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Author Topic: Why Cryptocurrency is better than fiat currency?  (Read 1383 times)
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January 05, 2020, 04:54:13 PM
 #161

I don't like it when the states funding the companies that are about to fail. Printing money is not a logical action. How can you survive by constantly pressing new money. I think a limited and more transparent barter means a better economy. I think the cryptocurrency in Blockchain offers a better economy.

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January 05, 2020, 05:04:30 PM
 #162

I think in this modern age the question of “which currency should I own?” is something a lot of people that I know ask themselves when it comes to purchasing currency. There are a lot of choices to choose from such as US Dollars, Chinese RMB, Japanese Yen and many more, those are mainly fiat currencies.  However, all those currencies stated are all controlled by banks that regulate their value and are heavily affected by financial crashes such as the one in 2008. As a result sometime after the financial crash of 2008, Cryptocurrencies such as Bitcoin and Ethereum were created in order to have a currency that isn’t regulated by the banks and relies on how much trust we put into its value. Here are some reasons why Cryptocurrencies are better than fiat currency.

1. Cryptocurrencies are now becoming more accepted as a means of trade worldwide.
   A few years after the introduction of Cryptocurrencies such as Bitcoin, people around the world are starting to see Cryptocurrencies as a trustworthy means of transaction which means that you can go to most countries which basic Internet infrastructure and do business transactions using your Crypto Wallet whether a digital one or a physical one which means that you don’t need to call your bank in order to make your account accessible to when you go to other countries as Crypto Wallets are accepted anywhere where Cryptocurrency transactions are being made.

2. Cryptocurrencies have top-notch security and cannot be easily fooled
Cryptocurrencies use blockchain technology in order to make sure that there are no inconsistencies when it comes to transactions. If there are any inconsistencies with the transaction, the blockchain will reject the transaction and your money will still be in your Crypto Wallet.

3. Cryptocurrency transactions are secure transactions
As stated earlier, Cryptocurrencies have top-notch security using blockchain technology. They also keep all transactions on record anonymous as the only person who knows their Crypto Wallet Address is yourself and wherever you post your address link to.  You can keep generating new addresses if your previous Address is compromised. 

I think cryptocurrency is better in some ways and also fiat money has its own advantages in the game since we been using it for a long time.

As digital money, cryptocurrency is surely secured but still, we need to improve it over time because as a digital currency or money just imagine if someone hacks it compare to fiat money.

It is true that cryptocurrency is already becoming a  trend worldwide and slowly getting more accepted by a long of country and being legalized in a lot of country as time passes, but still most of the time cryptocurrency doesn't recognize as a currency since it has a decentralized system and the government probably not going to use this as a currency simple because they cannot regulate this digital money resulting to a high price of 7k$= 1btc.

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January 05, 2020, 06:25:17 PM
 #163

Indeed I strongly believe that cryptocurrencies are the next evolution of your monetary system. It is just a matter of time. If I'd go more in depth with this topic, my long term vision is bitcoin to become the worldwide mainstream currency and eventually the currency of exchange in our galaxy. Maybe you think I watched too many SF movies, but Mars colonization and human-compatible ecosystem creation is closer than the majority of people would think.

It's possible when they use or a people use a simply like a dollar without fast change of the price. They can do cashless transaction but it can do when everyone have an access from technology. I think when the near future comes there are two kinds of uses, the crypto and fiat from exchange in the market to avoid forgetting of fiat and the people on it.

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January 06, 2020, 12:02:49 PM
Last edit: January 06, 2020, 02:47:48 PM by Boov
 #164

Not all crypto currencies are better than Fiat currency actually. Bitcoin is, and that's why people are still supporting it and still hoping for Mass adoption. We may see some good news this year and more investors.
Yes in the current world Bitcoin is using in the remote area that's why it's so called world wide currency. Every single people didn't understand about BTC and they are not using. Fiat currency still too favorite for those people's. BTC is widely used in the many online platform others crypto still not using.
Even of the people are still using fiat it doesn't mean that the fiat is their favorite currency. Because we all know that not in all countries bitcoins or any altcoins are accepted like here in my country, bitcoins and altcoins are not yet accepted here because only few knows about it and I think our government does not aware also about bitcoin.
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January 06, 2020, 03:27:51 PM
 #165

Actually between bitcoin and fiat has their own advantages and disadvantages. People use bitcoin because they want its decentralized nature and the privacy that bitcoin offers, Bitcoin has so many features that fiat doesn't have, but it's too volatile, people prefer using it as an investment tool. How about fiat? Let's be honest you can't survive living in this world without fiat, everyone needs it, you might need both of them.
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January 06, 2020, 10:52:53 PM
 #166

States have the power to print paper money. This situation causes some problems. Because inflation cannot be prevented. States are printing money when they are stuck. In economic policies, this power drives them to laziness. Cryptocurrenc offers a fixed number of production.

