alt Hacker News> it enables people to transact monetary value bypassing for-profit operators such as western union and paypal
You are not even getting rid of that, you are just replacing them with a different set of middlemen in the crypto ecosystem who are demanding substantially higher fees than, say, a Wise does.
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Wise demands a massive fee through bid-offer spread, they're more expensive than many regular retail banks for FX conversion. They're basically running a deceptive advertising campaign due to customers not knowing about bid offer spread.
Wise is even worse than "zero-fee" stock trading platforms like Robin hood who do payment for order flow. At least PFOF is more competitive and regulated and you're only getting a few basis points stolen from you instead of like 80 basis points.
CashApp doesn’t seem any different than Wise; I routinely use both — including CashApp for crypto.
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You're entirely wrong about that. A bitcoin transaction costs me pennies a wire transfer costs me $40.
It's a very weird comment as people who actually use crypto (not flipping or holding) are those who without other viable choices. They're not replacing something. Those transactions would simply not happen without crypto.
Notice that the parent comment didn't use the word replacing.