There are many with crypto who struggle to get the normal banking system to touch their money. And, no, the vast majority of those are not engaged in any sort of illegal activity.
It’d be much easier to just pay my mortgage in crypto, then the endless back and forth that happens to get a bank to take crypto proceeds. (Count yourself lucky if they don’t shut down your entire account!) Crypto users are much like sex workers in this regard.
When my crypto startup launched, it was nearly impossible to find a bank to give us a checking account. We were literally walking around with a VC check and nowhere to cash it. Just because we had the words “cryptocurrency” in our charter. 99% of the banking system hates crypto. This is a smart move to deliver value to an underserved, now very wealthy, customer segment.
> There are many with crypto who struggle to get the normal banking system to touch their money [...] 99% of the banking system hates crypto
The current top comment says "cryptocurrency continues to occupy more and more ground in the financial world. Cryptocurrency continues to expand and grow by every conceivable metric".
It feels like cryptocurrency advocates flip freely between positioning crypto as embraced by the mainstream financial system, or as a foil to the that system, whatever serves their purpose.
This isn't a personal indictment, it's just an observation reading the comments, especially since I shockingly "remain skeptical" per that same top comment.
It’d be much easier to just pay my mortgage in crypto, then the endless back and forth that happens to get a bank to take crypto proceeds. (Count yourself lucky if they don’t shut down your entire account!) Crypto users are much like sex workers in this regard.
When my crypto startup launched, it was nearly impossible to find a bank to give us a checking account. We were literally walking around with a VC check and nowhere to cash it. Just because we had the words “cryptocurrency” in our charter. 99% of the banking system hates crypto. This is a smart move to deliver value to an underserved, now very wealthy, customer segment.