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Comment by dehrmann | Hacker News Reader

> nothing my mother can use

In developed countries, I can tap with my phone or card to pay instantly, there's Venmo, and fees are low-ish. Currently, no cryptocurrency has competitive advantages to traditional payments...unless it's illegal, but even then, certain cryptocurrences are a really bad choice.

Supposedly phone apps are used for payments in developing countries, but I'm not entirely sure.

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I'm a huge proponent of crypto and the many things it's going to make possible that were not previously possible. But the developing country angle is oversold usually by people just parroting it without really knowing what things are like in developing countries: 1. In many developing countries increasingly you can also use phone or card almost as conveniently as you can in the west. In fact some developing countries are more advanced as far as mobile payments go (out of necessity because of less developed banking systems) e.g Mpesa in Kenya. Generally visa/bank cards and payment apps are not as alien as you might think they are in many parts of Africa or India or South America 2. Using Bitcoins for transactions/moving money around with the current state of the art is a lot more difficult and less accessible than using western union and other financial services that are ubiquitous in these places. Since at present you can't really use Bitcoin for much you still have to convert it fiat which means using an exchange. Most exchanges have even more onerous kyc/id requirements than banks and many financial institutions in developing countries won't even touch bitcoin at all. And not even to talk of the relative technical sophistication required to use crypto services let alone maintain a wallet. As far as developing countries go crypto-currency at present is mostly a curiosity among the well-heeled and well-connected in the largest cities. It's going to be a long long time before the promise of crypto bringing salvation to the un-banked comes anywhere close to reality.

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