Fiat and cryptocurrency

[Mauser]

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.

While you are likely right that governments are not going to give up on the current financial and monetary system anytime soon, it depends also on the people living in that country. For large countries where the currency is used by many people like the USD or EUR it not going to change. But smaller countries where there is high inflation could feel a lot of pressure. If the people in a country would just stop using the currency overnight and everybody switches to cryptos then there would be a lot of trouble for the government.

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[wack slacker]

FIAT and cryptocurrency have many differences. Cryptocurrencies have many better advantages, and fiat currencies don't.
FIAT can easily turn them into cash and payments in most payment services.
Cryptocurrencies have fewer units of support at checkout and can only be exchanged for cash when exchanged at Crypto ATMs.
I prefer cryptocurrencies because they are completely in my wallet owned by me. Cryptocurrencies like Bitcoin can increase in value over time as they are scarce.
FIAT money in my bank account is simply a number and can be blocked and monitored by banks. They are not as scarce as cryptocurrencies, and their value can wear out over time.

[South Park]

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.

I disagree, the name fiat currencies implies what they are, fiat means decree, which means fiat currencies have value just because the government says they do, cryptocurrencies have value because in aggregate people have decided that they do, it is the opposite approach to fiat currencies, and in the case of bitcoin there are also many other differences, like the limit in the amount of coins or that you do not have thought KYC just to create a wallet like what happens when you open a bank account, that makes bitcoin many times better than fiat currencies.

[MiningBattalion]

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.

I disagree, the name fiat currencies implies what they are, fiat means decree, which means fiat currencies have value just because the government says they do, cryptocurrencies have value because in aggregate people have decided that they do, it is the opposite approach to fiat currencies, and in the case of bitcoin there are also many other differences, like the limit in the amount of coins or that you do not have thought KYC just to create a wallet like what happens when you open a bank account, that makes bitcoin many times better than fiat currencies.

Both can be used for payments and as a store of value,Both rely on widespread consumer trust in order to function as a means of exchange,Fiat money is issued and controlled by (central) banks and governments,Bitcoin is produced and distributed through a process called mining and is not controlled by a centralised authority,Bitcoin can be trusted because it is tamper-proof and cannot be spent twice.

[wxxyrqa]

I think that society must first of all understand that cryptocurrency will give them independence in the first place, unlike fiat money. If over the next 10 years, the capitalization of bitcoin increases by an average of 10 - 20 times, then this will provide an opportunity to get a stable price of bitcoin and then we will be able to see the real advantages of cryptocurrency over fiat funds. It is then that people will begin to actively leave Fiat and switch to Bitcoin, since stable Bitcoin is not only a reliable asset or means of payment, but also a safe storage

[Matimtim]

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.

Yes you have  a point on that, crypto currency or bitcoin qnd local currency is has a big similarity because those two are both currency but there many disadvantages and advantages using those two currency, like using bitcoin is easy to buy something online using our online wallet to pay what we're going to buy however using fiat or country money you need to personally going to market to buy what you want
But subsequently those two are important because their purpose and roles in our society are important.

[nicecrypto]

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.

While you are likely right that governments are not going to give up on the current financial and monetary system anytime soon, it depends also on the people living in that country. For large countries where the currency is used by many people like the USD or EUR it not going to change. But smaller countries where there is high inflation could feel a lot of pressure. If the people in a country would just stop using the currency overnight and everybody switches to cryptos then there would be a lot of trouble for the government.

While that might sound easy, I dont think it can easily work out like that, every one in the country witching to using cryptocurrency. Even now, if a statistics where taken of this countries that are already well engaged in crypto. how many %tage of the population are fully engaged in cryptocurrency? and also is it really going to be possible for any government to allow its monetary policy over run by cryptocurrency?  I do believe some day in the future there is going to be a wider rand on crypto adoption but I still see Fiat as the main countries currency.

