You're joking right? I just did a $25,000 wire internationally with a currency exchange in the middle and it cost $75. It went through in one business day. You'll get more hassle trying to withdraw from your exchange than that.
When I bought my house and did the wire it cost $15. Where are you getting huge transaction fees?
Meanwhile you could transfer $25k in crypto to Dubai and walk away with it in cash at an OTC desk in an hour via a wallet to wallet.
Thats a use case 99.99999999999999999% of humanity does not care at all about.
Yes if you are poor as dirt and can just take your life savings of <$10k (probably 99% of humanity) on an airplane if you need to use it in another country, you can do so no problem and you do not care, the idea of a crypto OTC desk likely does not even occur to you. It is still solving the same problem, but by being small enough that no one cares.
The data pretty well speaks for itself. Humanity with money cares a lot about escaping capital controls. This is inviolable, the more the banking system handicaps itself the more capital flows into less regulated products.
There's a reason Wise is a huge business and people in Canada resort to "Norbert's gambit" to exchange currency with minimal transaction costs.
This is exactly what I'm talking about and I'm not certain whether you're sarcastic .. Paying $75 on a 25k amount with a transaction time of 24 hours to complete is absolutely insane. You'd have used USDT or USDC or any other stable coin, you would have paid <$1 of fee and got the transaction done in seconds.
I was a "digital nomad" before that was even a term.
I've done "work from home" in Japan, China, Macau, South Korea, Belgium, and at least ten American cities. Even way back when we did it with payphones, Telex and fax machines.
Get off my lawn.
If you are at a institution bank, probably but that's a non-existent use case - I never had Argentinian Pesos, Turkish Lira or Bulgarian Lev I suddenly needed to deposit into my bank account !..
> Try to use cryptocurrency for anything other than a few very specific transactions at a number of places in the world so small that it's a rounding error.
I'm not sure whether you travel much, but I always travel as a digital nomad. I pay small transactions with local cash or mostly bank cards as everybody does. But big amounts? That's where crypto comes into play. I've paid in crypto transactions worth a few thousands dollars because that's the only way to do it without incurring huge transaction fees and / or long processing time.