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Re:Binance US No Longer Allows USD Withdrawal for Users by gosub100 on Wednesday October 18, 2023 @12:05PM (#37930684)
> what utility it provides that fiat currencies do not

Forex (for travelers) perhaps? Technically, fiat itself does not provide exchange. you always need a broker or a counterparty. crypto provides liquidity that can replace a paid service (yes I know crypto also has fees).

I have never owned crypto but I think it's a great idea as a currency that should have been able to compete with paypal/credit cards, but somehow didn't. I think that's its greatest failure: the fact that 12 years later I can't buy a sandwich with it.

Re:Binance US No Longer Allows USD Withdrawal for Users by philwelch on Wednesday October 18, 2023 @12:37PM (#37931149)
If all you're buying is sandwiches, you don't need crypto. Crypto is for when you buy things that are a lot more interesting than sandwiches :)
Re:Binance US No Longer Allows USD Withdrawal for Users by gosub100 on Wednesday October 18, 2023 @01:19PM (#37931755)
If I'm selling sandwiches, I could make a lot more if I accept an alternative payment with the same convenience as credit but lower tx fees. Privacy conscious buyers may prefer crypto than a bank that sells their purchases to advertisers.
Re:Binance US No Longer Allows USD Withdrawal for Users by generic92034 on Wednesday October 18, 2023 @12:59PM (#37931474)
Maybe rather than seeing it as _a_ currency we could see it a special purpose currency for money exchange? A transport medium?

If you are trying to keep your coin over a longer period of time you suffer the high volatility and are at the whims of gamblers. But if it is only used to perform a money transaction which otherwise would not be possible/too expensive/too dangerous, only to be exchanged against a fiat currency immediately after, that could be its role.

Re:Binance US No Longer Allows USD Withdrawal for Users by rco8786 on Wednesday October 18, 2023 @02:53PM (#37933028)
> Forex (for travelers) perhaps?

Again, we're talking real world. Have you ever travelled abroad and used BTC to buy something? Has anyone you know ever done that?

Re:Binance US No Longer Allows USD Withdrawal for Users by gosub100 on Wednesday October 18, 2023 @03:44PM (#37933776)
so the goalposts just moved from "having utility" to "myself-or-someone-I-personally-know got utility from it"?

> travelled abroad and used BTC to buy something

not the scenario I described. Forex is short for foreign exchange. as in, exchanging to local fiat.

Re:Binance US No Longer Allows USD Withdrawal for Users by rco8786 on Wednesday October 18, 2023 @08:02PM (#37936476)
What, no. The goalpost were always “real world utility”. Real world.
Re:Binance US No Longer Allows USD Withdrawal for Users by EVa5I7bHFq9mnYK on Thursday October 19, 2023 @02:33AM (#37939287)
I did. Used to refill my eqyptian sim card at bitrefill.io. Much cheaper and easier than go search for refill card at merchants all looking to rob a touristo.