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January 07, 2020, 04:26:45 AM
Merited by mihir (1)
 #167

Crypto is secure, transparent, private and self-sovereign. It represents the next evolution of value transfer, especially online. 

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January 07, 2020, 05:17:02 AM
 #168

Crypto is secure, transparent, private and self-sovereign. It represents the next evolution of value transfer, especially online. 

One of the excellent factor why the cryptocurrency is better than the fiat, the transaction is faster than the fiat, in just a platform we can use sometimes they don't need the kyc. Still, today kyc is more important for verifying, both parties just need to communicate and if they have a deal depends on them which one will send the transaction and wait for a while and the done. In fiat we need to go somewhere that we need to transfer the money and wait for the queue and fill up a lot of form and line again. This kind of method is too long instead of using the cryptocurrency transfer.

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January 07, 2020, 06:09:43 AM
 #169

In addition, cryptocurrency is not tied down by exchange rates and interest rates, or similar charges of other countries, it can easily be made use of globally without having to experience the inconveniences that usually happen with fiat money.
Cryptocurrency is absolute financial freedom and independence. In some years cryptocurrency will be more widely accepted and usable.
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January 07, 2020, 06:39:48 AM
 #170

Cryptocurrency is better because it is very transparent in checking and monitoring the circulation or storage of currency.  Everyone can check transactions and account balances.  Everything is public.  For Fiat money and the banking system everything is controlled by the bank and we cannot know if the liquidity of banks is good enough or not.  Banks' monetary reserves are mysterious and only they know what they have done to them.

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January 07, 2020, 08:37:14 AM
 #171

Cryptocurrency is good, but I wouldn’t say better, because it all depends on how you view it. Yes you’re a fan of cryptocurrency and you will always say that it is better than fiat, ask someone who is not a fan and they will tell you it’s worst. So, like I said it all depends on what you use it for and how you use it, there are risks in using Bitcoin and most of those risks can’t be found in using fiat. When I was still a newbie in Bitcoin I once made a mistake of sending payment to someone I don’t know and ended up losing my money, and there was no protection unlike when I use PayPal.

But, put myself in the shoes of that guy I would say that Bitcoin has some advantage because as a seller I’m safe because transactions can’t be reversed, but I’m on the bad side as the buyer.

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January 07, 2020, 03:26:44 PM
 #172

Cryptocurrency is good, but I wouldn’t say better, because it all depends on how you view it. Yes you’re a fan of cryptocurrency and you will always say that it is better than fiat, ask someone who is not a fan and they will tell you it’s worst. So, like I said it all depends on what you use it for and how you use it, there are risks in using Bitcoin and most of those risks can’t be found in using fiat. When I was still a newbie in Bitcoin I once made a mistake of sending payment to someone I don’t know and ended up losing my money, and there was no protection unlike when I use PayPal.

But, put myself in the shoes of that guy I would say that Bitcoin has some advantage because as a seller I’m safe because transactions can’t be reversed, but I’m on the bad side as the buyer.

Yes we do love cryptocurrency because it gives so much opportunity for us as of the moment, since we are at early stage, but let's still be realistic that we still need fiat and for sure it is still convenient for us to have fiat in our everyday living as not all people are open yet for this and not all business can accept crypto as payment.




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January 07, 2020, 04:02:00 PM
 #173

Cryptocurrency is good, but I wouldn’t say better, because it all depends on how you view it. Yes you’re a fan of cryptocurrency and you will always say that it is better than fiat, ask someone who is not a fan and they will tell you it’s worst. So, like I said it all depends on what you use it for and how you use it, there are risks in using Bitcoin and most of those risks can’t be found in using fiat. When I was still a newbie in Bitcoin I once made a mistake of sending payment to someone I don’t know and ended up losing my money, and there was no protection unlike when I use PayPal.

But, put myself in the shoes of that guy I would say that Bitcoin has some advantage because as a seller I’m safe because transactions can’t be reversed, but I’m on the bad side as the buyer.

Yes we do love cryptocurrency because it gives so much opportunity for us as of the moment, since we are at early stage, but let's still be realistic that we still need fiat and for sure it is still convenient for us to have fiat in our everyday living as not all people are open yet for this and not all business can accept crypto as payment.
Businesses will accept cryptocurrencies if all other businesses receive cryptocurrencies publicly. Currently the industry is relying on government policies to be able to operate stably. Large businesses like Google, Amazon, Microsoft and other businesses can accept Bitcoin in big countries like in the US, UK, Japan ... But in the world, almost not all businesses know it. to cryptocurrencies and understand them to perform thank intermediary math.

