Because it’s the bank, financial institutions and the trail of transactions registered to known entities who say whose the money is. For crypto you only need the keys and it is yours.
Since crypto is more of a trading asset than currency, they’re not that useful in your own wallet because then you constantly need to move them in/out of the exchange and pay all the fees related to those transactions.
Yeah yeah “actually they’re currency” blah blah, except they’re not really usable as currency in the functional real world (just like stocks)
Closest by far is Monero. They are actually willing to spend it as a currency, and when looking at statistics from companies that accept different cryptocurrencies, Monero is always either number one or number two on the list.
they’re not that useful in your own wallet because then you constantly need to move them in/out of the exchange and pay all the fees related to those transactions.
Hot wallets are for small amounts for daily spending
It’s the same as constantly going to the ATM to get cash in your wallet…
Nobody carries around their whole net worth in their pockets
This is a centralized exchange. This attack could be mitigated by encouraging users to move their funds to their own wallets.
But yeah, he’s gotta point. Why don’t central banks loose money like this? Is it because their cash isn’t in a Blockchain?
Because it’s the bank, financial institutions and the trail of transactions registered to known entities who say whose the money is. For crypto you only need the keys and it is yours.
Since crypto is more of a trading asset than currency, they’re not that useful in your own wallet because then you constantly need to move them in/out of the exchange and pay all the fees related to those transactions.
Yeah yeah “actually they’re currency” blah blah, except they’re not really usable as currency in the functional real world (just like stocks)
Closest by far is Monero. They are actually willing to spend it as a currency, and when looking at statistics from companies that accept different cryptocurrencies, Monero is always either number one or number two on the list.
Hot wallets are for small amounts for daily spending
It’s the same as constantly going to the ATM to get cash in your wallet…
Nobody carries around their whole net worth in their pockets
You can use decentralized exchanges.