this post was submitted on 10 Jul 2024
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And therein lies the problem: you need an additional service, that also takes its cut, to convert from crypto to fiat. That is the exact extra step the majority will not take. It's not transparent, it's not easy, and has no immediate gain.
Due to regulations, a CEX requires you to identify yourself and provide multiple pieces of identification. Then once you have crypto in a wallet on peertube, it has to be deposited into the CEX - that is if the CEX has that particular cryptocurrency. Should it not, then a DEX is required, which means more steps. Finally, on the CEX it has to be converted into fiat, which is most likely a market order, not a limit order - also terrible.
Crypto as a tech is amazing, as a user experience it's terrible and that's why it's not used much besides for investments.
If you believe I'm mistaken, can you describe an easier path than what I wrote?
Anti Commercial-AI license
That's one of the pain points with Odysee.
The crypto that they pay out with is not directly able to be converted to fiat . You have to go through an intermediary crypto coin first, then convert to something you can buy food with.
For all of its faults, I haven't seen a better system that gives absolute authority to the resource holder.
Someone could use a CEX if they're comfortable with that, if they want more freedom, they can use a DEX.. and depending on their situation, they could go straight to barter. If they have issues with the normal banking system, they have absolute freedom to figure something out for themselves. Because it's ultimately distributed to the resource holder, there's an unlimited number of possibilities people can use to solve the last mile problem
Just using Patreon as the counter example, if it works for you it's great, if you live in a country they don't support sucks to be you, if you can't identify yourself sufficiently for them sucks to be you, if your content is isn't of the type they approve of sucks to be you..
It's left as an exercise, what you value more, convenience or freedom. But people on peer tube I believe have demonstrated they value freedom more
Not to mention, off the top of my head, at least 3 billion people, do not have access to a " Western Banking ".. they are not even able to participate in the other systems available. That's almost half the human population that exists right now. Crypto can work for them. Crypto can work for every human. Western banking, as convenient as it is, if you're willing to accept all the trade-offs, simply isn't available to half the population of the Earth.
The majority doesn't want "absolute authority". They want to have a system that "just works" and allows them to pay for bread and butter without jumping through hoops. That's the problem with crypto: it's not easy - far from it.
Crypto isn't available in a lot of countries right now. There are multiple factors: bad and unstable infrastructure (internet, electricity), bad hardware, lacking regulation, and most importantly lack of legal options. Crypto exchanges are straight up banned in many countries. I'd love to send my money directly to charities or other orgs and people outside of the Western banking system, but they can't even create a wallet, much less convert it to fiat, which brings us back to the same problem I've brought up.
Anti Commercial-AI license
Can't create a wallet?
Solar generator and a cell phone can make a wallet, it's just math. Its as democratic as algebra.