A better way to describe it would be via the greater fool theory: the only way to make money is to find someone even more foolish than yourself to buy it.

Cryptocurrency is not about making money. It’s a distributed ledger. Technology like that could maybe be a scam if it didn’t do what its creators claim it does. But it’s been around for a long time and we know exactly how it works.

Crypto as it is currently implemented is inefficient, riddled with problems, and is deflationary which you can argue about but most economists would say deflationary currencies are bad as they lead to shrinking economies and do not encourage investment.

It has problems, but like every technology it keeps improving. I choose to use it despite its flaws and will probably use it even more in the future.

There also aren’t that many problems that it ‘solves’ that aren’t already solvable by existing tech.

It gives me privacy and anonymity when paying online. No other online payment technology does. It also doesn’t require trust, since it’s decentralized. I’m not aware of any other technology that solves those problems.

I think crypto will always have a niche, especially for black markers. I don’t think anything similar to currently existing crypto currencies will ever be adopted for widespread use as legal tender.

That’s possible, but over time it is accepted by more and more stores. So it keeps growing. But even if it didn’t, you can use crypto to buy gift cards for any store. It doesn’t have to be popular.

And as the other commenter pointed out, the tax situation is a nightmare. Even if you don’t sell online yourself, that’s a big hurdle to crypto achieving what many supporters claim it can do.

When someone wants to invest in crypto, I can see how that could be a problem. I just use it to pay for things online.