> Exactly. Cryptocurrency is useful as as a backup system against failing/weak institutions. Just that. Like insurance, it was not there to make anyone's lives better but simply to become a safeguard to avoid complete collapse.

Meh, it's arbitrage against slow moving financial regulations.

There are times when financial regulations are "bad" in a way that this trait is desireable - i.e. your failing institutions use case - but in many cases these regulations are, actually, there for a reason.

And now in practice crypto transactions for "normal" people are performed by bank-like institutions who log every transaction anyway, so this characteristic is really only valuable to the people deeply involved in the crypto world who are using it mainly to do "normal" crimes.