Topic: Here is the serious use case of crypto to deal with your everyday needs (Read 251 times)

But did you know that cyberattacks are not affecting only fiat banks? Cyberattacks are everywhere, both in crypto and fiat banks, so the only way I think someone can come over things like this is to continue securing their wallet or bank account because scammers are very smart; they can go hard just to get what they want. However, this will be something hard to happen because, as you said, if someone is experiencing a cyber attack, they should use crypto.

You know, in some places in the world up until now, they still don’t believe in crypto, and in that one place, regardless of what they face, they won’t use crypto, and many of these laws are coming from the government. However, only someone who already has bitcoin or other cryptocurrencies in their wallet can be able to do transactions. If your bank already has an issue, then you definitely can't get crypto because it is your money that you will use to buy crypto. 

This has been misunderstood all the time, op all the banks can not be in financial crisis at the same time and again traditional banking system can not go into extinction, am a Bitcoin enthusiast and I encourage people to take the bold step to invest in Bitcoin but we must understand that fiat has its own functions, so do cryptocurrency in general but both currency works together to function very well, Bitcoin is a good store of wealth that has not been made handy and as it stands, it is not every firm that accepts transaction with Bitcoin so where do we go from here, don't you think that fiat system is also needed once individual or institutions that renders services to us refuses to accept Bitcoin or any other cryptocurrency, every country has their currency that's allowed by law in their country so lets not make it look as if the fiat system is no more needed for transactions, op I tnink there is misconception that needed to be corrected, borrowing for the investment in cryptocurrency is not advisable because of the risk involved, invest with your money, no matter how small it is, don't risk much for this, the only risk a crypto enthusiast should take is accumulating the little you can and hodling for a longterm apart from these mentioned , know other risk is really worth taking in this business.

That means nothing is safe in this world so whatever things you use as long as it has an online presence everything is hackable. The only thing we could able to do is to be aware on any potential risk brought up by online transaction we made and for sure if there's unfortunate things like that happened we can minimize the damage we take. The thing right here is we need both currencies that's why I'm not closing the fact that we need both fiat and bitcoin since they have their own usage. Although they may have disadvantages as long as we can use it depends on our needs then everything is fine. So there's no need to hate or avoidance to use any of that since we have option to use both.

Crypto is really broad and it can confuse people if we call it that way. That's why its better to name it directly as Bitcoin so people will get straight to the point information about what is the best coin to acquire. Borrowing is less option to do by people and always use the money you can afford to lose.

I am also against trading on borrowed money because once you take your bid, you borrow more to clear your bid and trading is not something that will make you rich overnight, or pay off all your debt. You may have to wait for a long time, but those who you borrow money from won't wait. There are also good alternative coins in the market, so why only buy bitcoin, I think there are projects like BNB, and SOL in this area, which are trustworthy and have good probabilities of going up.

After Bitcoin, the most trusted in the market right now is Ethereum and this can also be seen as a long-term investment project. Also not out of reach, those who are still investing in Ethereum will benefit in the future whereas those with a small amount of money may not be able to get as much profit from investing in Bitcoin.

Your crypto can also be hacked and stolen. As long as you are on the internet, you are susceptible to such attacks and you might lose your money. There are many reasons why you might want to use bitcoin, to get away from centralization and control, and also to have your money in your non-custodial wallet, but you are going to still use fiat, that is what is mostly acceptable in every country.

Crypto is a broad term that includes altcoins, but i'd advice you to buy only bitcoin and not altcoins, and you must never borrow money to buy cryptocurrencies.

Only possible if crypto is widely accepted in your country because if not, people will still stick with traditional mode of payment despite of such issues. Also, banks won't allow such thing to be continuous or occuring on long term simply because it would affect their reputation. Well yes cryptos are ideal but we cannot force mass adoption given that preference exists. Would be best and realistic to say that cryptos could be considered as alternative but again, it has still limitations at the present.
Has a point however with decentralized mode of payment, security measures depend on the holder or owner's care unlike with banks wherein you are paying them to increase their own protection for your funds.

