Cryptocurrency VS Traditional Financial system

[lifesgood10]

It does not have to outsmart the fiat system already in existence

What matters is crypto currency achieving its potential and making the world even convenient
Let’s continue our participation in crypto currency as we await the governments decision regarding the acceptability and accountability

Keep in mind, Blockchain technology will take over

[oioioi]

in my opinion these two things cannot be chosen for one, cryptocurrency is a modern financial system that has a sophisticated system with all the conveniences but the traditional financial system is the main driver of every country that keeps cryptocurrency running well and has good harmonization with fiat

[Rowdy Roddy Piper]

I think I like the way Cryptocurrency already is. It is not necessary for cryptocurrency to compete with traditional financial system by changing its nature. Fiat is centralized and crypto would always be decentralized.

[Nydiratram12]

Why do cryptocurrencies have to become fiat or compliant with fiat system? Crypto and fiat are totally two different paradigms and a coexistence of both is what true crypto enthusiasts seek.

[Abarethien45]

In my opinion I do not think cryptocurrency should try to become like fiat currency in order to compete. Cryptocurrency is unique from fiat which is why it is very attractive and also it has its own great potentials and features that will lead the currency to glory and popularity.

[Briaric441]

The traditional financial system and cryptocurrencies are very different. The typical cryptocurrencies works in a decentralized sapce with peer to peer exchanges. This eliminates the possibility of unwanted intrusions and privacy threats, where as the traditional financial sytem faces these issues.

[Maredus332]

Cryptocurrency was never created to compete with fiat currency. They are different in nature and coexistence between them is what the world needs.

[ganjasmokingg]

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

  I think crypto does not need to be something. Because crypto is the future of trading, it will help people a lot when trading in two different countries or when they are far away quickly without paying any fees. . So crypto should be developed in that direction

[soundrum]

Banks have started embracing blockchain technology into their operational infrastructure. The major difference between cryptocurrency and traditional financial system is decentralization but both can still make use of blockchain technology in their operation.

[CryptoBry]

The main difference between cryptocurrency and the traditional financial system is the fact one is decentralized and the other one is centralized. With it has each has their own restrictions and freedom. The fact the traditional system is relied upon as it has been in use since the start and people are still new to the idea of cryptocurrency and how it works. After adoption from governments and banks we could hope to see how both would co-exist in this economy and how it would work.

It can be an interesting thing to watch how will the regulations imposed by the government can eventually affect cryptocurrency in general...will it lose some part of its decentralized nature or will it adopt well to the new environment. Though ideally cryptocurrency should have nothing to do with the government we have to face the reality that this could not live in a vacuum or in an island of its own...there is that need to connect cryptocurrency to the traditional fiat system otherwise people may not be adopting cryptocurrency in the first place when movement is constricted and not seamless. Banks will naturally be exerting some level of controls otherwise they will also refuse to connect and adopt cryptocurrency...these stakeholders can impact the ecosystem and who knows which can eventually gain the upper hands in the future.

[Predator25]

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

Cryptocurrency ofcourse. Why dont we choose crypto, it makes our transaction very easy making it super comftable because you only need some codes for you to send money but if in traditional you need to go in the bank and then you will fill up so many forms before you can send and recieve. But in cryptocurency codes is all what you need.

[De_nis]

I think that the whole idea of crypto-currencies is ultimately aimed at establishing a new world order, when every person will be under observation!

[Yalovtsev]

I really liked one interview, in America in a public institution, the tax authority,I do not remember exactly what state,there the head of the Department said that we now live in the 21st century,we use many technologies,so why do we still use the financial system from the 18th century?therefore, he says we started accepting bitcoin as payment for paglini,taxes and charges,fines and so on!You know what I'm getting at?!

[joshy23]

In your opinon do you think cryptocurrency have to become somewhat like a fiat currency to compete with traditional financial system?

Would like to hear your opinon.

Cryptocurrency ofcourse. Why dont we choose crypto, it makes our transaction very easy making it super comftable because you only need some codes for you to send money but if in traditional you need to go in the bank and then you will fill up so many forms before you can send and recieve. But in cryptocurency codes is all what you need.

That's the real advantage dealing with less hassles and it can be process much quicker than the banks can do, cryptocurrency is an enhance part of financial system, it can be use co exist with fiat currency the best thing with crypto is you can also use it for investment where value can grow big
but the institution role can be the same with traditional system.

[irenegaming]

Become the financial system that they're trying to replace? Lol, if that's why cryptos were created in the first place, what would be the benefit for example of centralizing us? the economic system has centuries like this, and I don't think that crypto centralized currencies are the solution to any problem that the cryptos are facing, so it doesn't make much sense for that to happen.

[capableuwa1]

I think there's no point in drawing comparison between both digital currency (Cryptocurrency) and Fiat currency (Traditional currency). Yes it is well known that traditional financial system is centralized and we have been doing well with it till the evolution of digital currency. To survive in the world we are in, I think there's need for both because some persons still don't have an understanding of how Bitcoin and other Cryptocurrency works. Aside that, I still haven't been able to purchase anything in the real world with my Bitcoin. Rather I convert Bitcoin to Fiat.

[Nidhi Bhatia]

Cryptocurrency and traditional financial system both are good in their places. but still people believes in traditional financial system because they feel more secure and happy in traditional financial system. On the other hand in crypto, you can earn profit and loose profit according to the market scenario.

[kabum21]

Not at all, the only thing I think cryptos need to be a competition to the traditional financial system is mass adoption, I've been trying to talk to different people and giving introductions to cryptos and teaching them to use exchanges and there are still people who believe that bitcoin is for the rich because you need to buy 1 whole bitcoin, they still have a little difficulty understanding the use of decimals and that needs to be improved.

[cindygirl]

I think there's no point in drawing comparison between both digital currency (Cryptocurrency) and Fiat currency (Traditional currency). Yes it is well known that traditional financial system is centralized and we have been doing well with it till the evolution of digital currency. To survive in the world we are in, I think there's need for both because some persons still don't have an understanding of how Bitcoin and other Cryptocurrency works. Aside that, I still haven't been able to purchase anything in the real world with my Bitcoin. Rather I convert Bitcoin to Fiat.

People are fascinated with the idea of cryptocurrencies taking down the traditional financial system and replacing fiat so they fail to think of things in the way you just expressed. Neither one is better than the other in every way and therefore they both are important and need to co-exist. It's better just to be grateful you have something to suit your own needs than to be frustrated because everyone else doesn't place the same value on it or have the same needs.

[PHI1618]

The traditional financial system will replace the crypto. I'm sure everyone knows that. The crypto money system will crush the traditional financial system. All this will happen in the next 10 years. And we will be witnesses to this revolution. We're very lucky.