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January 07, 2020, 04:33:33 PM
 #174

Surely as a digital currency cryptocurrency have a lot of advantages compared to fiat currency. I think as digital money something like transactions, physical form is one of the top advantages transactions could easily make around the globe easily using cryptocurrency and also it is secure since it doesn't have a physical form. But still, the biggest issue for me is the cryptocurrency will not going to be a currency like for example bitcoin since it has a decentralized system and cannot be regulated by the government.

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January 07, 2020, 04:39:11 PM
 #175

But still, the biggest issue for me is the cryptocurrency will not going to be a currency like for example bitcoin since it has a decentralized system and cannot be regulated by the government.

Yes, it is becoming regulated - AMLP/KYC/FATF Guidelines are trying to make a cryptocurrency environment as similar to banking system/wire transfers as possible (what is forming some obstacles which are practically impossible to be fixed). The worst possible scenario is that there will be a list of cryptocurrencies regarded as a pure investment (eg. Bitcoin), which can be traded only if you have a crypto-broker license.

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January 09, 2020, 06:06:35 AM
 #176

I think in this modern age the question of “which currency should I own?” is something a lot of people that I know ask themselves when it comes to purchasing currency. There are a lot of choices to choose from such as US Dollars, Chinese RMB, Japanese Yen and many more, those are mainly fiat currencies.  However, all those currencies stated are all controlled by banks that regulate their value and are heavily affected by financial crashes such as the one in 2008. As a result sometime after the financial crash of 2008, Cryptocurrencies such as Bitcoin and Ethereum were created in order to have a currency that isn’t regulated by the banks and relies on how much trust we put into its value. Here are some reasons why Cryptocurrencies are better than fiat currency.

1. Cryptocurrencies are now becoming more accepted as a means of trade worldwide.
   A few years after the introduction of Cryptocurrencies such as Bitcoin, people around the world are starting to see Cryptocurrencies as a trustworthy means of transaction which means that you can go to most countries which basic Internet infrastructure and do business transactions using your Crypto Wallet whether a digital one or a physical one which means that you don’t need to call your bank in order to make your account accessible to when you go to other countries as Crypto Wallets are accepted anywhere where Cryptocurrency transactions are being made.

2. Cryptocurrencies have top-notch security and cannot be easily fooled
Cryptocurrencies use blockchain technology in order to make sure that there are no inconsistencies when it comes to transactions. If there are any inconsistencies with the transaction, the blockchain will reject the transaction and your money will still be in your Crypto Wallet.

3. Cryptocurrency transactions are secure transactions
As stated earlier, Cryptocurrencies have top-notch security using blockchain technology. They also keep all transactions on record anonymous as the only person who knows their Crypto Wallet Address is yourself and wherever you post your address link to.  You can keep generating new addresses if your previous Address is compromised. 

No matter how long it might take for it to happen, cryptocurrency will come mainstream due to its advantages over fiat money. For example, the current fiat money used around the world today are restricted within territory while cryptocurrencies are boarderless in nature without any form of restriction. Another solid advantage is the ability to easily search through records of transactions within its blockchain. This are just to mention a few. There is no doubt that cryptocurrencies will be generally adopted in the near future

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January 11, 2020, 04:20:34 AM
 #177

what I like most about cryptocurrency is that it transfers very quickly than conventional banks ( especially money transfers between countries with different exchange rates )

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January 11, 2020, 06:10:36 AM
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 #178


In fact, it would be wrong to say cryptocurrency is better than fiat currency. Actually Bitcoin is better than normal fiat currency not all coins.
In my own case I prefer cryptocurrency than fiat cause it is secured there is no middleman, I don’t need to trust any bank agency to execute my money.
Another thing is I don't need any identity I'm able to use and exchange it easyly from anywhere of the world to anyone even if who doesn't have any bank account or credit/debit card.

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January 11, 2020, 06:55:02 AM
 #179

Honestly their both good form of payments and asset, some people just prefers crypto currency because it offers something new to the table where you can freely use and control your money without worrying being traced or regulated by the monetary system, but bitcoin has its drawbacks it can't be used as payment in local businesses, not all people uses crypto. That's what fiat is good being used as physical form of transaction and people likes stability not like bitcoins volatility.

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January 11, 2020, 09:01:59 AM
 #180

Honestly their both good form of payments and asset, some people just prefers cryptocurrency because it offers something new to the table where you can freely use and control your money without worrying being traced or regulated by the monetary system, but bitcoin has the drawbacks it can't be used as payment in local businesses, not all people uses crypto. That's what fiat is good being used as physical form of transaction and people likes stability not like bitcoins volatility.
I think cryptocurrency is just futuristics and easier to use because it is portable and secured compared to fiat currency that could easily stole from everyone and also could be destroyed.
But more like cryptocurrency is not yet used since the technology needs to keep up so that it could easily be implemented in the community compared to fiat money which uses already the traditional way.
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