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Blockchain based currencies like Bitcoin protect you from your bank freezing or stealing your assets, or suddenly refusing to do business with you.

They don't protect you from a third party not shipping your products that you bought on eBay.

If you have ever dealt with companies like PayPal as a merchant, you know why this is important.

Just to clarify - as a consumer I lose utility when using crypto compared to the current status-quo?

I don't know of any cryptocurrencies that allow you do to do a chargeback, so in that specific dimension, yes.

In theory, this is true, but in practice the burden is huge, and people would still trust some centralized bank (like they do today with coinbase).

The main difference is that you actually get the choice of doing one or the other, whereas in the conventional banking system, you can't choose to be your own bank. Depending on what you are financing, this might be an essential feature.

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