cafe only “took crypto” but since transferring such a pain, they actually had a piece of paper with credit/debt notes that people would settle once a month.
How is that shit-fest in any way preferable?
I’m Canadian. I just tried transferring my free Coinbase crypto to another wallet to withdraw and the process was slower than had I done a transfer between my two bank accounts. And much more fraught!
That's not a wallet to wallet crypto transfer.
That's a Coinbase transfer.
Coinbase is awful as are the majority of other onramps.
In 10 seconds I can my friend’s account and they can use that money to pay online with debit, instantly. Or, spend an extra $100 on their credit card, instantly, knowing their checking account has the room to pay it on bill date.
Tell me how a wallet transfer beats that.
With crypto I need to keep care of my keys and the address of receiver might change lot more. Where as bank account number is static for years...
For national payments I can use the account number, the phone number, or simply the name of the person using an app (vipps). Everyone has it,also elderly people, and it's actually instant and verified transactions for real.
Finally, normal people want service. I got scammed online while purchasing a leather good. My bank helped me to charge my money back. Paypal does that, too, here. Alone this feature makes cryptos a nightmare for regular users.
Let's say Biden tomorrow actually came out and said "enough malarkey, we're banning crypto". What do you think are the actual chances of Congress passing that legislation of the GOP-dominated SCOTUS from upholding those laws. At least half the politicians in this country actively want to see the federal government go through a financial crisis (particularly when the opposite team holds the White House.)
Crypto skeptics point to Executive Order 6102 but ignore the fact that Biden is no FDR. If we actually had a strong executive, like LBJ, Nixon or even GWB post-9/11 I'd agree. Crypto's playing loose with the rules and basically taunting the US Treasury to play whack-a-mole. But this country's so polarized and dysfunctional that we'll never have a strong executive again in our lifetime.