For sure. And I think that speculation (with attendant market manipulation) are the main observed purpose of it these days. The total drugs market is large, but I'd be surprised to learn that even 1% passes through all the cryptocurrencies put together. Especially Bitcoin given how traceable it is.

It does seem to be used by people transferring funds internationally, especially from SEA to the USA.

Oh? What percent of international transfers are using it?

No clue. I just know people who do it.

Got it. I mean, I know people who ride unicycles. But for this I'm not interesting so much in "is it possible" as "is it effective and widely adopted".

Agree, anecdotes aren't data. But seeing non-tech-savvy people doing it definitely makes me think it's somewhat common. I posted half with the expectation that someone would chime in with some personal experience on the topic; HN has a pretty diverse group here.

I found a number of guides on the pros and cons of various international money transfers options, and BTC is often included as an option. I also found some recent (and old!) articles about its use as a remittance system in poorer areas of the world[1].

> Other emerging market central banks in Latin America, India, and Southeast Asia, where remittances make up a significant share of the economy, are in a similar bind. Bitcoin transfers surged in emerging markets last year, as the pandemic accelerated the rise of cheaper, more efficient digital remittance services.

[1]https://qz.com/africa/1983610/bitcoin-draws-millions-of-work...