Nobody will ever adopt crypto as real currency because it is uninsured. If someone steals your wallet and buys $10k worth of shit on it, you can call your bank and their fraud department will take care of you. Or if you pay for a service and don't receive what you paid for, you can do a chargeback.
If you get defrauded using crypto, there is no hope for you. That shit is GONE. And nobody will ever adopt a system like this.
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The point, though, is that crypto is like cash. Cash has the same qualities - totally uninsured, GONE if stolen.
Centralized entities can built credit and insurance systems AROUND crypto in the same way the did it with cash, for convenience.
Whether or not anyone will use it instead of just using crypto by themselves is a different story.
I imagine if some entity did build these things around crypto, it would be praised and used by hoards of normies.
Wouldn't even cross their minds that the whole point of crypto was to escape that, and what they'd be doing is essentially equivalent to banking systems today, kek.
(((centralized entities))) sorry
>Wouldn't even cross their minds that the whole point of crypto was to escape that, and what they'd be doing is essentially equivalent to banking systems today, kek.
Not really. If "printing" of money remains decentralized. Store it at home or at bank or at a paper whallet - whatever, it's still a decentralised currency.
>Wouldn't even cross their minds that the whole point of crypto was to escape that, and what they'd be doing is essentially equivalent to banking systems today, kek.
Not really. If "printing" of money remains decentralized. Store it at home or at bank or at a paper whallet - whatever, it's still a decentralised currency.
My point is that crypto is exactly the opposite of what it needs to be in order to be suitable for widespread adoption.
Things that get widely adopted are user-friendly. Crypto is the EXACT opposite.
And this is where Ripple comes in.
You fucks are gonna get so rekt when xRapid gets implemented everywhere
good point user, this is one key difference.
So is cash, though. Nobody said you couldn't build user-friendly insured systems around crypto, just like (((they))) did with cash. I'm sure something like that will come around with bank adoption or future society integration.
It would be totally possible for an exchange to setup a deal with users that the crypto they store on their can be backed up. Just like your bank backs up your cash up to a certain amount.
It is indeed possible to have a Crypto ((bank)), if that is what you are asking.
Why did you post two similar replies seconds apart from eachother from two different IP addresses?
Pic related.
When it comes to payments - omisego, stellar, req, ripple.
After that you understand theese projects you'll feel enlightened.
Samrt contracts
How new/ dumb are you
Smart contracts don't solve the problems OP was talking about, user.
But granted, they will probably be involved in the solution.
Changed from wifi to mobile for some reason and this happened. Double spending huehuehue
I know right lol
Not remotely close to accomplishing what I laid out, brainlet
>pfffssfftts
If your wallet address is stolen, you are fucked. How is this solved by additional things you can do with your wallet when it's not stolen (ie. smart contracts)?
the absolute state
t. solidity developer
Belive it or not, banks do provide a service. The take on the responsibility to store someone's funds when that person does not want to take the responsibility themselves. There's a reason why most sane people store their money in the bank and not undet their mattress. If someone breaks into your house, your life savings are gone. Banking isn't bad, central banking is bad.
No shit. Nobody here is actually retarded enough to believe crypto has a future...right? Way to fall for the bait of the century.
checked
will look into req again
I'm not a tinfoil - I know what banks are good for etc.
We're talking about normie-oriented mainstream services for crypto storage and management (what banks did for cash).
I'm sure to an extent even coinbase is liable for your funds, so lots of normies probably use that to store their coins.
But it's a matter of time before something specifically for insuring your coins and giving you a credit card to spend them in society etc. comes out and gains mainstream traction.
No shit retard nobody here believes otherwise. This is not reddit.
>Nobody will ever adopt crypto as real currency
>still thinking blockchain technology can only be used for currency
Not even going to bother reading the rest of your idiotic post.
thebalance.com
Daily reminder that if you get scammed even when using a traditional bank, you have NO recourse. You're completely fucked.
EOS is going to fix that
Because you think insurance and authentication solutions won't be developed to counter hackers?
>Wouldn't even cross their minds that the whole point of crypto was to escape that, and what they'd be doing is essentially equivalent to banking systems today, kek.
It would just send back banks to their original roles: keeping your money safe instead of printing credit out of thin air.
FYI. Theres exchanges working on being backed by banks. Losing your crypto is just as retarded as losing FIAT.