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Author Topic: Fiat and cryptocurrency  (Read 1193 times)
GeorgeJohn
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January 30, 2021, 05:13:36 AM
 #1

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.


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January 30, 2021, 06:35:57 AM
 #2

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.
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January 30, 2021, 07:07:46 AM
 #3


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 other words the two are inseparable, and indeed the fact is that fiat and cryptocurrency go hand in hand with each other. as for the same function and some are different. I think that's fair enough.
real money and digital money (to put it simply).

for me the two must stay together and cannot be allowed to clash.
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January 30, 2021, 07:17:22 AM
 #4

Fiat and cryptocurrency are the same
Their function is same. Their use is "similar". Both are modes of payment.

Quote
but people in society differentiate them and value fiat because its adopted by the government far back,
Fiat was there since a long time. Before it gold and silver were there. Whatever is the majority source of value has been adopted by governments.

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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,
Your research? Governments are not individuals with subjective minds to "dislike" something. They are long term thinkers who run a country and a democracy in most cases. You might have some opinion but people who run the government are not short term thinkers. They might accept crypto for use with time. Unless you go into their shoes you cant comment based only on your disdain and still be correct.

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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.
That is fine, but that is not applicable to everyone in the world yet. Someone might have a lot of bitcoin but nowhere to spend it because no merchant in their country is accepting it or knowing about it.

Both acceptance and usage needs to be there to allow a free usage. I still see shops owners getting extremely irritated when I cant hand out cash and ask for online/digital payment options (<in fiat of course) - how do you expect them to move on to bitcoin as a major source of payment?

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January 30, 2021, 07:30:18 AM
 #5

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.
Fiat and crypto currencies are the same? No they are not. Not sure how you even came to this conclusion. The fiat system has so many issues that some of the cryptocurrencies can solve. And there are reasons why the government don't like "decentralized" crypto currencies. First of all, they will have no power over it. Secondly, they are concerned that usage of crypto currencies might lead to more easy illegal activities.
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.
Maybe differentiating might be better? People will know the advantage of it over crypto currencies.

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January 30, 2021, 07:56:05 AM
 #6

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.
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January 30, 2021, 11:44:50 AM
 #7

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.

These governments didn't dislike cryptocurrency for nothing, of course anything that is decentralised is against the government's intentions to control the population in general.
Bitcoin as the leading and the most popular cryptocurrency has still difficulties in scalability and transaction fees. So, in terms of usage not everyone is well aware of how to spend their Btc without paying too much for the transaction fees. 
While fiat has been traditionally being used and the most convenient means for the payment system. Though Bitcoin has still a lot room to improve so it can be as convenient as the fiat currency in the future.

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January 30, 2021, 12:22:01 PM
 #8

Disagree with you completely.

Although both of their motives maybe same, fiat and crypto is just totally different in every fundamental way! Fiat is regulated, printed, monitored, and is backed up by government's trust while Bitcoin is decentralized, and completely unregulated. The governments are anti-crypto may have different reasons but one might be common which is fundamentally governments love to control and since Bitcoin is decentralized, they don't like that Tongue
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January 30, 2021, 12:57:16 PM
 #9

There are some pros and cons that we should know why the government prefers fiat over crypto, at least for now. in this sense I believe that crypto is much better implemented in a complex financial system. Even so, the government prefers fiat because they have a form, they can be controlled (relevant to the government system) and fiat also has clear regulations. once again, for now even traditional investors are still dependent on bank transactions that can actually be simplified with crypto. maybe this is because the current government system is not familiar enough and maybe not quite compatible with crypto, so the government prefers fiat and will probably continue to choose fiat even though there are better solutions, because their system from the start is different and not suitable to be implemented in the current government system. cmiiw
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January 30, 2021, 01:03:16 PM
 #10

How you made a post and classify fiat and cryptocurrency to be the same and no difference? No, they are not same completely and if they are not same completely, then they are different but doing same purpose. This same purpose that both perform is what relate them together.
They do the purpose with different models and have different make up. Fiat is physical money stored in a bank or personally in the house and with the state being its custodian but your bitcoin is controlled by you in your wallet, isn't it  Grin

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January 30, 2021, 01:13:42 PM
 #11

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.

These are different entities. Whatever it was - but fiat money is provided with real products, resources, services. In the production of cryptocurrency, in the "best case", the cost is formed at the expense of the cost of electricity consumed in the process of mining + equipment. But the electricity used can no longer be recycled, and mining equipment has a rapidly falling cost. At the same time, fiat funds can be additionally issued into the economy, if necessary, and cryptocurrencies are finite in their volume. As a minimum, because of these differences, it is not correct to compare these systems.