[Argoo]

I think that society must first of all understand that cryptocurrency will give them independence in the first place, unlike fiat money. If over the next 10 years, the capitalization of bitcoin increases by an average of 10 - 20 times, then this will provide an opportunity to get a stable price of bitcoin and then we will be able to see the real advantages of cryptocurrency over fiat funds. It is then that people will begin to actively leave Fiat and switch to Bitcoin, since stable Bitcoin is not only a reliable asset or means of payment, but also a safe storage

Even if the capitalization of bitcoin increases ten or twenty times, it will not bring bitcoin to a stable price. Decentralized cryptocurrencies, by their very nature, cannot be price stable. On the contrary, we see that the higher the price of a cryptocurrency, the more it exhibits the possibility of price fluctuations.
In addition, a stable in price bitcoin in this market will be unclaimed, since it will not be able to make a profit. Hopefully, we can never see Bitcoin price stable.

[ven7net]

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.

In general, you are right when you say that fiat and cryptocurrencies are money, but of course they have a number of differences that, on the one hand, give advantages, on the other hand, they have problems. States will never accept cryptocurrencies, cryptocurrencies because they are not governed by the state and there is logic in this. The fact is that a state that does not have control over finances, for example, has the opportunity to get problems that, as a result, can negatively affect the state itself and its development. It's another matter if the state launches its own cryptocurrency, then this could solve some of the problems with misunderstanding and, as a result, partial use of cryptocurrencies as money could take place. But as you correctly noted, there are many similarities between fiat and cryptocurrency, and probably in the future all the money in the world will work on blockchain technologies.

[dimox]

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.

from society perspective, fiat is usable and easy than cryptocurrent. so, if crypto born first than fiat, people will have different thought about this situation, like how easy crypto than fiat. the problem is this thing can through barrier between times and technology. the ancient one, will have problem studying, and the technology will always run like no one need it.

[Princejebs]

I just feel life is all about phase just as it is indicated in chemistry. It changes from one point to the other when some conditions are met or some factors. The same applies to economy, fiat has done well the past years but the limitations with inflation has been a bad side to suit an average man life.
Now coming to bitcoin, it has been one of the 8 wonders 9f world ( smiles), but we shouldn't be blind by the profit, let's talk about the bad side of bitcoin as well. How can an asset who loss more than %50 value within two weeks replaces fiat and rule the economy? Its impossible in my opinion.

[AndySt]

I just feel life is all about phase just as it is indicated in chemistry. It changes from one point to the other when some conditions are met or some factors. The same applies to economy, fiat has done well the past years but the limitations with inflation has been a bad side to suit an average man life.
Now coming to bitcoin, it has been one of the 8 wonders 9f world ( smiles), but we shouldn't be blind by the profit, let's talk about the bad side of bitcoin as well. How can an asset who loss more than %50 value within two weeks replaces fiat and rule the economy? Its impossible in my opinion.

Bitcoin will replace the fiat currency only if Bitcoin itself becomes a fiat currency But if this suddenly happens unexpectedly, then the very meaning of bitcoin will be lost, as a currency that does not depend on government structures, is decentralized and exists on its own. However, the scheme of decentralization and independence itself is currently undergoing severe tests due to the actions of the Chinese authorities, and bitcoin mining capacities are hastily moving from Chinese jurisdiction to American and European jurisdictions. Fiat currencies do not have such problems in principle, because such issues are the responsibility of the state.

[dongyi17]

both are useful and people in all walks of life use them, fiat are what people known as mode of payment, transaction and among other but there introduce another and new way of money which is cryptocurrency and it has advantageous to growing economic countries  it made all their way of communicating, transaction, payment and bills and other easier and convenient. no hassle and it elevate their way of life too.

[Smitty Werben Man Jensen]

both are useful and people in all walks of life use them, fiat are what people known as mode of payment, transaction and among other but there introduce another and new way of money which is cryptocurrency and it has advantageous to growing economic countries  it made all their way of communicating, transaction, payment and bills and other easier and convenient. no hassle and it elevate their way of life too.

