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> Blockchains compete with the existing financial system

Nobody actually uses blockchains for accounts or money transfers. (Nobody as in actually nobody.)

Lots of people use blockchains for speculation purposes, though.

Who said the existing financial system is limited to "accounts or money transfers"?

Wrong. Usd Stablecoins (tether) are very popular in my country. Salaries are paid with that shit

The people who say nobody uses blockchains for actual money are showing their privilege.