It sounds like you're describing normal banking + massive volatility. How is that a lifesaver or particularly liberating? And what do you actually buy with Bitcoin?
Also curious: is there a debit card that you can back with Bitcoins?
Also curious: is there a debit card that you can back with Bitcoins?
I personally have found ways and can manage Bitcoin's volatility just fine (relatively predictable income/expenses + fiat reserve + futures) (of course you could just sell for a fiat currency/USD), so I really don't have a single issue with Bitcoin, apart from not being accepted yet to more places.
I also looked into these Bitcoin-backed debit cards and they have all the same issues as normal debit cards but worse:
- 1% fee to load the card (this is nuts) - ATM fees like usual - Other misc fees, monthly or otherwise
Every time someone talks about how great using Bitcoin is it sound like they just liked the idea of it and very deliberately modeled parts of their lives around it, rather than it offering any actual benefit.
Like I said, restrictions apply to countries that have Capital controls, for starters you are only allowed to withdraw $300 per week and of course no purchases outside the country. Obviously I'm not in the US and I'm merely describing my case.
My card's fee is a flat 0.5% on any amount loaded and ~$2 per withdrawal from an ATM, imo it's not that much plus the exchange rates are better than if I tried myself on my exchange. Also, I skip the fees from international remittances.
I don't know the reality of daily life in the US, but even there it's not the same for everyone, I've read the stories of the unbanked. Just because it doesn't seem useful to your case, it doesn't prevent it from being for others.