Yes, I completely agree with your opinion but talking about cryptocurrency as a new payment method, it seems like only a few countries are ready for that,
but I also believe that with the development of the times it is possible that it will become a new payment method or transaction for the whole world,
because cryptocurrency provides great benefits of course

[wahyu wida]

both are useful and people in all walks of life use them, fiat are what people known as mode of payment, transaction and among other but there introduce another and new way of money which is cryptocurrency and it has advantageous to growing economic countries  it made all their way of communicating, transaction, payment and bills and other easier and convenient. no hassle and it elevate their way of life too.

Yes, I completely agree with your opinion but talking about cryptocurrency as a new payment method, it seems like only a few countries are ready for that,
but I also believe that with the development of the times it is possible that it will become a new payment method or transaction for the whole world,
because cryptocurrency provides great benefits of course

for now, bitcoin's main function as a means of payment does not seem to have reached its goal. but because of its high fluctuation, and the price has increased significantly, many people actually use it as an investment tool. Moreover, not many countries have legalized it, so there is still a long way to go as a means of payment such as fiat

[conected]

both are useful and people in all walks of life use them, fiat are what people known as mode of payment, transaction and among other but there introduce another and new way of money which is cryptocurrency and it has advantageous to growing economic countries  it made all their way of communicating, transaction, payment and bills and other easier and convenient. no hassle and it elevate their way of life too.

Yes, I completely agree with your opinion but talking about cryptocurrency as a new payment method, it seems like only a few countries are ready for that,
but I also believe that with the development of the times it is possible that it will become a new payment method or transaction for the whole world,
because cryptocurrency provides great benefits of course

- Only a few countries are ready for crypto to enter their market but the features of crypto are not feasible and not as optimal as banking systems, that's also why crypto adoption has been stagnating in countries for years. People still think fiat is more reasonable for payment given its reputation, crypto is just an underground form of payment by some institutions, apparently many countries have looked into and investigated crypto issues, the crypto world contains a lot of darkness and is only suitable for investment

[sr32703]

Both are need to all ages of people but for idle money i go for crypto-currencies because it will go extra benefits to mine but fiat is almost fixed nothing changes are happened so if you take risk you will get extra benefits from crypto-currencies.

[Emmychris]

I don't really know why it's so difficult for most people to see reasons that in this present time fiat needs bitcoin and bitcoin also needs fiat too as well, if the two are being compared we will see more reasons to say bitcoin is much more better than fiat because bitcoin creates lots of opportunities for Individuals and also makes across countries transactions much more easy, the two currencies are both money we should see that clearly and I can possibly say government hatred on crypto is actually based on ignorance.

[jaysabi]

I think that society must first of all understand that cryptocurrency will give them independence in the first place, unlike fiat money. If over the next 10 years, the capitalization of bitcoin increases by an average of 10 - 20 times, then this will provide an opportunity to get a stable price of bitcoin and then we will be able to see the real advantages of cryptocurrency over fiat funds. It is then that people will begin to actively leave Fiat and switch to Bitcoin, since stable Bitcoin is not only a reliable asset or means of payment, but also a safe storage

There’s nothing special about cryptocurrency that gives people financial independence. Any asset that appreciates 10-20 times has the potential to give someone financial independence, it’s not magic because it’s bitcoin that does it. Bitcoin has risen this far and still doesn’t have a stable value. There’s no reason to think that another 10-20x and it magically will start.

[SacriFries11]

Fiat and cryptocurrency have similarities like you can send and receive money, you can also save and spend using these two. Fiat money is issued and controlled by the government. They have the power over it. It depends on the gold and silver reserved by a country. Cryptocurrency on the other hand is a digital currency and can be controlled online. Transactions are also being done thru online payments. It has blockchain technology and it is faster to transfer money compared to fiat.