Cryptocurrency VS Traditional Financial system

[daporivera]

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.

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[Audrina Harvey]

Necessarily not. But if it has to compete now, then it ought to be, cause mass people still don't have that trust in bitcoin. Also, one of the main characteristics of fiat is tax collection. In bitcoin, you don't necessarily have to pay tax.

[Allie Weiss]

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.

[batang_bitcoin]

Distinguish what fiat is and cryptocurrencies are.

As long as it can be used as a medium of exchanged there's no need to compete with the traditional financial system. This is the future and people are longing to have something like this. This is good that we will only have one means for medium of exchange and is acceptable everywhere.

[heritage35]

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 operates with a system that is totally  different from how fiat operates, which is decentralization v centralization. So it does not need to be change, because that is more like deviating from the original intention of creating it. If that is also the case, there is also no need for cryptocurrency.  So it has to be different in its form operation.

[Jayleen Fernandez]

Cryptocurrency is completely decentralised system which is mainly popular in the present world for a good source of income. Fiat currency on the other hand is centralised system and there is huge difference between this two currencies. Crypto has not reached the point to compete against the traditional financial system.

[waser12]

Crypto should get the same features as money, be a measure of goods and services' exchange but it is possible just with stable coins.

[enhu]

Distinguish what fiat is and cryptocurrencies are.

As long as it can be used as a medium of exchanged there's no need to compete with the traditional financial system. This is the future and people are longing to have something like this. This is good that we will only have one means for medium of exchange and is acceptable everywhere.

I think sooner we won't have to compare them because those companies in the traditional financial system are going to be moving to the blockchain. There were rumors about it, I think they are not just rumors, NASDAQ are considering to move into blockchain as the news said. Those in stock market as well I think I've read it on cointelegram too. If this happen then I guess the adoption would be a smooth transition..

[BitcoinHodler]

our whole goal was to NOT be like fiat currency! so your question doesn't make sense to me because if cryptocurrency were like fiat then there would be no reason for it to even exist anymore and we would be wasting our time here trying to make something different and new.

the fact is cryptocurrency started by Satoshi as bitcoin so that we have a different payment system that is decentralized and other features such as being censorship resistant that comes with it.

[sourish]

I think the exclusivity is its main attraction, for fiat has its essential place, and crpto will find its way to co-exist in its own identity, once the regulators and policy makers set its recognizable and acceptable norms.

[SuiMikira]

Many banks are learning about blockchain technology and adopting it into their operation system, i think they will use cryptocurrency in their banking systems soon when it is possible. We can't separate cryptocurrency and the traditional financial system ( governments, banks) because the economy can't exist without banks or governments..

[batang_bitcoin]

Distinguish what fiat is and cryptocurrencies are.

As long as it can be used as a medium of exchanged there's no need to compete with the traditional financial system. This is the future and people are longing to have something like this. This is good that we will only have one means for medium of exchange and is acceptable everywhere.

I think sooner we won't have to compare them because those companies in the traditional financial system are going to be moving to the blockchain. There were rumors about it, I think they are not just rumors, NASDAQ are considering to move into blockchain as the news said. Those in stock market as well I think I've read it on cointelegram too. If this happen then I guess the adoption would be a smooth transition..

Blockchain can be adopted by those companies and that can be separated from bitcoin or cryptocurrencies.

They can move to it anytime they wish but using crypto's and fiat systems are two different things. And applying blockchain is another thing, well I'm not sure if my explanation is enough or confusing but all of those 3 things really can't be compare to each other and they are all different.

[tycsols]

I will not say that crypto has to be like fiat but the mist important thing for crypto to become massively adopted is the ease of use and service, i think we need simple and easier payment services for crypto like crypto cards, phone transfers, email transfers, text transfers and others, as many ootions and as easy it will be the more people will adopt it.

[anatolykarpov]

If you want to use cryptocurrency in the traditional financial system it can be used as a payment technology, easily.
Problem is laws, rules, regulations etc.
Those big guys have to make some rules to welcome the technology in their old lives.

[Flangler]

If you want to use cryptocurrency in the traditional financial system it can be used as a payment technology, easily.
Problem is laws, rules, regulations etc.
Those big guys have to make some rules to welcome the technology in their old lives.

Yeah, the main problem is that in theory they can not control cryptocurrencies . In real life there is no such thing at least in bitcoin. Below is allocation of all bitcoins.   

[Cryptoguru274]

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.

The traditional financial system is slow when compared with the cryptocurrency financial ecosystem, most cryptocurrency ecosystems are highly scalable, they can process millions of transactions per second, also the cryptocurrency transactions are mostly decentralized in nature while the traditional system is centralized.

[Thomas-s]

Cryptocurrency in the future will become a common currency, but until countries begin to accept it, it will not be able to take its place in the world economy.

[Nivia1st]

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 it's not needed, crypto is right like this. if anyone thinks crypto should be like the traditional financial system it is very wrong. crypto initially existed because it was to solve the problems in the traditional financial system that were centralized and lacked transparency. what is needed by crypto at this time is trust, until now we see the crypto confidence level is very low. it is proven when the market starts falling many people sell their assets.

[D3m1r4wanti]

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.

crypto currencies like FIAT currency? what do you mean? Does crypto currency have to be physical like the FIAT currency? how to implement blockchain technology if crypto currencies are physical?

[Olatunjex]

Traditional financial system is too rigid and centralized, the objective of cryptocurrency is decentralization, if cryptocurrency have to become somewhat like fiat then aim and purpose will not be actualized.