Crypto-maniacs love telling lies when they compare cryptocurrencies to fiat currencies. Although fiat has its weaknesses, cryptocurrencies have failed to offer a valid alternative - at least for now. Here are the 6 most common lies:
1. No queues to deposit or withdraw money
Unless you still live in the 1990s, or in a cave somewhere in the desert, you know that nowadays we have web banking, along with a multitude of fintech applications offering alternative banking services. If you choose to join a queue to deposit or withdraw money, it's because you love to be tortured, not because anyone makes you do so.
2. No exorbitant remittance fees
High street banks still charge their socks to send money to anyone. Fintech apps, and traditional banks in many countries do not. You can send any amount of money to anyone for 30 measly cents. Have you tried to send Ethereum - say, just 0.01 - to anyone? You have to pay double the amount you send for gas fees. Same goes for Bitcoin and most other crypto, because miners are mining coins to make a living, not for charity. Mainstream crypto, like Bitcoin or Ethereum, charge you insane fees to send crypto.
3. Near instant payment delivery
Traditional banks, working in the traditional way, need 1-3 days to send your money to anyone. Fintech apps and some modern banks, though, have made it to get to deliver your money in seconds - few hours, tops. Cryptocurrencies in the other hand may take weeks to deliver your money, depending on whether you choose to pay a high or low fee. Try to send Ethereum paying 10 Gwei per gas unit, and let us know if or when your transaction will be completed.
4. No explaining about where you got your money
This is a half lie. Traditional banks will never ask you about where you got your money either, unless all of a sudden you start moving around thousands of dollars, euros, or pounds f*cking sterling. They have legal obligation to do that, because their business is regulated. If crypto (e.g. wallets) ever become regulated - like some exchanges are regulated already - they will be required by law to ask the same questions. And how did you become rich overnight really?
5. Not carrying loads of cash around
People are not carrying loads of cash around, for at least a decade now. Unless they have to, for their own reasons - some of which may not be legitimate at all.
6. Be anonymous and ensure your privacy
That's true, until you make a non-anonymous transaction - e.g. when you buy something using your name (and probably address). And sooner or later, you will. Although your name won't be a part of the blockchain, there is software that can connect your name with all your accounts, based on information received because of that non-anonymous transaction.
