What happens in the next crypto crash, with exchange risk being huge, and then you can't buy tomatoes because they're denominated in a stable currency not linked to your crypto?
In the event of a decline in the market price of cryptocurrencies, I sort of expect USDC to still be worth about 1 dollar.
> As a backend engineer, I would say yes, backend is easier. But also you'll be concerned with completely different things.
You're promoted extremely fast. Lol
> I am the CEO of an automated trading firm
Edit: After checking, I wouldn't put CEO of 'Lol Term Capital Management' on your resumee ( https://www.ltc ).
Seriously, what is this bs.
Some people would like to tell you "It's a temporary bug that you can pay for stuff with database entries at your bank or at PayPal but not database entries on this particular slow distributed database," but I don't have to tell you that to get the sum of the fees to be less than a penny here.
If you deposit to FTX via ACH that costs $0. If you send yourself SPL USDC from FTX that costs $0. If you send someone else SPL USDC that costs less than half a penny. If that person sends SPL USDC to FTX that costs less than half a penny. If that person withdraws USD from FTX via wire transfer that costs $0. The sum of these figures is less than a penny. As I've written upthread, this might not work out exactly the same way depending on your choice of exchange, country, and bank.
Not according to my grocery store.
The argument was, cryptocurrency is good for remittances. Remittance is mostly used to send money to people who actually need to use it to buy things. You need to get that money into a form that is actually usable.
Why? Do you pay for everything in cash? Most things I buy I cannot pay for in cash, so it seems silly to go out of my way to make my funds less useful temporarily.
For most people, the first step to getting dollars in hand from Wells Fargo is a decades-long immigration process. Should we count that?
I am enjoying imagining you telling your brokerage or your bank that you don't want entries in their databases, you want cash!!! It is less enjoyable to imagine you falling victim to civil asset forfeiture for self-custodying cash though.
Edit: Anyway, the additional steps for you as the recipient, after you have a checking account at a US bank and KYCed account at FTX, are that you would send the USDC to your FTX account, then you would request a wire transfer from FTX to your US bank, and you would pay less than a penny in fees for the first step and $0 for the second step. Then you would physically go to your bank or ATM, which probably costs like $50 worth of your time or something, and get the cash.
Edit again: The reverse process, I don't know much about it because I don't generally keep all my funds in physical dollars, but I think it also costs $0. It certainly could cost more depending on the details of banking and crypto exchange regulation in the countries involved though. For example, FSA-regulated crypto exchanges in Japan do not accept USDC deposits, and the one I am registered at but have not used yet will charge me 250 JPY for a domestic wire withdrawal.