Sounds all well and good until your bank account gets seized by the authorities.

So what country are your funds in and what are you doing that has lead to the funds being seized? Don't you think we need trusted authorities for enforcement?

>So what country are your funds in and what are you doing that has lead to the funds being seized?

The US? Random example: https://www.seattletimes.com/nation-world/the-dea-seized-her...

>Don't you think we need trusted authorities for enforcement?

Perhaps, but not everyone is lucky to live in a low corruption country.

Access is not the same as ownership.

Your account can be frozen and confiscated with little recourse.

Your account can be frozen and confiscated, but you have legal recourse. There are several anti-forfeiture legal groups that will take these cases on for free as a matter of principle (and because they generally get court-ordered legal fees from the prosecuting agency if they defeat the forfeiture).

Oh, you're assuming the legal system is the same everywhere in the world as the US.

Let assume the person is in China. Or Venezuela.

In China or Venezuela, if your bank account is seized by the government, it's because you're already in prison, so not having access to money will be the least of your concerns. Rather, you will be worried about whether you'll ever get to leave prison, or more immediately, what form of mistreatment you will receive from the guards and whether the rest of your family was rounded up as accomplices for whatever alleged crimes you were charged with (if any).

And amongst that, the property remains out the hands of the government.

Perhaps it will be one day be moved and utilized by family descendants, whom have had time to find themselves in safer conditions.

That's the difference.

True, but you can do that far easier with existing assets.

Authoritarian countries can always simply block their citizens' access to exchanges, and even just outlaw crypto ownership.

In a near future, we might not even need exchanges. Pay your rent with crypto. Buy groceries with it.

Even if its outlawed, that only slows it down at scale. People will still accept it if it has value. Drugs/prostitution/contraband can be traded even in the places where it is most strictly punished, outlawing it does nothing.

That's not the use case here. The process you are describing leaves us vulnerable to the government and state actors who can access your bank accounts, see the records, and steal your money. We have absolutely no reason to allow government in to our finances, so we must do things like this.

With crypto, the only way the govt is doing that is if they coerce you. Try that with a "bank account".

>They're called bank accounts, and you can access them

In lots of countries this is not guaranteed. Most recent example is Venezuela, central authorities imposed limited withdrawals.

The same is true of cryptocurrency. Try accessing it without power and internet.

You can obtain you Bitcoin with a portable power generator and satellite dish if you are on the move or cannot access conventional utilities.

Sure but to get satellite internet, you need to provide some id to the satellite internet company and they can probably track you back.

You don't need any type of accounts is the beauty, I don't want to take time digging up the details but I'm sure if you search it you will find the service.

Fair point!