[2017-12-07] Cryptocurrency VS Fiat Money

[iamTom123]

As Bitcoin takes the world by storm, we start to question fiat money's position as the de facto currency of the future. Is it possible to create an ideal balance between the two systems, and to move forward in a direction that honors both the old and the new?

Cryptocurrency and fiat money, money declared as legal tender by government, each have unique advantages and disadvantages in today's global economy. Cryptocurrency offers greater transparency and portability, and it allows you greater authority over your money. However, it is subject to market fluctuations, cannot be recovered if lost, and many people do not yet fully understand what it is or how it works, and as a result do not trust it.

Fiat money can be be spent much more easily than crypto (at least for now). It can be produced by central banks as they see fit, giving them greater control and the ability to prevent or reduce damage from financial crises, although the economic events of 2008 call that into question. The disadvantage of fiat money is it can be printed on demand, making existing money less valuable and creating inflation. It is controlled by financial institutions rather than consumers, and as a result, lacks transparency.

The fact is both forms of currency play a vital role in the current global economy. The secret is to create a balance between the two systems, so that consumers can reap the benefits of each. Read more here...

I do agree that we really need both the fiat money and cryptocurrency and in my opinion both platform can go hand in hand and that there is no to declare war between the two. We have to remember that not all people can adopt what can be technologically new for many reasons and there is no need to cram their throats so they would be joining us here in the world of cryptocurrency. The future belongs to cryptocurrency but it does not mean that we should totally discard our traditional currencies as there is actually no need to do it. Honestly, I am using both cryptocurrency as well as fiat money as it would a lot of time for that small grocery store somewhere to accept Bitcoin.

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[Guardian.P]

The problem is that they do not want to share the market, but they want everything. This confrontation only strengthens bitcoin. How much news has already emerged that Bitcoin will bring down the dollar, it is they themselves who are claiming this. People look at such statements and choose bitcoin. Mutual cooperation can support each other

[ihsanskanzaone]

the dispute between crypto and fiat money is sure to happen because its function is almost the same, this will surely affect each other and this will be the talk of many parties because the price increase of cryptocurrency is very rapid and has started many people use bitcoin in transactions. which is considered to reduce the value of fiat money exchange but I think they can complement each other. let people choose to use cryptocurrency or fiat money.

[iram1011]

We might see fiat as an inflationary and badly centralized currency. But we tend to forget that we need a centralized and stable currency for a better economic growth of a country. A decentralized currency is not really decentralized. For example, bitcoin, some few percent are controlling the maximum volume and can play with the market any way they want. Government needs tax for the nation development and taxing bitcoin isn't that easy. I don't feel unless a government launch their own cryptocurrency backed by something, fiat are going anywhere.

Fiat and cryptos are going to coexist!

[Theb]

We cannot have 2 kinds of currency that is cosidered legal in a country as it can have a bad effect in an economical standpoint. By making it a legal tender you are binding it to your country's economy. Think of is this way fo you want a foreigner having a big influence on both your currency and your economy? Of course not because your future are in their hands. Amd right now Bitcoin has many holders from many country making it hard to adapt, we can still accept Bitcoin as a mode of payment.

[warrior333]

In fact, the market is divided. Fiat is in the lead and rightly so. Now it turns out that support cryptocurrency Fiat. There are problems of cryptocurrency relationships with banks and governments but that's their problem. All the goods we buy in the first place, strengthen the economy, and Fiat.

[J. Cooper]

This might sound extremely idealistic but I genuinely think we're about to enter another stage of humanity that we would've called science-fiction a decade or even a couple of years ago. Think about it, we've made a lot of progress in the last 3 decades. It seems like we are growing exponentially at this point. Our computers are becoming more powerful by the year and our phones have evloved from  a brick to a flat piece of aluminium, yet increasing in preformance. We've created decentralized technologies that allow anyone in the world to interact with anyone independently. Fiat (or cash atleast) will be irrelevant sooner than you think.