Beside trading, what's the point of cryptos for ordinary people and businesses?

[Peter90]

What's the point of the existence of cryptocurrencies for them?
How can or could cryptocurrencies serve them?

"Friendship"

Beautiful answer Iyem! I didn't think it from that angle.
I'm working for you! See you tomorrow in the Tether Gold thread 

[MrSpasybo]

... talking about inflation ...

                                         

@Peter90, I really like your topic, and the inflation data you provide. As you said, crypto has value of protecting people against the wave of inflation. Because of the way the current financial system works, money will continuously lose value faster than wages increase, which means we will buy less bread with each hour of work.

Investing is the only way to protect yourself from this, including investing in real estate, precious metals and even crypto.

We are experiencing slow inflation, but in some countries like Argentina or Venezuela, crypto is a good way to ensure that people's hard work does not evaporate overnight.

In addition to inflation protection, I'll offer some other possible uses:
+ Cross-border money transfer: I often used Western Union with a fee of a few %, now I often use USDT which is faster, simpler and many times cheaper.
+ Accumulate assets: in many countries like Vietnam, buying foreign currency is limited and requires a lot of docs, so buying USDT is the best option to protect assets when the local currency depreciates compared to USD.
+ Recruiting and working across borders: Stable coins are widely used for Freelancers, without needing to touch expensive methods like Paypal.

In addition, crypto is a currency maintained by the blockchain and serves the operation of the blockchain. If blockchain will be widely adopted in the future, it will support strong developments in society similar to how the Internet is creating benefits for everyone. Crypto will also bring benefits to everyone through blockchain applications: cheaper payments, more transparent degree storage, faster transfer of medical records, getting paid for viewing ads …

[DrBeer]

Traders, investors and crypto people in general - like the users of this forum - can use cryptocurrencies in order to make money... Ok
Financial institutions and companies can use cryptocurrencies for quicker and cheaper transfers... Ok

But for teachers, nurses and pensioners, for the grocery store at the corner, the shoes shop, the restaurant, the car repair shop... for these people and businesses what are cryptocurrencies good for? What could cryptos be good for?


They are not night traders. They have no idea what Binance and Coinbase are and they not even think about trading cryptos.
Ordinary people.

What's the point of the existence of cryptocurrencies for them?

How can or could cryptocurrencies serve them?

The answer is simple. Try to become a trader, an investor... If you have the desire. For other purposes, our market is not ready to fully accept cryptocurrencies.
The fact is that today cryptocurrency, no matter how unpleasant it sounds, is still a "commodity not for the masses". It's like shares of companies - traders trade them and make money on trades. They are bought by people as an investment. But the situation is a little better with stocks. They are already on the market, they already have a legal status, regulating legislation, and have become more accessible to "housewives". Although even now, and in this situation - hardly any of us can say "among my friends more than half of them buy shares, I invest, ....".

The time of mass consumption of cryptocurrencies has not yet come, but we are heading towards it, the path is thorny and difficult, but.... there is something to be pioneers for !

[aiviaa485]

-

"Friendship"

Beautiful answer Iyem! I didn't think it from that angle.

The answer is simple and has very deep meaning because with "Friendship" we can connect our lives.
There are many examples, with "Friendship" we can find a new job, additional work, expand our family or become business partners.
The "Friendship" in the Altcoinstalks forum is also very close, this will make us a harmonious family and continue to be in a good and friendly environment.
Cryptocurrency will give us space to continue to be "Friends" in the altcointalks forum, I, you, they continue to communicate with each other like a family having a warm conversation at home.

[Litzki1990]

If you discuss investment with people who have grocery stores or tea shops, they will misunderstand you and think that their position is correct. Yes the position they are in or the business they are involved in is definitely good for them and they are satisfied with their business profits. It is not our responsibility to go to a grocer or a shoe store and talk about cryptocurrencies, but we can help them if they ever express an interest on their own. Everyone's time is valuable, so people who waste time should not be convinced about these things, who will not understand these things correctly, but will understand them wrongly. As long as you don't waste time trying to convince them of all this, it's good for you to try to learn more yourself.

[gunhell16]

Traders, investors and crypto people in general - like the users of this forum - can use cryptocurrencies in order to make money... Ok
Financial institutions and companies can use cryptocurrencies for quicker and cheaper transfers... Ok

But for teachers, nurses and pensioners, for the grocery store at the corner, the shoes shop, the restaurant, the car repair shop... for these people and businesses what are cryptocurrencies good for? What could cryptos be good for?


They are not night traders. They have no idea what Binance and Coinbase are and they not even think about trading cryptos.
Ordinary people.

What's the point of the existence of cryptocurrencies for them?

How can or could cryptocurrencies serve them?

