Fiat and cryptocurrency

[plemechton]

Crypto currency is so much better than fiat currency bc inflation cant affects crypto unless its bearmarket

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[zanepalmer]

Cryptocurrency is a revolt against fiat currency and banking institutions! Cryptocurrency is the revolution.

[gideonpadang]

Cryptocurrency is a revolt against fiat currency and banking institutions! Cryptocurrency is the revolution.

It's really not though. It's backed by nothing

[haidil]

Cryptocurrency is a revolt against fiat currency and banking institutions! Cryptocurrency is the revolution.

unlike you  imagine, there is no uprising against fiat currency. crypto only helps make transactions easier in this technological era

[DrBeer]

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.

I will express my opinion. Bitcoin is not a CURRENCY. Cryptocurrencies are just a "wrapper" for a technology that, in a sense, can be used as a means of payment. For today - nothing more. It will become a local or global currency only after:
- will be officially adopted
- will be devoid of technological drawbacks
I clarify:
1. Official status - guarantees the acceptance of cryptocurrency in all objects that sell goods or services. Everything else is the use of payment surrogates. The problem is that such payments are essentially illegal and do not guarantee your safety by law. There is already a partial intersection with another point. Total - without official status - you have a set of some data that you can send to some holders of the same data But no one guarantees you anything! No matter how much bitcoin costs, you cannot now go to a restaurant and pay with bitcoin there. Or to the market. Or a child's education. Or medications for treatment ...
2. Technological problems. This is kind of a trifle, but it can become a noticeable problem with massive use. For example, let's think of a problem like a mistake in the recipient's address. You sent to the wrong address while paying for the purchase of the selected apartment! What's next ? If the owner of the wallet is a conscientious citizen, there is not a zero chance that they will be returned to you. And if this is not the most conscious wallet owner? What if this address does not exist at all? The second drawback is anonymity. Yes, that's right - the state will not be able to use the anonymous system! No way! The state has one obligation - control of income, expenses, and tax collection Therefore, the advantage of anonymity turns into a disadvantage. There are many more arguments at this point ...
In a word - in the form in which cryptocurrency exists now - it does not replace fiat

[SquallLeonhart]

No one is saying that cryptocurrency is not money, it’s the same as fiat, they are both can be called money, but there will always be a difference,which is the thing you pointed out at the beginning of your article, that fiat is approved by the government which makes it the official currency and every country has theirs. It is just like Gold, Silver and other precious stones and metals, they are all money too, but we don’t use them, rather we are making use of fiat which is the conventional currency.

So, cryptocurrency is in the same category with gold and other stocks or assets, but that doesn’t make it anything less, you can still use it for transactions since it’s accessible to everyone around the world. But, indeed there are people who hate cryptocurrency, and that’s because it baffles them, so they don’t like it. Finally, cryptocurrency is not bad, these people are just don’t understanding it.

[Freeesta]

This topic is endless. You can say a lot about the fact that fiat money and cryptocurrency are the same. In fact, this is not the case. If the government supports the use of cryptocurrency, then it will be possible. Today, cryptocurrency is little used in everyday life. We can say that these currencies are equal if they are used in the same way by people in calculations every day.

[oHnK]

No one is saying that cryptocurrency is not money, it’s the same as fiat, they are both can be called money, but there will always be a difference,which is the thing you pointed out at the beginning of your article, that fiat is approved by the government which makes it the official currency and every country has theirs. It is just like Gold, Silver and other precious stones and metals, they are all money too, but we don’t use them, rather we are making use of fiat which is the conventional currency.

So, cryptocurrency is in the same category with gold and other stocks or assets, but that doesn’t make it anything less, you can still use it for transactions since it’s accessible to everyone around the world. But, indeed there are people who hate cryptocurrency, and that’s because it baffles them, so they don’t like it. Finally, cryptocurrency is not bad, these people are just don’t understanding it.

Although many people here think of Bitcoin as money, there are also some who think of it as just a valuable commodity.  They keep it like gold, and gold is not money.  Money is a medium of exchange, but gold does not have a role as a medium of exchange, it only has an investment motive.  Bitcoin in some countries is only legalized and considered a commodity, so for me personally Bitcoin is still money and at times its placement is more inclined towards a commodity.  That's the difference with fiat.

[AliMan]

~snip~
But, indeed there are people who hate cryptocurrency, and that’s because it baffles them, so they don’t like it. Finally, cryptocurrency is not bad, these people are just don’t understanding it.

