most crypto is completely traceable because of the public ledger
True, but it is possible to purchase anonymously. KYC exchanges are just the most convenient option. Or exchange with Monero, which is what a lot of people do as well. Although if there were actual stakes, I wouldn’t depend just on what Monero provides, just because you shouldn’t have just one layer of safety anyway.
However, for most people, crypto doesn’t work like cash, and does work like a stock.
Not exactly the tool’s fault that it was used not for its initial purpose. It is quite literally hammering in nails with a microscope, lol.
there’s stupid high fees for the common Bitcoin and Etherium networks
I myself have only used Monero, and the fees there are negligeable. But yea, transactions do still take a while. Never dealt with BTC yet, but it is a bit frustrating that it’s so much more widely accepted despite higher fees.
Basically if you’re not buying something highly illegal, there’s 0 benefit to a normal person
First - there might be things as simple as sanctions. My own purchases are completely innocent, but crypto turned out to be the simplest and safest way to pay in such a situation. Second - this argument kind of steps into the “I have nothing to hide” territory. Normal things might turn into “highly illegal” overnight - first thing that comes to mind is what happened with abortion laws. There are always vulnerable people who aren’t criminals, and saying they shouldn’t have such a payment option is kind of close to “only criminals would need end-to-end encryption”.