First of all, there is no need to serve crypto to our people. I guess we can compare that to a seed; if we don't take the seed, it won't help us. So how can this help us? We need, take, or choose to take it; we should plant it to give us benefit at the right time we need it. But of course, we also need to till the soil before planting the seed.

So it's the same with crypto or Bitcoin; this is an opportunity we have if we try to use it to help us in terms of financial problems. Because if you have even a little doubt about it, it won't help you. But if you're positive about crypto, it means you'll learn all the things that can help us, but if you only think negatively, you won't get anything for sure. Because everyone who gains profit in crypto has positives to see here in cryptocurrency.

[Peter90]

We are experiencing slow inflation, but in some countries like Argentina or Venezuela, crypto is a good way to ensure that people's hard work does not evaporate overnight.

In addition to inflation protection, I'll offer some other possible uses:
+ Cross-border money transfer: I often used Western Union with a fee of a few %, now I often use USDT which is faster, simpler and many times cheaper.
+ Accumulate assets: in many countries like Vietnam, buying foreign currency is limited and requires a lot of docs, so buying USDT is the best option to protect assets when the local currency depreciates compared to USD.
+ Recruiting and working across borders: Stable coins are widely used for Freelancers, without needing to touch expensive methods like Paypal.

Thanks Spasybo

you confirm what I wrote in the thread Does crypto currency save the economy? about the benefits of stablecoins for cross-border money transfer - particularly for migrant workers.


"Among Indonesians who often send money abroad, most are generally aware of the two primary costs in international transfers: the upfront transaction fee and the exchange rate. However, many are still unaware of the actual cost of remittances. Today, the global average fee of sending money abroad is at 6,3%. This means that transferring USD 1,000 (± Rp 15 million) to Indonesia still adds up to USD 63, equivalent to about Rp 1 million in fees.

While upfront fees are usually stated by providers, they often do not represent the total cost of the transaction. In fact, providers tend to add an undisclosed markup on the exchange rate, instead of using the fair, mid-market rate, resulting in consumers being unknowingly charged more than the initially advertised amount.

This issue recently became a topic of discussion on Twitter or X, after Ayudia Chaerani, also known as Ayudia Bing Slamet, an Indonesian actress, writer and musician, shared her experience of sending money abroad to her family and friends on the social media platform. “I remembered there was a time when I transferred money to my friends and family. I know there was supposed to be a fee but when the money arrived, it was less than what I received. If I had known about this, I would have found other ways to transfer money,” she tweeted."


6,3% transfer costs. Huge!
I don't know how much costs using USDT, but through the partnership between Kinesis and Indonesia's gov the transfer costs for Indonesian migrant workers will sink to 0,45%
They will spare over 90% transfer costs!




About your "We are experiencing slow inflation"... you made me curious so I checked out how high is inflation in Vietnam... 

WB = World Bank
UN = United Nations

There is data for 166 countries.
Vietnam is Nr. 150!
It means... 149 countries have higher inflation than Vietnam!
Only 15 countries have less inflation!
You live in paradise 

[JoyMarsha]

But for teachers, nurses and pensioners, for the grocery store at the corner, the shoes shop, the restaurant, the car repair shop... for these people and businesses what are cryptocurrencies good for? What could cryptos be good for?

As a means of payment for them. I have had so many different stories of how store owners, shoe retailers, restaurants, etc use bitcoin as another means of payment for their business. Even in some countries, their pensioners would agree, for their government to pay them in bitcoin if the need arose.

Bitcoin can be used as a store of value, it can also be used in making fast and easy transactions in the comfort of one their without third-party involvement.

They are not night traders. They have no idea what Binance and Coinbase are and they not even think about trading cryptos.
Ordinary people.

What's the point of the existence of cryptocurrencies for them?

How can or could cryptocurrencies serve them?

For ordinary people like we are right? To invest in Bitcoin for the future and to hodl it for a long time until we have our profits made in them depending on when we decide to trade on a particular price.

[Peter90]

The answer is simple. Try to become a trader, an investor...

... Doktor ... for some reason you keep killing my threads 

so in order to protect it from you I just changed its title   

[IvugeoEvolutionCoin]

But for teachers, nurses and pensioners, for the grocery store at the corner, the shoes shop, the restaurant, the car repair shop... for these people and businesses what are cryptocurrencies good for? What could cryptos be good for?

As a means of payment for them. I have had so many different stories of how store owners, shoe retailers, restaurants, etc use bitcoin as another means of payment for their business. Even in some countries, their pensioners would agree, for their government to pay them in bitcoin if the need arose.

Bitcoin can be used as a store of value, it can also be used in making fast and easy transactions in the comfort of one their without third-party involvement.

They are not night traders. They have no idea what Binance and Coinbase are and they not even think about trading cryptos.
Ordinary people.

What's the point of the existence of cryptocurrencies for them?

