Fiat and cryptocurrency

[South Park]

We have all realized that traditional banking systems are obsolete and that governments print money causing more problems than solutions.
This is how bitcoin convinced it to be the best asset to invest in.
I remain optimistic innovation will come soon now that our world is more digital.

Traditional banks are obsolete? I bet you did your transactions in getting into crypto trading from the Bank and I want to also believe up till now you are still using this same traditional banking system and that you have not 100% have all your assets in crypto. Look we are all for cryptocurrency and i just hope some day they would have been able to work side by side and not one trying to kill the other even though we think some big institutions are getting into crypto, I strongly believe it is because they have come to see the PROFITS they too stand to make from it and besides, lets not believe that the Governments will just allow that to happen.

My 2 sats 

I think it is natural that people here in the forum believe in cryptocurrencies but there is a reason banks were created, that is not the problem, the issue with banks is that they have abused the power they were given to make themselves so powerful that their fall not only means their own doom but in many cases the fall of a country or the entire economic system, this is where bitcoin enters the stage, bitcoin can offer protection against such an event because it is not part of the financial system in the same way that fiat and banks are, and that in itself is enough to make it incredibly valuable.

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[Argoo]

We have all realized that traditional banking systems are obsolete and that governments print money causing more problems than solutions.
This is how bitcoin convinced it to be the best asset to invest in.
I remain optimistic innovation will come soon now that our world is more digital.

Traditional banks are obsolete? I bet you did your transactions in getting into crypto trading from the Bank and I want to also believe up till now you are still using this same traditional banking system and that you have not 100% have all your assets in crypto. Look we are all for cryptocurrency and i just hope some day they would have been able to work side by side and not one trying to kill the other even though we think some big institutions are getting into crypto, I strongly believe it is because they have come to see the PROFITS they too stand to make from it and besides, lets not believe that the Governments will just allow that to happen.

My 2 sats 

Obsolete banks will continue to age in this way for many hundreds of years, as they did before. Banks will not go anywhere, they will use blockchain technology and issue digitized currencies, that is, they will borrow useful things from cryptocurrencies and develop further.
Our world is gradually moving towards digital currency, but cash and other types of non-cash payments will still remain.

[cryptoknightt]

can all cryptocurrencies be decentralized? maybe it can but it will take a long time and because defi plays an important role here, the projects related to defi immediately increase when Fomo first increases.
Then whether centralized coins will disappear in the future and all crypto will become decentralized.
if so, of course this will change the structure that has existed for a long time and the banks that are the most affected.

[Snappycoco]

Fiat are history. Cryptocurrency is the future. No doubt about it specially that technologies are growing rapidly and more and more investors are joining the trend. There nature are quite distinct.

[Yurkov]

Fiat are history. Cryptocurrency is the future. No doubt about it specially that technologies are growing rapidly and more and more investors are joining the trend. There nature are quite distinct.

Don't forget that people have been using physical coins for thousands of years. It will not be easy for electronic money or cryptocurrencies to completely replace FIAT money. I think the current financial system will simply accept cryptocurrencies and they will exist together in the market for many more years.

[South Park]

Fiat are history. Cryptocurrency is the future. No doubt about it specially that technologies are growing rapidly and more and more investors are joining the trend. There nature are quite distinct.

It is not as simple as you think, obviously I like bitcoin better than fiat currencies and the same is true about gold and silver but governments and banks have so much power that even if fiat currencies eventually disappear it is not going to be a process that happens anytime soon, it will take decades if not centuries for that process to happen and there is still a chance that governments find a way to subvert cryptocurrencies and use them for their own purposes, so we must not get ahead of ourselves.

[goldade]

Fiat and cryptocurrencies are actually the same in function. The government only don't want cryptocurrencies because it takes power and freedom of finance from the government and banks to give it to the people. The government absolutely don't want to give control to the people.
Bitcoin and cryptocurrencies have an edge over fiat in that it takes less time and transaction fees to make transactions across the world and there is no need for conversion between currencies of different countries in order to make transactions.

[Reatim]

Obviously them can never be the same but the similarities is there, because we use fiat currency to purchase pizza and we also use cryptocurrency to purchase pizza, which is documented in forum that somebody purchased pizza with crypto when Bitcoin did not dominate like as it's currently, so since this analysis happened previously, so while can't us accept the fact that btc and fiat are correlated the only difference is the regulations.

