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Comment by fennecfoxy | Hacker News Reader

Totally agree, I think crypto is cool from a technological standpoint, but I don't think I've seen one common genuine use of BTC, etc.

And before someone comes in with very specific, anecdotal examples - notice I said "common", ie not buying your indie music from a retro-Serb band that plays using the concept of instruments as instruments and from abandoned sewers; but only on Mondays.

I definitely feel like the majority of crypto traffic is primarily due to bubbles/moneymaking/bets/pumps+dump and then the secondary/next closest use case is for criminal activity. And then after that perhaps the myriad of much smaller use cases like people paying for Proton using crypto.

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> I've seen one common genuine use of BTC

One of my favorited comments/threads:

https://news.ycombinator.com/item?id=26238410

The most surprising part of that thread is the claim that they’re using Bitcoin rather than a stablecoin. But perhaps things have changed in four years?

To be fair, the article for the thread is about how Tether was forced to end in NY.

Even that technically falls under the crime umbrella (though I don't believe it is immoral or unethical). It's basically the getting around government imposed capital controls.

The comment (and thread) isn't about getting around capital controls, which is why it is so powerful.

The comment argues that for people in stable, wealthy countries, Bitcoin can seem unnecessary or overhyped. But for those living in countries with dysfunctional banking systems, currency controls, or even mild corruption (like Argentina), it solves very real problems.

Traditional financial systems often restrict access to dollars, limit foreign transfers, and are vulnerable to government seizure or devaluation, leaving people with few safe options to save or send money.

Bitcoin offers a practical alternative for remittances, savings, and financial autonomy in places where the local system fails to protect or empower its citizens. While Bitcoin may look inefficient compared to ACH transfers in the U.S., it’s a lifeline elsewhere, and one that could become more relevant globally in times of instability.

You’ve literally just described getting around capital controls.

In some countries, there is nothing to get around.

I guess citation? Provide a list of countries that don’t have any control over their own currency? Because unless they don’t control their own currency, it’s impossible to not have capital controls in place. That’s a basic function of every sovereign nation.

Anywhere people are unbanked. If you're not part of the system, then there is no system to get around.

Nomads are often unbanked too. When I was living in Vietnam for years, I was certainly under US laws and I obviously have to pay my taxes and follow Vietnam laws.

But, as a foreigner (especially one who doesn't speak the language), I'm still quite outside of the system there. If you've ever been a nomad, you'll understand that difference.

You aren't describing a situation where there is a lack of capital controls.

Oh, it's making a comeback, repackaged and repurposed just the way the key players want it. BTC, NFTs etc. introduced groundbreaking new ideas, but faceless entities and lots of press outlets shunned and butchered them in every way possible. This clearly delineated the current state of affairs.

Just this week, I received a bug bounty from a company in bitcoin. No BS with banks or anything!*

*: until I convert it to fiat

That sounds like more hassle than receiving a straightforward deposit into my bank account.

For whom? In which country?

I'm interested in that band if you have recommendations, though!

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