How can or could cryptocurrencies serve them?

For ordinary people like we are right? To invest in Bitcoin for the future and to hodl it for a long time until we have our profits made in them depending on when we decide to trade on a particular price.

When third parties have started accepting payments using cryptocurrency, they are ready for losses or even profits that they can get because, so far, cryptocurrency price movements are not easy to predict, and of course, the third party must have enough money to cover when the cryptocurrency exchange rate collapses.  But I think if a third party wants to store assets in Bitcoin, then it could be a smart choice to get Bitcoin easily.

[DrBeer]

The answer is simple. Try to become a trader, an investor...

... Doktor ... for some reason you keep killing my threads 

so in order to protect it from you I just changed its title   

That's it, I'm silent, and I'm doing my best not to answer ! 

But the topic is really interesting, and lies in the plane of real problems !

[Uruhara]

All things in the world will be useful only for those who can use them. Likewise, crypto will only be useful for those who understand crypto itself. So the answer is that crypto will not be useful for those who don't even know crypto. I know a doctor who knows crypto and I also know a doctor who doesn't know crypto. And I also know a grocery trader on the side of the road who knows crypto and I'm even friends with him and I also know a grocery trader next to my friend who doesn't know crypto.

Even a cash register will be of no use to a store that doesn't know how to use a cash register. But cash registers will be useful for stores that know how to use them. So from this analogy alone it is actually clear.

But when high inflation occurs in a country we have seen crypto adoption increase, such as in African countries and also in Turkey and many more are using bitcoin as a temporary hedge to save asset values ​​from high inflation. So in certain situations crypto is useful in avoiding inflation in a certain period. But I doubt it in the long term because crypto asset fluctuations are also very wild. So for hedging, gold is certainly better.

[Peter90]

All things in the world will be useful only for those who can use them. Likewise, crypto will only be useful for those who understand crypto itself. So the answer is that crypto will not be useful for those who don't even know crypto.

That's clear, but what do you mean with understand crypto?
Is it just to know how send crypto to a wallet, and how to exchange it with fiat?
Than yes, you are right.
In order to benefit from cryptos people need to know those things.

But with understand crypto do you mean also the ability to earn money through trade?
To participate to airdrops?
To know what an ETF is, what a L2 and L3 network are, how stablecoins are pegged to something, what are proof of stake, halving, forking a blockchain, etc.
If you mean this, than no, in my view people can use cryptos even without knowing those things.

Think about money.
People use money. Every day. You, me.
Do we know what money is?
Monetary theories?
What impact the purchasing power of those banknotes?
What gives those banknotes value?
M1, M2, M3...
Theories of inflation...
Currency crises...
Money creation through the banking system...
Theories about interests...
Etc.

People don't think about those issues. They know nothing about them. And still, they use money. Everyday.

So, what are cryptos good for for people who don't want to earn money through crypto trading?

[Uruhara]

All things in the world will be useful only for those who can use them. Likewise, crypto will only be useful for those who understand crypto itself. So the answer is that crypto will not be useful for those who don't even know crypto.

That's clear, but what do you mean with understand crypto?
Is it just to know how send crypto to a wallet, and how to exchange it with fiat?
Than yes, you are right.
In order to benefit from cryptos people need to know those things.

Well not everyone wants to understand crypto in detail. In fact, there are still many of us who cannot differentiate between Layer Zero, L1, L2 and L3. But everyone is used to using crypto for trading and investing. Because the goal is to make a profit. So just understanding crypto basically is enough. The most important thing is that they understand the risks and potential they are taking.

So, what are cryptos good for for people who don't want to earn money through crypto trading?

for this answer as I wrote before.

But when high inflation occurs in a country we have seen crypto adoption increase, such as in African countries and also in Turkey and many more are using bitcoin as a temporary hedge to save asset values ​​from high inflation. So in certain situations crypto is useful in avoiding inflation in a certain period. But I doubt it in the long term because crypto asset fluctuations are also very wild. So for hedging, gold is certainly better.

Crypto can even be used to move assets from abroad easily. And making overseas shipping limits can be avoided. and much more. Because actually crypto users don't just do it just to make a profit from trading. But there are many uses of crypto for other things.

[famososMuertos]

...//::

I don't have the foggiest idea why it divides usage intentions into those two segments when both are included. I use crypto because they have allowed me to reduce international transfers (e.g.).

On the other hand, I do not know of any banking institution, at least in my country, that uses crypto for transfers.

And the last group that you disintegrate into the "fateful" idea of what they can do, there are the two cases mentioned above.

In any case, the adoption of bitcoin does not mean earning money, it does not mean making transfers, there are more things, people's knowing that cryptocurrencies exist will allow they to access a means of payment that will to access goods and services that perhaps you could not through traditional means, e.g.,  if you do not have a credit card.