Is crypto actually money? It has the wallets. It has the transactions. It even had an entire country behind it. But only 2% of Americans used crypto to buy anything last year.
All you have to do is try to buy and sell bitcoin directly and try to figure out how to even make a purchase and you realize it’s not a thing that any normal person is willing to do. Plus all you ever read is stories about people who lost theirs or forgot the passwords or got kidnapped or hacked because someone heard they had a lot of it. So it’s risky to even admit you own it if you have some. No thanks!
That’s why everyone uses those exchanges, which cause a whole new level of abstraction and complexity. And the Mt Gox commenter tells us what we need to know about that.
There's significant cryopot use for illicit transactions (drugs and money laundering in most places, evading exchange controls in places like Venezuela). But that doesn't explain the great majority of holders. Increasingly, for the last decade, it's been accepted that an asset doesn't need any economic justification (see Tesla, meme stocks etc)
I bought some bitcoin around 2013 (not enough apparently), and paid some friends, but it's never been a really viable money alternative because of the things you mention.
I'm usually a sucker for trying something new, but I don't think I ever bought any bitcoin long ago. I'm hoping there is a wallet sitting out there with 1/2 a coin in it, and I'll find it when I retire.
Two words - pyramid scheme
All you have to do is try to buy and sell bitcoin directly and try to figure out how to even make a purchase and you realize it’s not a thing that any normal person is willing to do. Plus all you ever read is stories about people who lost theirs or forgot the passwords or got kidnapped or hacked because someone heard they had a lot of it. So it’s risky to even admit you own it if you have some. No thanks!
That’s why everyone uses those exchanges, which cause a whole new level of abstraction and complexity. And the Mt Gox commenter tells us what we need to know about that.
There's significant cryopot use for illicit transactions (drugs and money laundering in most places, evading exchange controls in places like Venezuela). But that doesn't explain the great majority of holders. Increasingly, for the last decade, it's been accepted that an asset doesn't need any economic justification (see Tesla, meme stocks etc)
nice article! Will definitely use un class. Thanks! Maybe segue into its popularity in black market transactions
I've got I long running list of topics that need some attention, so hopefully there is more to come!
I bought some bitcoin around 2013 (not enough apparently), and paid some friends, but it's never been a really viable money alternative because of the things you mention.
I'm usually a sucker for trying something new, but I don't think I ever bought any bitcoin long ago. I'm hoping there is a wallet sitting out there with 1/2 a coin in it, and I'll find it when I retire.
I bought a little bit about 14 years ago through Mt Gox. So I don't have any now.
lol the dream 😹