Bitcoin Forum

Can anyone please tell me if Bitcoin is better than Conventional Currency. If yes, Why?

Bitcoin is made up initially as a method of payment, which can be used electronically only, having exchange value against fiat currency globally using open source distributed ledger technology.

But according to the specifications of bitcoins, Bitcoin is becoming a commodity nowadays.

Bitcoin offers many features considering investment assets.

Still, Bitcoin is a digital currency, and due to this, it can be accessed electronically only.

As Conventional Currency is a physical form bitcoin does not have any physical form.

Yet it's a global currency that can be exchanged anywhere in the world against fiat.

It is a mixture of yes and no to be honest. Yes, because it can be used as a payment in blockchain network which is an advantage because we do not need an intermediary for our products which lessens the amount you need to pay, not to mention that bitcoin is an appreciating asset which could net you profit if you buy at the right time. No, because it is volatile unlike conventional currency which has a far more stable market value.

Bitcoin

• Gives the anywhere access as it has universal value
• Higher growth and multiple usage
• Ease of usage and no need of carry a physical wallet

Conventional Currency

• Right now it has the increased acceptance
• Every Country has got its own currency, so it is a must to convert when travelling to other countries
• Conventional Currency has been digitized, and the same provides the fastest access to the advancement happening around

You generally get allies on both side, according the usage case you can't deny it but Conventional Currency consistently be upper side. People preferred way to change Bitcoin to Fiat because in real life people accept Fiat over Bitcoin. But, You understand that Bitcoin will be used for micro-payments more likely against Conventional Currency, no way to trace out your transaction and of course out off TAX impose on your bitcoin and so on beneficiary things.

We have tons of threads with tons of replies about this already.

Topic: BTC vs USD - Which one is better? https://bitcointalk.org/index.php?topic=5146102.0
Topic: Is Bitcoin Still Better than US Dollar? https://bitcointalk.org/index.php?topic=5185727.0
Topic: Crypto vs Fiat? https://bitcointalk.org/index.php?topic=2591012.0
Topic: Why Cryptocurrency is better than fiat currency? https://bitcointalk.org/index.php?topic=5191430.0
Topic: Which is more important bitcoin or fiat? https://bitcointalk.org/index.php?topic=5284280.0

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Differences
- Bitcoin has a limited supply: 21 million bitcoin. No one can create (print, mint) more bitcoin than that number.
- Bitcoin is decentralized and info of transactions are recorded and decentralized stored on many full nodes on the network and at many locations on the planet.
- Bitcoin records (transaction history) on the public ledger can not be changed or reversed.
- You can have some sort of privacy (Tor, VPS, change address, with Coinjoin transaction, mixers) or anonymity.

Conventional currency:
- Total supply is not limited. Governments can print or mint as many as they wanted. You can see how they print and issue more fiat in the pandemic time.
- Centralized by central banks.
- You only can get transaction history sheet if banks accept your ask and give (print) it for you.
- You can not have privacy and anonymity with them.

So this is another topic of comparing the two once again. As usual, I would say that they have both their pros and cons, advantages, and disadvantages. And they both serve their own purpose in certain environments and areas where they can be used. With that said, I must say it's a yes and a no. Its price is an example. Bitcoin's price or value may increase or decrease over time because of volatility. Conventional currency, on the other hand, stays the same. I mean, 1 btc can be equal to $17k today but higher or lower tomorrow or in the future. On the other hand, $1 today is still $1 tomorrow.

If you're still not satisfied with this, then just read this:

Conventional currency is always active on forever and further we see the crypto currency because of the globalization on further days. But how you think it will switched to complete digital in future, because many countries are accepting the blockchain so they accept and add some regulations on each countries. It is not easy to maintain in all time so we have another choice also in digital currency. Know you clarify the both currency because BTC will need on future and conventional currency is must on forever.

You got it wrong, conventional currencies cannot be replaced but yeah blockchain is the future and we will see higher adaptability rate for crypto as preferred alternative for fiat, most probably stable coins and I don't think crypto will every replace fiat unless a new nation is created and use crypto as heir national currency. I am a supporter of crypto but we need to be fair and honest when it comes to these things as we cannot say it will replace conventional currency just because we support it wherein we all no it's not possible as of now.