It's not just about the rules. It also lies in the principles of operation and areas of application. Under the current systems of public administration, which operate in all parts of the world, fiat currencies act as the basis on which the functioning of the economic system of any state is built, and not just payment for goods and services, and there is no escape from this.

The more the Fiat or currency of a country increase its value is the more the economy told growing this use as basis of how strong and how weak their economic stand is.
Like in some countries that their currency is depreciating value that means they are losing their momentum and need to act fast before their currency end up losing the High value.
This happens in Venezuela in other part of africa as  their money is now comes almost no sense in using at all , that is why they are converting in to cryptocurrencies nowadays.

[XCANA]

Fiat is different from cryptocurrency because fiat is a centralized currency that can be control by the government while cryptocurrency is a decentralized currency that was created by Satoshi Nakamoto to reduced challenges in the areas of transaction and to make their coins safe. During the pandemic that shook the country economy and also caused the fiat money to lose value during the process of the lockdown, where cryptocurrency wa still dominating among other currencies in the exchange market.
The government that saw what happened during the pandemic that caused their currency to lose value during the pandemic, make them to believe with time cryptocurrency will be more popular than fiat money.

[Trinx01]

Fiat and cryptocurrency are both good for every people, there are still a lot of people who don't know about cryptocurrency or some have no stable internet connection so they still choose fiat over cryptocurrency. The government keeps on doing something to delete bitcoin but they cannot do whatever things they will do, they are doing it because they cannot control it which is a feature of being decentralized.

[Koro-Sensei]

Cryptocurrency is just a fiat in a modern world. They can be distinguished in some nature but their uses and relevance are comparable. The good thing with crypto is that it is decentralised and cannot be controlled by one. It also has its fixed nature.

[Xinarae*]

Fiat currency is controlled by the government but crypto is not controlled by anyone. It is decentralized and everyone makes a profit by investing as they wish crypto is completely out of the control of the government manages the fiat currencies as it wishes and the people have to pay taxes from now on. There are many features between the two it is not possible to run the country without Fiat.

[Coinsfera]

Fiat and cryptocurrency are the same but people in society differentiate them and value fiat because its adopted by the government far back, and since the existence of the world and also a specific country, so from my research I find out that government just disliked cryptocurrency for nothing,
So differentiating fiat from bitcoin is valueless because irrespective the importance and massive adoption of fiat currency from  its existence before cryptocurrency, it's obvious that fiat is money and bitcoin is money, their functions and contribution in society never depart from each other, so bitcoin now is the shortest way of transactions across the world without much process or procedures, using bitcoin everything buyable is easier to purchase without stress, so from my perspective I prefer bitcoin than fiat currency due to fast transactions process across another country, and nothing fiat can purchase bitcoin can't purchase, so no difference between both because all are currency.

Most people do not like to take risks with their money. For many people, the government is the safest organization they can trust on. So the money issued by central banks is the safest for those people. Central Banks regulate the money supply and try to boost the economy with monetary policies. However, Bitcoin does not give them so much reliance in comparison with fiat money. They consider bitcoin as a volatile, dangerous medium of exchange. In that manner, there is a difference in BTC and fiat currencies.

[GeorgeJohn]

Fiat currency and cryptocurrency is part of the market before I just know about the fiat currency and the stock exchange upon exploding I discover the use and benefits of the cryptocurrency and until now I likely knowledgeable about this coin and especially the bitcoin I'm not saying I know everything just having information.

Cryptocurrency and fiat currency has a different aspect, purpose, benefits and more which people would like to it depends on you how does it work and how to use it.

Now cryptocurrency is digital currency which is obvious to society while fiat currency is physical currency which is generally accepted by old adults and young adults, so fr my perspective its correlated via expenditure, shall I can say that in all ramifications cryptocurrency is just like fiat currency but people who loved crypto won't understand the concept that fiat and cryptocurrency are similar in terms of expenses.

[AndySt]

Most people do not like to take risks with their money. For many people, the government is the safest organization they can trust on. So the money issued by central banks is the safest for those people. Central Banks regulate the money supply and try to boost the economy with monetary policies. However, Bitcoin does not give them so much reliance in comparison with fiat money. They consider bitcoin as a volatile, dangerous medium of exchange. In that manner, there is a difference in BTC and fiat currencies.

I would say a little differently, the absolute majority of people do not like to risk most of their money and have their own reasons and every right to do so. For all their shortcomings, the fiat currencies of central banks are one of the tools of public administration, and no state will voluntarily give up such an instrument of influence on the economy and on other spheres of life. Therefore, it is a big mistake to contrast fiat currencies and cryptocurrencies, and the presence of one of them should not imply the absence of the other and vice versa.

