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Are bitcoin and other cryptocurrencies used outside of crime and investment?
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daqq:
Hi guys,

So, after receiving the 1045th SPAM email claiming that a hacker has hacked my computer and has a naughty video of me and will send it to my contact list, lest I pay him to the specified BTC address, I got annoyed. I checked the address, sure enough, some fools had paid him. It's very depressing.

Which leads to my question: Are cryptocurrencies actually used for any normal transactions? Have you actually used cryptos in such a manner?

By normal I mean those that:
- are not meant as speculative investments (buy BTCs for money, sell for money, receive more money)
- are not crime related (i.e. buy BTCs, transfer to iffy people, receive meth)
- donations are borderline

While I'm all for the idea of cryptocurrencies, it seems that the main use these days is supporting crime of various sorts, and investment speculation. It effectively ceased to be a replacement for currency.

Thanks,

David
NiHaoMike:
I have purchased some tools using Bitcoin. I have also exchanged countless other cryptocurrencies (that I mined) for Amazon gift cards and Paypal.

One cryptocurrency I have been mining for years that is used little for illegal purposes is Swagbucks. Of course, the reason for that is its closed ecosystem nature, which is also its biggest disadvantage for legitimate use as well.

--- Quote from: daqq on April 03, 2020, 07:51:38 am ---- donations are borderline

--- End quote ---
Perfectly legitimate use for those who like the idea of giving to makers to fund content, but do not like the usual centralized services such as Patreon and Paypal.
Halcyon:

--- Quote from: daqq on April 03, 2020, 07:51:38 am ---Which leads to my question: Are cryptocurrencies actually used for any normal transactions? Have you actually used cryptos in such a manner?

--- End quote ---

Not really. It was more of a novelty, then it wore off. I think I made about $1500 profit in crypto then got out before the tax office implemented the current rules.

Most banks in Australia now support NPP (New Payment Platform), which enables near-instant intra-bank transfers using nothing more than a BSB and account number, just like any other money transfer and it costs nothing. That alone has eliminated the need for cryptocurrency for me.


--- Quote from: daqq on April 03, 2020, 07:51:38 am ---So, after receiving the 1045th SPAM email claiming that a hacker has hacked my computer and has a naughty video of me and will send it to my contact list...

--- End quote ---

Can we see said video? :P
daqq:

--- Quote ---Can we see said video? :P
--- End quote ---
Sure, here you go.


james_s:
For a while there were businesses offering to accept bitcoin but I haven't heard much about it in a while, I think the novelty has largely died out. It was always far too volatile to be useful as a currency. A currency is a tool to facilitate transactions and to work well the value needs to be as constant as possible. If you can make a lot of money by speculative investing in the currency itself then it isn't a good currency.
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