1. Sending money to dangerous people like Julian Assange.
2. Sending money to relatives in the third world
3. Keeping your savings when the currency of your nation is going through hyperinflation
2. Sending money to relatives in the third world
3. Keeping your savings when the currency of your nation is going through hyperinflation
Crypto's claim in this area is that could be cheaper than remittances in the traditional banking system. But remittance fees using traditional banking are already only 1.5% so we're not talking about saving massive amounts of money in most circumstances.
Which is probably why virtually nobody has switched to it for remittances.
In my opinion, it's a shame, because this is something that crypto could do extremely well. But here we are. I do believe that it will be solved at some point, as long as regulation doesn't make that impossible. It is making it much more difficult for new coins to get started. Obviously that is needed to some extent because we saw all the shit coins over the last several years that ripped people off, but finding a happy medium is essential and challenging.
So crypto is actually more expensive that the traditional banking system on top of just being weirder. Like, you have to use Binance's P2P in my country which is just way more complicated than the traditional remittance system of "give us their bank account details".
What crypto has shown long term stability and isn’t subject to the same forces that cause volatility in any currency?
2) Have you actually done it? There are many services that do this for cheap and fast. Your relatives don't have to open a crypto trading account and use banking to convert the money back into a currency they can use to purchase stuff, they can simply take cash from a chain store, the post office or a local bank branch.
3) When the local currency goes through hyperinflation people store their money in USD, EUR or GOLD. Putting money into crypto is an extra step that don't have to be there doesn't add any value because needs to go through a digital channel like a bank and when shits the fan banks can be PIA. Your local Change office in the mall or the guy at the street who sells and buys USD/EUR/GOLD tend to be more reliable.
Crypto, being permissionless, is just a bit harder to shut down; but not any more legal.
That is not only about savings (3) but business transactions.
Argentines adopted the US Dollar, not any cryptocurrency, to solve their problems.