With crypto, you hold your own money

You own a cryptographic key that a bunch of strangers have decided points to a spot on a ledger. These strangers have no legal connection to you, but things have been working out pretty well so far because your incentives align.

As a bunch of Ledger owners are finding out, there are reasons for FDIC insurance of banks and that reason is so that people don’t have to be exposed to the dangers of storing all their money under their mattresses. Everyone recommends getting your crypto into a hardwallet, but what happens when a Ledger update bricks it? Or the company decides to backdoor it to escrow your “private” keys? And what can you do with those hardwallet funds besides HODL? Can you imagine if every time you wanted to spend part of your dirty fiat savings, you had to expose all of it to danger to do so?

The exchanges are basically cryptos banks. They hold your money, not you.

And they are much more prone to scamming you than any bank ever could.

If you really believe crypto is the future, you would have converted all your money to the blockchain.

Since you say you can buy everything with it.

Must be nice to be rich.

Plenty of us can't afford to order groceries to be delivered and Aldi sure doesn't accept Bitcoin.