Besides speculation, the one use case I’ve found for crypto is that it lets you move money between currencies. It’s a black market hawala system for white people. This is pointless for most currencies, but it suddenly becomes very useful if your currency goes off the rails.
And my currency has gone off the rails. So this is suddenly one useful aspect of crypto.
The Sri Lankan Rupee has depreciated by over 60% in less than two months, becoming more unstable than crypto. It’s certainly more unstable than ‘stable’ coins like USDT, pegged to the US dollar. In this uniquely volatile environment, crypto suddenly becomes a useful medium of exchange.
I say this crypto hawala system is useless in most countries because why would you? Just use the bank or Transfer Wise, it’s much easier. In my country, however, this doesn’t work. Forex has dropped so low that we’re not allowed to move much money out. So we have no choice, it’s either hawala or crypto hawala.
This is possible without cratering the exchange rate because in both cases, money doesn’t actually move across borders. Both methods are “money transfer without money movement.”
Let me explain the methods, one by one.