4 Reasons Why Crypto Skeptics Should Reconsider
Author : Brandy Boyd
Thoughts from a former crypto cynic
I rolled my eyes at the mention of cryptocurrency for a long time. I’m not a business or STEM person. In fact, I traded a graduate program in the social sciences for one in the humanities because I hated my stats classes. Writing is my wheelhouse. Historical archives are my happy place. I can’t overstate how much I’m not someone with a knack for this sort of thing.
I dismissed crypto because, frankly, it seemed sketchy. I sifted through tons of articles talking about 1000x returns on garbage coins. Everything about the “eye-catching” visuals of most crypto YouTube channels screamed “scam” to me. “Why is everyone yelling? Don’t these bigger creators know any designers? Why is everything in garish primary colors? And what the hell is a ‘hodl?’”
(Turns out that I’m in the minority on this one. I learned that crypto channels with those migraine-inducing layouts average far more views than videos formatted more traditionally. Well, color me grouchy and wrong. I imagine myself as the older millennial version of Grandpa Simpson yelling at clouds. C’est la vie.)

Old Man Yells at Cloud from KnowYourMeme.com
It wasn’t until my brother scrapped his career as a pharmacist to go into the finance sector that I took notice. I was baffled when he focused his business on crypto. He’s a savvy entrepreneur, and he’s forgotten more about tech and finance than I’ll ever know. Mentally, I hit pause. Wait, I thought. Is this stuff actually legit?
Through him, I learned that crypto is so much more than Wolf of Wall Street 2.0. Tons of quality crypto projects and tokens have actual societal benefits and uses on a global scale. And these benefits go beyond just making their early adopters obscenely rich.
Quick Note on Investing in Crypto
I’ll keep my comments on crypto investing brief because I’m not qualified in the least to give financial advice. Crypto is a volatile sector, for sure, though it’s important not to conflate volatility with risk. The tradeoff of crypto’s increased volatility is the potential for far greater ROI than traditional investments.
Until recently, I thought that cryptocurrency was nothing more than a symptom of late-stage capitalism, an exploitative flash-in-the-pan scheme cooked up by a bunch of dudebros. You might, too. I get it. But hear me out about four of its legitimate positive uses.
NOTE: If you’re a complete crypto newbie like I was, you might want to check out these three sources to define some crypto basics. (Each uses plain language and contains neither screaming nor Elon Musk references. I promise.) First, what is cryptocurrency? What is a blockchain? And what existing problems can crypto solve?)
Crypto Could Provide Financial Options for the Under/Unbanked
According to the Global Findex, approximately 1.7 billion adults globally are unbanked, and the number of adults with only minimal access to standard banking options is even higher.
Crypto removes the need for centralized financial entities like banks, brokerages, or governments through something called decentralized finance (DeFi). The “decentralized” adjective is key here. DeFi removes many of the obstacles we see with traditional, more bureaucratic financial systems because cryptocurrencies have no central authority.
Consider some of the barriers to banking services today. They require an ID, but not everywhere regulates or manages these well. If a country has poor infrastructure, for example, banks may decide not to serve that population. Geographic proximity to banks is also a barrier to service for many.
Fees and penalties also prevent a lot of people from obtaining loans, investments, or simply maintaining a checking account. These obstacles hit lower-income folks especially hard. DeFi eliminates the need for middlemen like bankers, lawyers, and servicers. Removing these middlemen drastically reduces financial transaction fees and opens financial services to more people.
Crypto Helps Victims of Domestic and Intimate Partner Violence
Because crypto wallets and transactions are linked to a unique key instead of a name or account number, they provide anonymity to users. Traditional bank accounts are easily tracked, allowing abusers to control their partners’ finances.
In a guest post for the Council on Foreign Relations blog Women Around the World, Catherine Powell and Maiya Moncino highlighted crypto’s potential uses, including safety:
“…in the United States, the National Coalition Against Domestic Violence found that 94 percent of women who were victims of domestic violence had also been victims of economic abuse, where the abuser restricted access to finances. Cryptocurrency is anonymous — users’ finances are connected to a key, not to their name — so women who have internet access and a phone can theoretically take advantage of digital currencies to manage and control their own finances, out of sight of men, the government, or others who might seek to control them.”
People debate the broader pros and cons of crypto’s anonymity, but these anonymous transactions have been literal lifesavers for women escaping abusive situations.
Many Coins/Tokens Support Great Causes
Most people have a cause or a charity that means a lot to them. Regardless of which causes are most important to you, there’s probably a crypto project out there that supports it! The crypto sector is profit-driven, to be sure, but lots of these projects also support charitable organizations and social justice initiatives.
Below are just a few projects to illustrate a broad range of interests. (I’m not affiliated with or earning money from any of them.)
OpenLitterMap
OpenLitterMap is a project founded to support environmentalism. It’s built on the Cardano network, and its token is called “Littercoin.” Investors can earn Littercoin by uploading images of themselves cleaning up litter in public spaces.
CURE Token
CURE Token “combines research, technology, and good” toward the goal of supporting cancer research and eradicating childhood cancer.
ECO Coin
Investors can earn ECO Coin by implementing sustainable practices into their daily lives. Examples of ways to earn ECO include going vegan, walking or riding a bike to work, or syncing a smart thermostat to your phone.
Elongate Coin
Elongate Coin gets its name from a play on words from an Elon Musk tweet (“Elon-Gate”). Built on the Binance blockchain and billed as the “Heart of Crypto,” Elongate Coin uses the cultural power of memes to support a variety of charitable organizations and causes.
Crypto Is Disturbing the Powers That Be
After the 2008 housing bubble burst and the economy came thisclose to collapsing, a lot of us grew jaded. Some directly felt that economic hit. Others watched loved ones lose thousands in retirement savings. Homeowners found themselves underwater with their mortgages. Wages stagnated and good jobs became scarce. Americans depleted their savings to stay afloat.
Substantial help from the federal government came to few except the Wall Street robber barons.
The chance to earn a solid ROI while also disrupting the status quo of the exploitative and corrupt banksters appealed to me. Revolution by circumvention, a few Satoshi soldiers at a time. I don’t think it veers into childish territory to be gleeful at the prospect of upending their business as usual.
Takeaways…
Yes, there’s a major learning curve with crypto. And yes, a lot of the information out there seems suspect. (And a little too full of rocketship emojis.) As a relatively recent crypto-convert myself, I get the concern. These worries are exactly why I’ve enjoyed learning about concrete uses of crypto for good.
I’m not saying that the crypto world has a benevolent agenda, as a whole. Its primary goals are wealth building and shaking up the financial sector. But if you questioned its legitimacy or usefulness like I did, then it might be worth it to take a second look. Beneath the frenetic, complicated veneer, good things are happening in the crypto world.
Disclaimer: Nothing in this article is financial advice, and no one should ever invest any more money into cryptocurrencies than they can afford to lose.
Links:
The Cardano Convo Podcast
YouTube: https://youtu.be/j39kx2DKwD8
Spotify: https://open.spotify.com/show/6b2GWsWcqaYg0IIQyUARKK?si=7R39xkaJRxqRgltoLITYKw&dl_branch=1&nd=1
Itunes: https://podcasts.apple.com/us/podcast/the-cardano-convo/id1573585224
Google: shorturl.at/msIKO
IHeartRadio: https://www.iheart.com/podcast/269-the-cardano-convo-84027600/
PlayerFM: https://player.fm/series/the-cardano-convo
Podbean: https://cardanoconvo.podbean.com/
Listen Notes: https://www.listennotes.com/podcasts/the-cardano-convo-crypto-loops-If9A2-EHaKb/