~snip~
 Bitcoin in some countries is only legalized and considered a commodity, so for me personally Bitcoin is still money and at times its placement is more inclined towards a commodity.  That's the difference with fiat.

Just to make this clear for everybody who still don't understand what cryptocurrency really is, it only became money when you spend it towards our needs and wants. This will become valuable when it's worth with our desired price which we ever desired to. Fiat is more than physical form, and cryptocurrency is more of digital figures that can be used through computers that used intenet connectivity through blockchain network that provides us convenience.

[Ladyvirgo]

  a cryptocurrency is a form of digital or virtual currency that can function as a medium of exchange. having a virtual nature, they use cryptography technology to process the sect and authenticate the transaction.Unlike the hard currency,the cryptocurrencies are not controlled by any central  authority such as the central bank.Instead they are limited entries in a database such as blockchain that no one can modify or manipulate, unless certain conditions are met.

[RealMalatesta]

Just to make this clear for everybody who still don't understand what cryptocurrency really is, it only became money when you spend it towards our needs and wants. This will become valuable when it's worth with our desired price which we ever desired to. Fiat is more than physical form, and cryptocurrency is more of digital figures that can be used through computers that used intenet connectivity through blockchain network that provides us convenience.

You could still have a worth or a value without even spending it, because you can buy digital currency with fiat and sell it for fiat which gives it a worth. So, if I buy bitcoin at 40k and sell it at 45k that means it has a value and I made a profit from that value. We haven't used gold for purchases in decades, it has been a very very long time since the last time people used gold as a means of transaction, but it still has a value, and in fact it is seen as one of the best (probably the best) store of value in the world as well, you put your money in there and your wealth never shrinks in the long term.

Of course this is viable for people who can put money aside. So, I think crypto is both like fiat a bit in which you can spend it to buy something, but also a bit like gold because bitcoin has store of value as well, it is somewhere in the middle of those two things.

[laredo7mm]

Just to make this clear for everybody who still don't understand what cryptocurrency really is, it only became money when you spend it towards our needs and wants. This will become valuable when it's worth with our desired price which we ever desired to. Fiat is more than physical form, and cryptocurrency is more of digital figures that can be used through computers that used intenet connectivity through blockchain network that provides us convenience.

You could still have a worth or a value without even spending it, because you can buy digital currency with fiat and sell it for fiat which gives it a worth. So, if I buy bitcoin at 40k and sell it at 45k that means it has a value and I made a profit from that value. We haven't used gold for purchases in decades, it has been a very very long time since the last time people used gold as a means of transaction, but it still has a value, and in fact it is seen as one of the best (probably the best) store of value in the world as well, you put your money in there and your wealth never shrinks in the long term.

Of course this is viable for people who can put money aside. So, I think crypto is both like fiat a bit in which you can spend it to buy something, but also a bit like gold because bitcoin has store of value as well, it is somewhere in the middle of those two things.

Totally agree with you. Something that we do use for the daily transaction is money and besides that has value on it is commodities. Gold is a form of a commodity that stores value which has a physical form and crypto is a form of a commodity that doesn't have any physical forum but still it can store value like gold. It's a new form of asset that can store value and at the same time can be used for the daily transactions.

[Dragonfund]

Despite the hate of fiat by many crypto enthusiasts, Fiat has been the only route many get into Bitcoin and many other Altcoins and it has also been easier for retail investors to get out of crypto space with their profit.
Many investors run for fiat because of its inflation rate but no matter how long you invest in an asset, at a point in future, your value will definitely be liquidated in to fait in other to enjoy economical value with your friends, family and live ones since bitcoin isn't generally accepted in all places.

[AndySt]

Despite the hate of fiat by many crypto enthusiasts, Fiat has been the only route many get into Bitcoin and many other Altcoins and it has also been easier for retail investors to get out of crypto space with their profit.
Many investors run for fiat because of its inflation rate but no matter how long you invest in an asset, at a point in future, your value will definitely be liquidated in to fait in other to enjoy economical value with your friends, family and live ones since bitcoin isn't generally accepted in all places.

You can love or hate fiat currencies, but you just need to recognize that such currencies form the basis of modern economics and public policy, and no cryptocurrency is able to compete at this point in time. But any thing has its costs and relative disadvantages, in the case of fiat currencies, this is constant inflation, which is a good help for the state for economic growth, but a bad factor for the ordinary population, which slowly devalues savings.

