Yeah, sure settlement in Bitcoin happens within a few minutes. Getting that converted into usable money is a whole other story, no?
I can basically think of two scenario types when you are in need of international, spontaneous money transfer:
a) "I just got carjacked in Sierra Leone and need some money for an hotel and a flight home"
b) "I have some weird novel business and I would like to pay my contractors in East Timor biweekly"
I cannot image using Bitcoin for either, first one because of the convert-to-money-thing, second one because of the volatility. There is also some kind of - how do you call this - meta-trust that I just don't have in Bitcoin: Go off-grid for two weeks and there is a non trivial chance that some weird shit happened within crypto that is now an obstacle (crash or rally, outlawing, split, ...). That does not happen with US dollars.
I got the feeling that this is yet another incredibly obscure use case that doesn't even really work Bitcoin fanatics (not directed at the quite reasonable parent comment) use to justify their gambling and Lambo-dreams. Just like "it could be the new gold" or "what if the US gov collapses".
But I am certainly no expert in international money transfer by any means, so feel free to change my mind!
> Go off-grid for two weeks and there is a non trivial chance that some weird shit happened within crypto that is now an obstacle
For people in countries with a more stable economy/currency, this is very true. Even in countries with a bigger inflation, things are a bit more predictable.
But of course, different countries/economies/currencies have different realities.
>Go off-grid for two weeks and there is a non trivial chance that some weird shit happened within crypto that is now an obstacle (crash or rally, outlawing, split, ...). That does not happen with US dollars.
That is fair, but it would be more accurate to say 'has not happened with US dollars since 1930'. Currencies collapse is not that unusual an occurrence, my own (German) grandparents live through five separate currency regimes in the same country. Being truly uncorrelated with most other investments can be a real selling point for a hedge like BTC.
Disclosure: I own several cryptocurrencies including BTC which I mentally categorise as 'collectables'.
I can basically think of two scenario types when you are in need of international, spontaneous money transfer:
a) "I just got carjacked in Sierra Leone and need some money for an hotel and a flight home"
b) "I have some weird novel business and I would like to pay my contractors in East Timor biweekly"
I cannot image using Bitcoin for either, first one because of the convert-to-money-thing, second one because of the volatility. There is also some kind of - how do you call this - meta-trust that I just don't have in Bitcoin: Go off-grid for two weeks and there is a non trivial chance that some weird shit happened within crypto that is now an obstacle (crash or rally, outlawing, split, ...). That does not happen with US dollars.
I got the feeling that this is yet another incredibly obscure use case that doesn't even really work Bitcoin fanatics (not directed at the quite reasonable parent comment) use to justify their gambling and Lambo-dreams. Just like "it could be the new gold" or "what if the US gov collapses".
But I am certainly no expert in international money transfer by any means, so feel free to change my mind!