Crypto and bitcoin - any purpose and use beyond their plethora of scams and frauds?

I'm sure some honest people with good intentions made some money off crypto in the early days... But I wouldn't touch it now.

Thee good technology behind some of the currencies like blockchain which is being adapted by some banks - it makes transactions much quicker.

Have to see Cryptocurrency for me really more as an investment/commodity with huge volatile risk.

It’s use really is for sending funds and such quickly across the world I suppose with little fees if you use things like Monero/LTC. It beats using something like MoneyGram/Western union both in fees and time.

Many counties don’t have the banking systems we have either and have to pay fees for accounts, transfers and such, so it has some utility.

Realistically there’s only two that seem to have value/purpose long term and that’s BTC and Eth and even then I think Bitcoin beats that out.

It’s been shown you can create (and people have) scam coins in a few hours and I’d say 99% of the ‘coins’ out there are just a waste and have no value.

That said I don’t think we’ll ever see Bitcoin used daily worldwide as a currency. I think governments like the U.K. will make their ‘digital pound’ and that will win.

A lot of crypto for me is trying to solve problems that don’t really exist for the average person - and whilst scams run rife and such it’ll never take wide adoption. Fees with Bitcoin for example are insanely high and your Bitcoin can vastly vary in value day to day, when realistically the money in my bank can’t. My money in my bank is secured and safe up to £85k.

What things is it used to send funds for because I don’t think it’s widely accepted in e-commerce?

internationally, say sending money from america to uk, yes you can use platforms like wise or paypal but their fees are higher than say eth, it also will take at least 24 hours, whereas eth would be a few minutes. in addition it is sort of safer (for the normal person this doesn't matter), on paypal and wise it is possible to charge back, you could lose your money, when dealing with strangers thats worrying but with crypto, it is guaranteed you have received it. but yea 99% of crypto coins are scams, but technology is super promising.

oh and you can use cryptocurrencies on the majority of e-commerce payment providers, even amazon and shopify are considering it, if the largest and smartest companies in the world are investing and are interested, it is probably something to look into

Ok thanks fo letting me know. Due to a horrible experience I had with my Instagram being hacked to promote crypto scams I will never look into it.

What I would like to ask you is?:

Why is Instagram full of fake and fraudulent crypto scam "investors" who promote false get rich quick schemes where you can invest $500 with them and get back $10,000 in just 3 hours and these scammers hack people's Instagram accounts and post fake screenshots of a bank transaction showing that they got high returns in 3 hours and these hackers even ask their victims to send a video of themselves saying that they invested $500 with the fake fraudulent Instagram investor and got back $10,000 in just 3 hours and that it is real and legit?

Why do these fake and fraudulent crypto scam "investors" on Instagram upload pictures of fancy cars, fancy houses, fancy holidays and a laptop lifestyle and portray this image that by investing in crypto you can become very wealthy and be able to own fancy cars, houses and afford luxury holidays?

Social media will always be full of frauds who sell dreams, it’s nothing new, has been around for a very long time. The reason for why can be very deep and philosophical but it’s just another way for immoral people to make money. Have you watched wolf of Wall Street or the boiler room? They were based 20+ years ago and is kind of the same principle where it’s pretty much selling people a dream but stealing their money.

It sucks, younger kids look at the fancy stuff and look up to it, they get a false reality of how hard it is to become wealthy, and the majority of older people who “invest” with these scammers are spending their last bit of money out of desperation. Those Instagram gurus who do that should be locked up in my opinion, and in fairness there are people out there who expose these people and they do end up getting taken to court and prosecuted.

I feel there are a lot of scams around money in general. I've heard the government prints more money out of nowhere. And that that money is not backed by anything and causes inflation, which is basically watering down the value of our savings. How is that fair?

I agree that a lot of cryptocurrency is at least a waste of time, if not a scam. The only two I trust are Bitcoin and Nimiq, which has a lot in common with Bitcoin but is fast and cheap to send and so a better way to buy a coffee than Bitcoin. I hope this helps!