Conventional currencies will be exist forever and can't be replaced with Bitcoin even though it will become worthless in the future. Less volatile, accepted by worldwide & all merchant, and easy to understand with having physical appearance make all people believe fiat rather than Bitcoin.

Bitcoin is hard to understand especially for old people or not tech savvy person. You could lose your coin easily if you don't know how to keep it safe.

Both of them are better than each other because they have different characteristics and uses we need in our daily transactions online and offline. We can't use bitcoin without the internet, and not all the part of the country you live in accepts and knows about bitcoin. But we still prefer investing in bitcoin because of the price movement that can allow us to earn a huge profit.

As a currency, it is not better because of the known limitations.

As a store of value, it is. Actually anything that has a real world usage and a limited supply probably is a better store of value than FIAT because the cost to produce a $100 bill and a $1 bill is same, nothing.

To create bitcoins you spend resources... to dig gold, to build a house all cost something.

FIAT costs nothing.

Conventional currency and bitcoin have their respective advantages, neither one is better than the other
In general, I will only say, Bitcoin is currently present as an alternative currency, especially digital currency.
Because in terms of function, Bitcoin can only fulfill part of the conventional currency function, namely as a means of payment.

The main advantage of Bitcoin over conventional currencies is that it provides monetary autonomy to its users

There is no such thing as absolutely perfect money.  The common currency of states has a number of disadvantages, and bitcoin was conceived as an alternative means of payment for this money.  Having a number of advantages over the currencies of states, bitcoin and other decentralized cryptocurrencies also have their disadvantages.  Therefore, it is impossible to say unequivocally which means of payment is better.  The currencies of states and cryptocurrencies must circulate in society at the same time  Then they will complement each other's capabilities.

There are other ways in using Fiat that needs the facilitating by the Internet, like mobile banking, ATM, even in the banking hall, the internet service is a compulsory, TBH the world runs on faster means and the internet service is one of them, this shouldn't be an advantage for Fiat and a disadvantage for Bitcoin,
Just like an english man would go to the US and would need to  use the US dollars or when he goes any where and he must recognize with their currency, so is it with Bitcoin and Fiat for me, although I would like to save more in Bitcoin.

Agree, but compared to bitcoin, fiat or Conventional currency is still usable in any part of the country because you can convert your fiat into physical money accepted in any part of that country. In bitcoin, you can't use it literally without using the internet, and still, if you have the internet, you can't use it because not all stores accept bitcoin. But my only point is both of them have disadvantages and advantages, and it depends on the user how he will use both currencies.

In my view, simply, Bitcoin is something unique. Imagine Bitcoin virtual money in a virtual world that has no physical, but we can feel its tremendous benefits.
I think people who have come into contact with bitcoin must have benefited from investing in bitcoin.
Bitcoin has spawned many other cryptocurrencies and many others, such as Litecoin, Ether, Ripple, Qtum, Zcash, and many others.
Bitcoin is a consensus network system that serves as an alternative payment system through Blockchain technology. the most advanced technology today.
How many people in the world are already benefiting from Bitcoin. All the specialty of bitcoin is something unique and rare.

Imagine living in a country where inflation affects your local currency and you know that you can protect your assets with Bitcoin.
So Bitcoin is better than a conventional currency.
If you want to know how it works buy Bitcoin and hold as if you wanted to save in your bank account. After a while you will be able to see your earnings. In addition to enjoying the benefits of digital technology. Bitcoin is used by users around the world so it is always available anywhere without barriers.

Why don't you just start using bitcoin and see what the differences are between the two? You know you don't have to buy a billion dollar worth of bitcoin to start with, you can convert something very small like $20 of your money to bitcoin and play around with that.

But they aren't totally stable. Atleast with bitcoin there's a possibility of my funds appreciating if I hold onto my investment but that can't be said about most conventional currency. The dollar keep making other currency looks useless. Five years back $100 was barely N20,000 ,in my local currency Naira but currently you can exchange same amount for as high as N50, 000. The fiat system is a fraud that only benefit the elites (bankers and government).

There's more advantage to using Bitcoin than conventional currency, for a start the other isn't digitalize and decentralized as Bitcoin is. The transaction speed is way above that of conventional currency and there's no restriction for international transaction like there's with the banks etc.