[nicecrypto]

Fiat currency and cryptocurrency are different. You only see the same function of the two. Compared with cryptocurrency, it is even more advantageous. It is only in a shorter period of time. But you ignore that the legal currency is managed and controlled by the government. Currency is not good. This alone determines that cryptocurrency cannot replace legal tender in the short term.

Even in the long term, I don't think cryptocurrencies will replace Fiat currency. Wouldn't we have said years ago that Gold should replace Fiat because at a point when Trade by Barter was still wisely done, gold was also a means of exchange and i still believe it is even today but not as it was back then. Crypto will exist for those that understand it and Fiat will exist and continue to be the Governments global means of exchange and economic control.

[LUCKMCFLY]

Fiat currency and cryptocurrency are different. You only see the same function of the two. Compared with cryptocurrency, it is even more advantageous. It is only in a shorter period of time. But you ignore that the legal currency is managed and controlled by the government. Currency is not good. This alone determines that cryptocurrency cannot replace legal tender in the short term.

Even in the long term, I don't think cryptocurrencies will replace Fiat currency. Wouldn't we have said years ago that Gold should replace Fiat because at a point when Trade by Barter was still wisely done, gold was also a means of exchange and i still believe it is even today but not as it was back then. Crypto will exist for those that understand it and Fiat will exist and continue to be the Governments global means of exchange and economic control.

It is that we are close to a digitization of money, if this happens, cryptocurrencies are the example to follow, any other technology that comes out is very difficult to match the blockchain. Although cryptocurrencies have high volatility that can give you benefits at any time, whether in the short, medium and long term, it is a deflationary economy, that is, although it is not supported, only by supply and demand it has an economy greater than the fiduciary.

Banks, governments do their respective economic studies and the best option they find is to devalue currency to generate liquidity, this is always the case. If we now compare all the benefits of cryptocurrencies where there is no debt, I think it is well above fiat money. And those familiar with this must adapt to technology.

[Yurkov]

Cryptocurrency is just a fiat in a modern world. They can be distinguished in some nature but their uses and relevance are comparable. The good thing with crypto is that it is decentralised and cannot be controlled by one. It also has its fixed nature.

The "only difference" you talk about is a complete change to the current financial and monetary market, so it's not just a difference. In my opinion, centralized FIATs will not disappear for decades or even hundreds of years. I think cryptocurrencies will just take a piece of the financial cake and will exist alongside other forms of payment. Everyone will be able to decide which one they want to use.

[horrifiedx1]

Cryptocurrency is just a fiat in a modern world. They can be distinguished in some nature but their uses and relevance are comparable. The good thing with crypto is that it is decentralised and cannot be controlled by one. It also has its fixed nature.

The "only difference" you talk about is a complete change to the current financial and monetary market, so it's not just a difference. In my opinion, centralized FIATs will not disappear for decades or even hundreds of years. I think cryptocurrencies will just take a piece of the financial cake and will exist alongside other forms of payment. Everyone will be able to decide which one they want to use.

Of course fiat will not disappear from circulation, considering that there are still governments that seem to choose to use fiat instead of cryptocurrency, this can be seen in my country, where until now the government seems to have clearly stated that it has not been able to legalize cryptocurrency

[Yurkov]

Cryptocurrency is just a fiat in a modern world. They can be distinguished in some nature but their uses and relevance are comparable. The good thing with crypto is that it is decentralised and cannot be controlled by one. It also has its fixed nature.

The "only difference" you talk about is a complete change to the current financial and monetary market, so it's not just a difference. In my opinion, centralized FIATs will not disappear for decades or even hundreds of years. I think cryptocurrencies will just take a piece of the financial cake and will exist alongside other forms of payment. Everyone will be able to decide which one they want to use.

Of course fiat will not disappear from circulation, considering that there are still governments that seem to choose to use fiat instead of cryptocurrency, this can be seen in my country, where until now the government seems to have clearly stated that it has not been able to legalize cryptocurrency

It's not just national governments that will make problems for the adoption of cryptocurrencies. I think that despite everything, the difference in technical progress in many countries will not allow to adopt cryptocurrencies as a form of payment for a long time. Paper (or plastic) is much more available in many parts of the world than the internet, so that will definitely be a big barrier as well.