[Alex3590]

fiat is much more familiar, for many, than cryptocurrency. But most importantly, the government can control fiat, so, in my opinion, the full introduction of cryptocurrency into our lives will be long-term. The government needs to learn how to control the crypto, and again, there will still be an anonymous cryptocurrency.

[TheGreatPython]

Just to make this clear for everybody who still don't understand what cryptocurrency really is, it only became money when you spend it towards our needs and wants. This will become valuable when it's worth with our desired price which we ever desired to. Fiat is more than physical form, and cryptocurrency is more of digital figures that can be used through computers that used intenet connectivity through blockchain network that provides us convenience.

Even at the time you’re just holding it in your wallet it has value already, as long as people are ready to buy it for a particular rate, that rate will be the value and as time goes on it will be changing. It’s that value that it has which will enable you to be able to use it to buy whatever you desire, because if there is no value you’re going to be unable to make use of it to buy whatever it is that you want to buy. So saying that it doesn’t have any value until we use it to buy certain things is wrong.

[South Park]

I am also starting to change the way I use my money, not using cash but instead looking for cryptocurrencies. But this is still limited as it is not of much support in my current life either. Maybe in the time to come when the policy of using cryptocurrency is easier, I believe we will know anti-cash.

But let's be honest, we can't just be anti-cash because we use cryptocurrency.

I know some of us really hate cash or the system behind it but we can't just remove it in this world. Bitcoin will still be Bitcoin, the most popular and most expensive cryptocurrency in this market. IN the future, the higher the price it will have, the more popular it will be and I think that would just be another method of payment in the future, more people will use it and we will not be having a hard time using it.

It is completely impossible to remove fiat currencies because governments can force you to accept them, even if in the future we see a massive crash in fiat currencies to the point that no one trusts in them eventually governments are going to reintroduce those currencies and force people to accept them, and at that point what option businesses are going to have except to comply? However I really expect that as time passes bitcoin really becomes a parallel system that we can use alongside fiat currencies.

[AndySt]

I am also starting to change the way I use my money, not using cash but instead looking for cryptocurrencies. But this is still limited as it is not of much support in my current life either. Maybe in the time to come when the policy of using cryptocurrency is easier, I believe we will know anti-cash.

But let's be honest, we can't just be anti-cash because we use cryptocurrency.
I know some of us really hate cash or the system behind it but we can't just remove it in this world. Bitcoin will still be Bitcoin, the most popular and most expensive cryptocurrency in this market. IN the future, the higher the price it will have, the more popular it will be and I think that would just be another method of payment in the future, more people will use it and we will not be having a hard time using it.

It is completely impossible to remove fiat currencies because governments can force you to accept them, even if in the future we see a massive crash in fiat currencies to the point that no one trusts in them eventually governments are going to reintroduce those currencies and force people to accept them, and at that point what option businesses are going to have except to comply? However I really expect that as time passes bitcoin really becomes a parallel system that we can use alongside fiat currencies.

And no one will be able to remove fiat currencies even with the greatest desire, because there is no replacement and cryptocurrencies are absolutely not suitable for this role. The state as a system and fiat currencies are closely interrelated and it is only necessary to remove the fiat from this system, as the state administration will collapse like a house of cards. Therefore, the cryptocurrency has excellent prospects as an investment asset, also some prospects for parallel functions, and no prospects as a replacement. And by the way, do not confuse cash and fiat, it is not always absolutely identical things.

[Josefjix]

I beg to differ in the sense of them being them same, Fiat is only backed by the government of a country because it serves also as a national symbol. Cryptocurrency is absolutely free from third party involvement in a transaction, it has intrinsic value which the fiat doesn't have. The speed of transaction with crypto is even enough for everyone to be able to different between the two commodities.

The people who need to be educated about cryptocurrencies extensively are the children growing up, the old people are hellbent on terminating the technology which is a pros in the whole adoption of crypto. Because the government doesn't support the idea of crypto it doesn't make it any less of money. It is not accessible by everyone because of the lack of knowledge of it.

[bits4books]

"A banana and an orange are the same thing"

You are not ironically comparing two completely different things in their essence. You compare the similarity based on the function-purpose, but you do not want to take into account the essence of the subject and put an equal sign, which is fundamentally wrong.
Fiat currencies have a special set of qualities that make it impossible to equate them with cryptocurrencies, and the same with cryptocurrencies, they also have their own set of special qualities.

Putting an equal sign in such a question makes the most stupid mistake.