One of my past jobs was about simplifying complex things; the “crypto” movement desperately needs A LOT of simplicity right now.
I don’t like the usual answers. To me, it’s an incentive framework. The killer app, for now, is to allow inventors/creators of a new technology to quickly create an incentive/reward scheme, by letting millions of users “invest” or “vote” into a certain technology or brand. A crypto token can go from zero to billions of dollars in a matter of a few months — unheard of until today. Instead, I don’t see crypto as an alternative to a stable fiat currency. I doubt that crypto will somewhat replace a fiat system.
Not as digital money. It is used as a speculation tool, or a lottery/casino if you will. Most people buy certain tokens early on hoping to profit later, often meaning when the token starts trading on major crypto exchanges such as Coinbase, Kraken, Binance, etc. Prove me wrong, happy to listen to counter arguments. In particular, show me an example of a relevant crypto project that does not involve any form of speculation.
Mostly a casino, but with tons of cool tech and innovation happening under the hood. You go in, play your cards, hope to come out richer and happier. You can lose everything. Tens of millions of people “invested” in crypto so far. The majority of those have lost money; or, they might have earned money based on the current valuation (today, March 30th, 2022: BTC at ~$47k, ETH at ~$3,400), but the endgame might not be nice to them.