Unless you're using stable coins.
Which doesn't help when your exchange steals your stable coins.
Re:PayPal Fees Are Insane
by favourable on Friday February 24, 2023 @12:39PM
(#34927225)
There are many who avoid exchanges altogether which was the original purpose of crypto: DeFi
And DeFi has no way to interact with the real world and fiat. The fundamental flaw with crypto is that the real world requires trust and governance to handle the corner cases when there are disputes between parties. None of the blockchain technologies in use today have solved that. If someone knows otherwise, please show me. I have a friend that lost 7 digits worth of crypto assets because of this issue 5 years ago, and it seems to keep on happening to other people. This is flat out wrong, unethical and immoral.
So, for example, if you transferred crypto, but the value of crypto fell by 10%, that expense to the recipient could be far greater than the 5% fee you paid. Alternatively, if the value rose by 10%, then the cost to you as a sender is far greater than the 5% fee you paid.
And crypto is extremely volatile, so your exchange risk is also extremely high.