FiatBuys less and less things over time (prices of things to buy go up)
Very high fees to send money across country lines
Costs atleast $20+ for a single (same-day settled) wire transfer
Can buy things quickly & conveniently
Can pay taxes
Can be mostly anonymous to do illegal activities
Is completely Regulated and controlled by governments
BitcoinBuys more goods/services over time (prices become cheaper as time goes on)
Minimal fees to send money to another country
Minimal fees for same-day settlement
Not convenient to use directly to buy things (however can be used indirectly for scaling options)
Cannot use to pay taxes directly to government
Is completely tracked and not very anonymous for illegal activities ; blockchain has immutable record
Cannot be regulated or controlled by governments
More suggested reading re: Bitcion:
"Hacks & puppets & forks - how to destroy bitcoin":
https://bitcointalk.org/index.php?topic=1834310.0 I believe Bitcoin represents a superb medium for the store of value which is one of the purposes of money. In essence, it is money represented by knowledge. I have a problem seeing Bitcoin as a medium of exchange despite the fact that I love that it is not centrally controlled, is essentially fee free and is deflationary. Human beings, by their very nature, do not trust each other otherwise the concept of money will not have been invented. Our fiat transactions are regulated not only by the banks but also enforceable by law. A bitcoin transaction has no such guarantee. Until countries like Japan start recognising Bitcoin as a legitimate means of transaction, we will always be at risk of a transaction not being honoured or else have no recourse if it goes wrong.
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