You literally describe the problem in your comment: banking works in the western world. It doesn't work for the rest of the world (which is a lot of people) but maybe you don't care about them.

I literally did, yes. That was not by accident. I spent two sentences on that. That's not a "gotcha".

Does this mean that you agree with me that when sending money within the developed world and its functioning banking system, cryptocurrency makes no sense?

I ask this because many times when people say "but what about sending money to the unbanked, or developing world without modern banking?", they don't actually mean it. They just want to drop that there, and then use that as a reason to try to convince you that cryptocurrency is awesome for sending money from New York to San Francisco.

> maybe you don't care about them.

Cryptocurrency people absolutely do not care about them. Not at all. I do. I don't want them poisoned with that terrible burden. It's incredibly condescending to say that modern banking is good enough for us in the west, but poor countries should just be given garbage instead.

So: Are you highlighting that part of what I said honestly? And we can then talk about the unbanked without implying that developed banking, where it exists, is anything but superior?

If yes, then the solution is clearly to bring modern banking to the unbanked, not to give them second class status with cryptocurrencies. At least in the long run.

If no, well then I don't see how you highlighting this use case is honest. And I see many cryptocurrency advocates being dishonest on this issue.

I'll assume that you're being honest, and replied yes.

So what do we do about sending money to Nigeria or North Korea? I'll admit to not knowing first hand the practicalities of that, not having actually done it. Have you? US sanctions still allow up to $5000 per year to family or friends in DPRK.

A quick Googling from other countries to DPRK quotes me ~0.7%, with no transaction fee. Western Union seems to charge 4% (actually I expected worse). If 0.7% is accurate and includes currency exchange, then that's actually not that bad. Credit cards here can have worse foreign transaction fees.

But OK, let's say the choice is WU or cryptocurrency, nothing else being available. If you're unbanked, do you have a computer, and the skill to manage a cryptocurrency wallet? If not, then I guess you'll need to find a middleman.

WU seems to charge 6% to Nigeria. I don't have data about what an agent / middleman would charge, but chatgpt says it'll be about 5-15%.

And even if it were 5%, would you trust one of these agents as much as you would trust Western Union? For this 1% discount? Can you trust them not to screw you, and trust them to not get hacked? For 1%?

I'd be happy to hear better data on this, if you have it.

So again, what is the solution for Nigeria? Is it to go cryptocurrency with its enormous complexities, costs, and trust issues, or is it to bring them modern banking?

Again:

> stablecoins have become a preferred means to hold and move money

lol.

What do you think the unbanked would like more: A cryptocurrency wallet to manage directly, a guy in the village with a computer he's "pretty good with", or modern banking with FDIC deposit insurance?