Re: What goes up
At a guess a lot of the pressure toward using crypto currencies for electronic payments is coming from the US of A and their antediluvian banking system.
We simply don't need crypto currencies for payments here: within the UK we can use FastPay and CHAPS. Within the European SEPA area the IBAN uniquely identifies destinations at the personal account level and seems to be about as quick as FastPay in the UK. Australia and NZ have similar systems to FastPay and, IIRC, had them first. We also have the choice of using SWIFT or PayPal for quite a wide range of international transfers.
But in this area the US still seems to be the poor relation: where we can use CHAPS for the high value private transaction when we buy a car or a sailplane, the Americans still seem to rely on paper, with a bank Cashier's Cheque seemingly the medium of choice, but its SLOW - relies on snail mail to get it to the seller and then apparently weeks or longer for the cheque to clear and the money to find its way to the seller's bank. With the time all this takes its small wonder there are several fraudulent games that take advantage of the delays in the system.
I've asked Americans if they can't speed things up by using PayPal, but answer came there none, which is odd since, when I sold a radio to a US Gliding Club earlier this year, they suggested PayPal as the best payment option. We used it and "it just worked" (TM).
Apparently this is all a hang-over from the '30s depression and its aftermath, when the Feds came down heavily on US bankers, and split the banking system up so nothing was too big to fail, but boy did they make a mess: when I worked in NYC in the mid '70s I had to deal with the US banking system and it was horrible: my account was in a 5th Ave branch. I had to go there to get cash despite that bank having a branch where I was working on Long Island. Big contrast with the UK and NZ, where I don't remember EVER not being able to draw cash from any branch of a bank you had an account with.