So, one bank and 2 transfer services with patchy compatibility? I disagree.
My bitcoin wallet isn't looking to trap me in a cycle of debt[1] if I run low on money; most banks are. My bitcoin wallet is auditable down to first mathematical principles, and will never steal my identity[2], create accounts in my name without my knowledge[3], etc. Nobody can cancel my access to my wallet because I said something politically incorrect[4] or because I tripped some opaque anti-fraud system.[5]
Banks are, as institutions normal people are expected to deal with at least, inherently exploitative and lack accountability.
I’m not sure about patchy. I transferred money about 10 times this year and all the recipients wanted Zelle.
All of your other criticisms are valid, but also exist in a system where you trust your wallet with a third party service. the majority of Americans would use a bank like service that manages their key instead of managing it themselves.
You also ignore the other risks that crypto introduces. Like losing your key, password, your exchange gets seized, your exchange just straight up steals your money, or having a 1 character bug in a smartcontract.
All of those failure cases you mention have mitigations. Dealing with banks? Not so much.
And I'd go so far as to call what the majority of Americans prefer wrt. key management a result of inertia due to a few centuries of having always done it that way. That's not necessarily surprising, a lot of this is new and doesn't have a good "real world" analogue to tie back to.
My bitcoin wallet isn't looking to trap me in a cycle of debt[1] if I run low on money; most banks are. My bitcoin wallet is auditable down to first mathematical principles, and will never steal my identity[2], create accounts in my name without my knowledge[3], etc. Nobody can cancel my access to my wallet because I said something politically incorrect[4] or because I tripped some opaque anti-fraud system.[5]
Banks are, as institutions normal people are expected to deal with at least, inherently exploitative and lack accountability.
[1]: https://www.cnbc.com/2021/10/20/overdraft-fees-hit-another-r...
[2]: https://abcnews.go.com/Business/bank-tellers-increasingly-in...
[3]: https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scan...
[4]: https://nypost.com/2019/05/25/jpmorgan-chase-accused-of-purg...
[5]: https://www.reddit.com/r/paypal/comments/niwiu1/paypal_took_...