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.
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.