Practical Uses for Cryptocurrency?

[Bubble Tea Bunny]

Hey everyone,

I've been thinking about Cryptocurrency lately and wanted to get your thoughts. While I understand the basics of Cryptocurrency, I'm curious about the real-world situations where using Cryptocurrency can be genuinely beneficial, without getting into the shadier aspects like illegal activities, scams, or pure speculation.

Do you have any everyday examples where Cryptocurrency offers advantages over regular fiat money?

[potato]

no it's all scams

[Dracoco OwO]

Very few in practice, several in theory, it was just supposed to be digitalised currency with no taxes at first, evolved into a global scam.

[Incarnate]

Besides illicit dark web shenanigans, it's hard to think of one.

[nullpo]

none. the bubble has burst.

[.EteRnal.]

Pretty much nothing.

[Barney, from Black Mesa.]

It's practical for online services that accept it—often on the deep web—because it usually has value in being an anti-surveillance (privacy respecting) online currency that the bank or any organised entities cannot trace. Cryptocurrencies are only as useful as paying in hypothetical cash-in-hand, but on the internet.

Bitcoin and much of the other biz is very much worthless, as they do the opposite of all of this, unless you are using a currency like Monero. I am not, however, of the same opinion that someone should invest in any cryptocurrency to 'get rich' quick; in that prospect, I think it is a foolish risk for your money, as I couldn't imagine it being a worthy financial investment to take on when most businesses will not accept it anyway.

[Magma Dragoon]

Bitcoin allows you to circumvent the government confiscating your wealth through inflation. Argentina can print all the money they want, it doesn't affect the purchasing power of your Bitcoin. However it is still volatile, so it's a double edged sword.

[Out Of Bubblegum]

They make a unique sound when you jingle them in your pants pocket.
:)

[mikel3113]

1). Tickets for sporting events, concerts and such could be improved using cryptocurrency. Not talking as a payment method, but tickets could be attached to cryptocurrency in a blockchain and sold as an NFT to make them more secure. Tickets are already mainly digital download with QR codes, yet they're still fraudulently copied, sold for profit scalping and fake tickets are made and people are scammed.

If tickets were turned into NFT's using crypto, price could set not be altered, artists could set them to where they're only allowed to be sold once and not resold by scalper and they wouldn't be able to be copied fraudulently or even have the appearance of being copied only for a concert goer to be turned away at the door because they had a fake ticket. Crypto could solve all this

2) Escape oppressive government restrictions. For example If you live in China, you're not able to convert more than 50,000 USD worth of Chinese yuan into USD or another currency annually. Think about if you were trying to leave China and immigrate to live elsewhere and had just $250k worth of liquidity that you wanted to take with you. It would take you 5 years to just move that money out of the country. Insane. Chinese citizens use underground networks to convert their currency into cryptocurrency instead to circumvent around this issue. Cryptocurrency doesn't have borders.

3) Superior money qualities, all only if adopted and supported though so not there yet. In theory it's better money though. See link below

https://images.app.goo.gl/7CvpchxCiAQK7CUMA

4) Deflationary in nature. Really great value now against the backdrop of rising interest rates and inflation throughout the world. Inflation rises, and Bitcoin increases in value while the USD loses purchasing power

[NW/RL]

Theoretically, you can use any crypto as just another currency. Realistically your only options are drugs & crime

However: https://monerica.com/

[Birds]

A stripped-down version utilized in anti-cheat systems, such that it costs an increasing amount of processing/money to cheat every time and eventually can't be done without a server farm decoding the tokens for you so you can maintain real-time sync. (This centralizes their infrastructure so you can go after their assets for cheating.)

The 'original intent' of crypto was to create a system of financial ratification which would or could scale with irregular or mixed dispersals of quantum, without filling any of the holes quantum could exploit. Rather unsurprisingly it's a hotbed for topdown wallet theft and dumb pyramid schemes based on insecure assets.

[A&A]

Not every cryptocurrency is about privacy. Fast and secure transfers is technology similar to crypto but is not decentralized.

[Tiberius]

To transfer the wealth from the poor to the rich

[mikel3113]

NW/RL původně napsal:

Theoretically, you can use any crypto as just another currency. Realistically your only options are drugs & crime

However: https://monerica.com/

No, it's not. Way to try and spin it haha. You are cherry picking the worst example. You really think nobody has ever used cryptocurrency for something other than crimes and drugs? Realistically, there are many more options. You are specifically referencing to monero which is a privacy coin. It's whole benefit is it is not traceable and anonymous. Yeah, if you're going to single out the cryptocurrency being used for drugs and crime this is definitely it but that's not how the majority of cryptocurrencies work.

Others are traceable and most are purchased through exchanges that abide by KYC( know your customer) regulations. Your identity isn't made public or viewable, but your account number and wallet address where your cryptocurrency is stored on is linked to your identity. You'd be pretty stupid to use Bitcoin purchased on coinbase for instance and then transact with a wallet that is associated with a crime organization or with drugs. You'd be caught easily. It'd be much easier to use a stack of cash

Here's a specific example below that you can realistically use cryptocurrency today that isn't for crime or drugs.

https://www.carriagekiawoodstock.com/bitcoin/

[Birds]

mikel3113 původně napsal:

Others are traceable and most are purchased through exchanges that abide by KYC( know your customer) regulations.

Literally a pyramid scheme.

Your identity isn't made public or viewable, but your account number and wallet address where your cryptocurrency is stored on is linked to your identity.

You can't prove I'm a pyramid patsy; you don't even know who I am!

You'd be pretty stupid to use Bitcoin purchased on coinbase for instance and then transact with a wallet that is associated with a crime organization or with drugs.

You mean like Bain Capital?

You'd be caught easily. It'd be much easier to use a stack of cash

Cash already has a serial number on its and has controlled means of production and enforcement, so it's significantly easier to track.

It's just a scheme to short the currency market long-term, and also to delay the technologies which might inhibit mass shorts like this from prospering or developing. By siphoning funds into a project that will never work, even if aspects of the core technologies could be utilized for something that does.