[vidanay]

It's like sticking all your cash under SOMEONE ELSE'S mattress.

[timbit42]

If you leave it on the exchange, yes. It's your mattress if it's your crypto wallet.

[dogma1138]

You will still have to go through exchanges to turn it back into cash, and you are taking on the risk of managing the wallet securely.

[thricegreat]

You're implying it's impossible to purchase goods and services with cryptocurrency. What's stopping someone from say purchasing gold bullion with cryptocurrency and in turn exchanging that for cash? There are also OTC exchanges. My point is there are many methods to exchange it for some other thing of value that doesn't directly involve exchanges and in turn the traditional banking system.

[dogma1138]

I don’t think you understand how the gold trade works if you think you can buy any substantial amount of gold without going through an exchange.

Crypto adds nothing to this it isn’t any different in principal to any other securities banks use for storing wealth.