A couple of days ago I posted that the crypto dream of unbanking ourselves is dead. Well today in very short and simple words I am going to tell you why.

Part of the problem is that most of us got into it to make money. Inspired by the price of BitCoin or whatever; few of us entered cryptoland with the intention of unbanking ourselves and therein lies the problem.

As we grew into the world of crypto and understood what DeFi means and the nature of smart contracts and how they serve the blockchain we uncovered the dream of peer-to-peer currency transfers without the involvement of a bank. It was probably a dream that was born out of the last major financial crisis that was driven by incompetence in the banking system.

Sounds great, but then we soon discovered that we all have a gas problem.

So, I stated out the outset that it was all our own fault and hand on heart here is why. It is time for some honesty here. How many of us have actually used crypto to make a real world purchase. The chances are that unless we live in El Salvador that we haven’t and that is the problem. We are stacking up our crypto (hodling) or trading it with the sole intention of accumulating wealth or at the very least to make a decent living from it.

So, in terms of using crypto in the real world it may as well me Monopoly money for all the use it gives us.

I am not being self-righteous or living in an ivory tower here, the fact is I am just like most of you. The nearest I came to a real use was when I did some fundraising, mainly through the now defunct Noise:Cash for somebody who I knew who had Brain Cancer. He sadly passed away. What I did was converted what I received back into fiat before passing it on to the go fund me fund raiser.

Maybe, just maybe, if we had seen it as or treated it as real money in the first place a more efficient model than Ethereum’s would have become the standard (or alternatively Ethereum would have been designed with client costs more in mind) and gas would have been less of a problem.

Of course this is all speculative, but the fact of the matter is that we killed the “unbank yourselves” dream by continuing to bank and not using crypto as though it was real money.

So maybe we should just consign any concept of the crypto dream of unbanking ourselves to the dustbin of history.

As always stay safe and well my friends.