[V__]

> easily take assets across borders to leave authoritarian regimes

How do you get your assets converted to crypto in the first place, if an authoritarian regime prevent you from having something akin to a bank account?

> comparatively cheap remittances for people sending money back to their families in another country

According to cryptofees.net, BTC transaction fees average 4% and ETH 1.6%. Even the median fees are pretty high when compared for example to Wise.com and there you only have fees when converting currencies.

> bringing a form of storing assets to the 2 billion or so unbanked individuals of the world

This is a fair point, but I would argue that people who are unbanked are not the kind of people who will find it easy to securely manage crypto keys and wallets.

[barnbuilder]

> According to cryptofees.net, BTC transaction fees average 4%

That site hasn't been updated in almost a year. (Check the prices and recent transactions it links to.)

Here's a more accurate way to estimate bitcoin's fees. Go to mempool.space and look at the current estimated Low/Medium/High priority fees. That is based on current pending transactions and most of the time, unless you are in a hurry, "Low" is enough to get a transaction confirmed in the next hour.

At current writing, and for most of the past year, those fees are a few cents.

And this is the expensive way to transact bitcoin -- on-chain! Nowadays most commerce is moving to the layer-2 Lightning Network, where transactions are instant and typically nearly free via payment channels that are settled on-chain in the future.

[V__]

Thanks for correcting this. Can you explain the layer-2 network? Is this a separated kind of chain?

[barnbuilder]

Lightning Network is a "layer 2" on top of "layer 1" bitcoin. The short summary is that it allows two parties to conduct lots of transactions and, when one of them decides they are done, the final balance is committed to the bitcoin blockchain rather than every single one of the transactions. These channels can also be used to forward payments to others, which means that depending on your Lightning node's connections you are able to transact in this way with many thousands of parties beyond just the ones you are directly connected to.

Each channel sets their own rates so the cost of transacting this way varies but it usually comes out to a very tiny amount, much less than 0.1%.

This is a pretty good overview with more detail: https://cointelegraph.com/bitcoin-for-beginners/what-is-the-...

The network has grown a ton in the past year and apps like CashApp and Strike now support it.