To use cryptocurrencies to avoid trusting your money to third party hands is one of the main reasons why Bitcoin was created in first place, so it's indeed a very serious usecase for your everyday needs, even though you won't be using crypto as currency for your daily purchases. It means your money will be in your hands, and only in your hands if you hold it in a trusted cold wallet, so you don't have to fear having your money seized by the government anymore, like it has already happened in some countries.

You don't have to fear being hacked, because your money will be inside a cold wallet. You just have to make sure to store it in a safe place where other people won't have access to your wallet, just like you do with your physical wallet of paper money and personal documents.

I will ignore borrowing if I want to buy whatever crypto I want because I prefer to do it with my own money without any pressure to pay the money back. Nowadays there is a lot of attention from people regarding cyber attacks via the internet and also the problems faced by banks, but I personally have never kept money in a bank even though I still use bank services when making transactions for anything. As for crypto, I will continue to use it and take good care of it even though I have also heard more about attacks like the one you mean now.

In my opinion, as long as the government is the leader of the world and still controls the world, even if traditional banking disappears and a new system takes its place, it will still be created and controlled by the government. There will never be a situation where a decentralized system replaces the current banking or currency system, and can be beyond the control of the government. It sounds very unpleasant to many of us but we should accept reality, you are right.

Nowadays, cryptocurrencies are becoming more and more popular, and we can see that banks and cryptocurrencies are coexisting and growing very well. We don't need to compare and choose which one when we can take advantage of both to create more conveniences in life.

Let us admit the fact that traditional banking won't go anytime soon. It will be a part of financial aspect of government as well as regular people. Cyber attacks will always be there as these fraudsters are always on the lookout for vulnerabilities of any site to exhaust possible sources of funds. So whether in crypto or fiat system, they will try to penetrate it. The advantage of crypto is that they can store it anonymously if they know how to deal with it.

Borrowing money to invest in crypto should never be an option, not ever buying Bitcoin that can guarantee you a return on your investments. In generals no investment should be done using borrowed money. Some smart investors have used borrowed money to build their wealth but you're not one of them and most likely won't make it with borrowed money so you don't have to put yourself through the disappointment that you will get by acquiring more debts. Start with the little capital that you can get your hands on and if it's meant to be you can grow your wealth to an established rich man. Crypto is is yet to be adopted as a daily currency used for our everyday needs.

It is still being used as an occasional currency and its main use is as an assets which I'm not against because the currency is still developing and getting adopted in different parts of the world. Anything that adds to the adoption of Bitcoin is a welcome development. Bitcoin getting used for daily expenses needs it to be regulated by the government first which seems impossible since Bitcoin is decentralized and not centralized like fiats currency or other digital payment system that gets easier adoption by the government.

Hey man, sounds to me like what youre saying is  kinda contradictory.  At first you stated that crypto could not be used at all if your usual bank was not accessible.  But then you went on to claim that one of crypto's biggest perks is the freedom it provides users.  So which is it? I mean sure, maybe crypto has not totally caught on with each and every local shop just yet.  but alternative options are definitely on rise for spending cryptocurrency online or at certain progressive independent vendors.

And about the reliance on banks? Yes converting funds to traditional money is currently necessary here and there.  However, that alone does not confirm that cryptocurrencies are completely dependent on standard financial institutions by any stretch.  Decentralization is the entire fundamental concept that sets this tech apart! With the proper digital wallet crypto users can securely store, send or receive their holdings without requiring any bank's formal blessing whatsoever.  Thats the freedom you were talking about earlier, remember?

Where are we going with this thread... OP was thinking out loud and wrote it, you can't be generic in that comment, cyber security is also related to crypto... I think people should be well informed regardless of whether Whether Fiat or cryptocurrencies, the security of each user in the use of any system is essential.