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January 30, 2021, 03:14:17 PM
 #12

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.


We may see it as the same in terms of usage but fiat is very different from bitcoin. Even though bitcoin and fiat has a connection to each other, bitcoin is far more better than it in terms of its value. Fiat might have existed way more earlier than bitcoin, the dominance of bitcoin is still getting better as time passes by. In differs on the regulation too, fiat is regulated by the government while bitcoin is a decentralized currency. That's what bitcoin is better that fiat, because there are no organization that holds its regulation unlike in fiat.

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January 30, 2021, 03:23:07 PM
 #13

Unending topic I guess.
People will be continuously confused of these two even if the idea is that simple. Cryptocurrency is decentralized while fiat is regulated by the government. Fist is has a physical form while cryptocurrency falls in line with other digital currency. But the idea which makes this confusing I guess is to how cryptocurrency is being used. Cryptos are also a profitable investment given that its market value is volatile and changes could create profit from holding and selling at high market prices. Also some cryptos are having continuous increase for a long run.
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January 30, 2021, 04:06:01 PM
 #14

I do not think that the government **disliked them for nothing**
I do think that the government did realize that cryptocurrencies like bitcoins will give people freedom and with freedom people will have more power and equal distribution and all the governments in the world even despite being democratic doesn't want something like that to happen. This is actually something that they fear would not only increase
*Illegal activities*
But at the same time would also :
*Make fiat weaker*
Some go as far as saying how it's something that chinese made and now if it continues would give our information to China etc.. but other than that it's quite a normal topic that have been discussed since forever.

See as a local transaction I do not think it works , but at the end of the day if you are doing overseas transactions it would be quite a good deal. It does not only less fee but also more credible to be honest as compared to banks.
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January 30, 2021, 04:42:42 PM
 #15

Fiat and cryptocurrency are different in many ways, principally by the way they operate.

Handle your grandpa 100 000 satoshis and tell him to buy some bread and butter with them Smiley

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January 30, 2021, 06:53:22 PM
 #16

We can't mention fiat and cryptocurrency are same but both are using as payment. A lot of people are still unaware of crypto currency and some government are not adopting it. But in future, people will select crypto currency than fiat currency.

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January 30, 2021, 08:09:44 PM
 #17

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,

They are not the same. Cryptocurrencies are controlled by protocol , fiat currencies are controlled by current government. Even if you have super duper government that made succinct in your country budged in past years you have no ideas what government you will have few years from now. They print money for that and that creates inflation.  They create money for all kind of things. Not just for fighting pandemic as they did last and this year. Bailing out bankers and wealthy people. All that is paid by fiat currency users through inflation.
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January 30, 2021, 08:32:49 PM
 #18

The fact is that fiat has never been good hedge against inflation but bitcoin has play a big role in defining that. There is an ideal and real situation in cryptocurrencies and fiat system. In Fiat, in my own understanding, this is the best that can work for a standard economy but that shouldn't be the only thing everyone can hope own but bitcoin has over perfomed that many occasions as hedge against inflation.
Though in reality, fiat is needed for liquidity and I don't think any sane government wouldn't want to hold bitcoin as a medium of exchange except they want to crash their economy.
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January 30, 2021, 10:55:35 PM
 #19

Fiat and cryptocurrency are the same
They are the same in terms of being used as payment but they still have a lot of differences like being volatile and as well as being inflationary and deflationary.

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,
The first reason why they dislike it is that because there's no central authority that can control it. Except those coins that are centralized and can easily be controlled but many of them can't be controlled even by the government. One perfect example is bitcoin.

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.
We're already there that we like bitcoin and we're all in on it. But we can't also deny that its entire adoption, many places on Earth still don't understand and adopted it yet. If someone differentiates and compares bitcoin to fiat, there's nothing wrong with that if they believe in fiat or they believe in bitcoin. Both has their purpose and even today, in my neighborhood, I get to buy things mostly in cash but I also enjoy buying things with bitcoin but only online.

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January 31, 2021, 01:10:53 PM
 #20

As someone in the crypto world you can't really same crypto and fiat as the same, the whole point of crypto is the fact that it is much better than fiat and that is why we are here and not purely on fiat, if I believed they were the same thing I wouldn't really worry about here and would go ahead and live my life in the fiat world that already exists and easier to live, but I believe they are different and crypto is much better.

First of all decentralization is the biggest proof you will ever need when it comes to showing why crypto is better, we are talking about crypto which would be awesome and that is why I believe if we can have decentralization in fiat one day that would work but it is impossible since the centralization is what makes governments powerful and the moment crypto gets bigger and they can't control our money anymore that means we are in charge and governments are just our workers that's it.

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