Here is the serious use case of crypto to deal with your everyday needs - page 2.

stompix

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Quote from: Hanadawa on June 21, 2024, 08:25:22 AM

Currently, only stable coins and Bitcoin that I know of can protect your money from inflation.

How can stable coins protect your money from inflation?
Stablecoins are pegged to fiat value, if there is inflation and fiat loses its value so will all stable coins that match the value of that said fiat currency.
If it had been so easy to avoid value lost by inflation everyone would be using usdt right now.

Quote from: Zlantann on June 21, 2024, 06:47:24 AM

Let me add that you can also earn or mine cryptocurrencies if you don't have the funds to buy.

If you don't have money to buy coins I somewhat doubt you have $4-5k upfront to manage to squeeze $10 a day from mining.

Y3shot

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Quote from: Fullbear2222 on June 21, 2024, 05:37:36 AM

When there is issues with banks and transactions also becouse of hacking and cyber attacks.
Then people need to use crypto there is reports that in many countries now cyber attacks.
So what options you have? You need to use crypto If you don't have you buy it with cash or you can borrow.

Cyber attacks is not only affecting the banking system, even people that are into crypto also victims to cyber attacks. Cyber attack is a crime that is all over the Internet, one just need to take some security measures to not fall victim to Cyber attacks. People who fall for cyber attacks don't have any fear to do things with strangers. If you stay away from strangers in the Internet and have no believe that free money can be earned on line and be security conscious of password and private keys, it will be impossible to have encounters with cyber attackers.

Hanadawa

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Quote from: Zlantann on June 21, 2024, 06:47:24 AM

It is important to state that it is not all cryptos that can serve as a hedge against inflation. Many altcoins become worthless after a time. Bitcoin has been proven to be a reliable means of avoiding the effects of inflation. I can't vouch for altcoins.

Currently, only stable coins and Bitcoin that I know of can protect your money from inflation. Altcoins are still very volatile and high-risk crypto assets. You can even lose your money if you save in altcoins. Bitcoin is the right choice. If you really want to choose altcoins then only ethereum and bnb are the best options even though in my opinion there is nothing that can be called safe heaven in crypto other than Bitcoin.

But to make crypto a daily transaction for daily needs I think is still difficult to implement at this time. As @Spaceman1000$ said, in many countries crypto is still illegal as a medium of exchange and can only be used as an investment asset. And not everyone understands about crypto wallets and blockchain technology. Realistically, so far there has never been a large bank that experienced losses and was unable to carry out transactions due to cyber attacks.

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Quote from: Fullbear2222 on June 21, 2024, 05:37:36 AM

When there is issues with banks and transactions also becouse of hacking and cyber attacks.

Hacks are not easy to happen with fiat because banks always ensure to protect their funds with various means. What happens why an individual gets hack of his money is when they expose their pin to unscrupulous people. If you release a code to your account depending on what the hackers seek for from you then you should better know that attempt will be made on your account which could also result to losing your funds. This also happens in cryptocurrency, if you allow another person have access to your wallet phrase or password then you have compromised your wallet and could equally lose your coins. So the best to do is always keep your codes or password safe to yourself.

Quote from: Fullbear2222 on June 21, 2024, 05:37:36 AM

You need to use crypto If you don't have you buy it with cash or you can borrow.

Crypto is still limited, so it is not yet a legal tender in most countries. That means it will not be accepted formally except on P2P transactions.

Spaceman1000$

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Quote from: Fullbear2222 on June 21, 2024, 05:37:36 AM

When there is issues with banks and transactions also becouse of hacking and cyber attacks.
Then people need to use crypto there is reports that in many countries now cyber attacks.
So what options you have? You need to use crypto If you don't have you buy it with cash or you can borrow.

OP don't you forget that crypto is not a legal tender in most countries and besides this can only be possible if majority of the countries citizens have cryptocurrency in their wallet, also some crypto enthusiast are long time investors that wouldn't want to touch their investment anytime soon, so the need to start using their crypto in place of a Fiat transaction wouldn't be ideal with them.

There is no doubt about the fact that, if there are cyber attack on banks, the best option is to convert your money into cryptocurrency so it can be kept safe, but the government of that country will have to rise up to the occasion to make sure they protect their cyber space against such attacks.

Zlantann

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Quote from: Fullbear2222 on June 21, 2024, 05:37:36 AM

When there is issues with banks and transactions also becouse of hacking and cyber attacks.
Then people need to use crypto there is reports that in many countries now cyber attacks.
So what options you have? You need to use crypto If you don't have you buy it with cash or you can borrow.

Hacks and other cyber attack will remain with us forever. Criminals will always seek loopholes or avenues to steal from people and organizations. This is why it is important to always seek new ways of protecting our wallets to avoid these attacks. There is a need to always be ahead of these hackers by learning and adopting modern protection tools. Let me add that you can also earn or mine cryptocurrencies if you don't have the funds to buy.

Quote from: Ever-young on June 21, 2024, 06:12:52 AM

Another use case for crypto currency can also be to escape or reduce the level of inflation that will hit our savings if it's been left in our traditional bank account. At least with saving and holding crypto currency, one can escape currency devaluation a little.

It is important to state that it is not all cryptos that can serve as a hedge against inflation. Many altcoins become worthless after a time. Bitcoin has been proven to be a reliable means of avoiding the effects of inflation. I can't vouch for altcoins.

Ever-young

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Even if the banks are hacked and networks are obstructed, it's only those who already have crypto in their wallets that will be able to transact with it because means of acquiring it will also be obstructed since their bank transactions won't go through.

Another use case for crypto currency can also be to escape or reduce the level of inflation that will hit our savings if it's been left in our traditional bank account. At least with saving and holding crypto currency, one can escape currency devaluation a little.

Fullbear2222

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When there is issues with banks and transactions also becouse of hacking and cyber attacks.
Then people need to use crypto there is reports that in many countries now cyber attacks.
So what options you have? You need to use crypto If you don't have you buy it with cash or you can borrow.

Topic: Here is the serious use case of crypto to deal with your everyday needs - page 2. (Read 250 times)