They are everywhere as long as there is an online website because this is what their name implies (cyber) but usually those who receive an attack are mostly influential people. It doesn't mean that we don't apply security measures anymore because we never know, right? And there are still small groups out there that also attack small individuals.

Of course they do too and I like I said earlier, even if we don't deal with them, we can still get victimized. I think that it's impossible to fully avoid strangers because how can we make a business or a deal then? And I won't judge all of them, as there are still legit strangers out there. There's also free money online or offline and being free doesn't mean that they are now a scam or there is a big catch on them but I think they are only a bit hard to find.

You can actually use crypto without using banks as intermediaries. Iny country, we have plenty of car dealers that accept crypto payments particularly USDT because dollar is now expensive in my place. We have some vedors that sell cloths and fashion materials that accept crypto but the problem with using crypto is that it's not versatile because they are not legal tender to he use as medium of exchange but that doesn't rule out the fact that it can't be spend without fiat.


Even in El Salvador, the adoption as a medium of exchange drop drastically. There was this app that was created and aidroped some Bitcoin for people, it was aim to increase Bitcoin adoption so that people can buy and use Bitcoin but immediately people convert their Bitcoin aidrop to cash, it's already has been abandoned. This shoe that people just care about what they will get and not really adoption. The people that care about adoption are people that bought with there money  and want to see it grow.

Honestly, since entering the cryptocurrency market. I have witnessed many cyber attacks on blockchains, the outage of altcoin blockchains or the blockage of the bitcoin. But I have never seen a cyber attack that could slow down the banking system, let alone shut them down (in my country).

Additionally, cryptocurrencies are not legal tender in many countries around the world, including mine. Not to mention the rate of people using and accepting cryptocurrencies is still not as popular as we think. So, I don't think we can use cryptocurrencies to replace banks or fiat currencies to solve our daily needs.

Cryptocurrency can be used as an alternative to fiat but you have to understand that it's not every cryptocurrency that have real use cases, we have many altcoins and most of them are scams. Bitcoin is a reputable cryptocurrency and can be used in the place of fiat, but it's limitations in using it to make payments for transactions is that most business owners don't accept it yet, many people have bank accounts but few people have crypto wallets, so this is a major problem.

Besides, like some members have observed on this thread, the issue of low adoption compered to the preference of fiat is another demerit for the use of Bitcoin and other cryptocurrencies, they're even outrightly banned in some countries. Hopefully in the future when the adoption of Bitcoin have reached in every corner of the world, then we can easily make it our preferred digital cash because we can easily spend it everywhere in place of fiat.

How can you use crypto if there’s no bank available. Crypto is not a legal tender that gives you freedom to use it directly for paying goods or services online. You will still need a bank to convert your crypto to fiat.

I think you can only do this in El Salvador or in country that has a lot of merchant that accept crypto as payment. It’s impossible to do this in my country.

The only best application of crypto personally is the freedom of storing wealth without being monitored or limit by the bank on how you will use your money.

When there is an issue we tend to look for alternatives, so yes crypto is a good alternative, but still not completely available for many people. And if I need fiat to finish something I will have to exchange crypto and I will have to pay various fees for that. Alternatives are good but may cost extra in many cases. I guess from situation to situation, I rather borrow fait for fiat things than exchange my crypto, if that is possible.

Well, hacking and cyber-attacks are the new normal, and for sure we will see a lot more about that. Anyone can become a victim so we need to be careful about money and dealing with various services. Crypto can be safer but just for people who have some knowledge about how it works, how to find a good wallet, and to carefully choose services. We all know that clicking anything on the internet can be dangerous these days.

As much as hacks and cyber attacks are common with fiat, that could also be possible with crypto. So both have their own risks. However, even if I’m eager to use crypto over fiat, but here in my country, only selected stores accept crypto payment, majority still prioritize fiat with its credit and debit cards. So I’ve got no choice but to use fiat instead, something that is also quite an advantage for me since I’ve got to save my bitcoin and hold it for future massive profits.

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.



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.

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.

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.

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.


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.

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.

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.


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.

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.

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.