Fiat and cryptocurrency

[MCobian]

Actually fiat and cryptocurrency are both currencies that have almost the same function, but cryptocurrency is a decentralized currency  becomes
difficult for the government to accept. So we will find several countries prohibiting the use of cryptocurrency, because some countries are quite afraid
that fiat will be replaced by cryptocurrency. Therefore, in the end, many countries only accept crypto as a digital asset, without being able to be used
for payment. Hopefully in the future the government can change its mind and accept crypto as payment too. So fiat and cryptocurrency can go hand
in hand.

[wowz2010]

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.

In long term though it can be possible.
Cryptocurrency legalization is a matter of time, you can already see the difference compared to early 2020

[marcbitcoins]

Both are currencies, but for me, there are some notable differences. To make it easy today, fiat money is money supported by the country and its government. So money is controlled by the laws and legislation. Crypto-currencies are supported by their investors and companies that want to receive payments in crypto. It is not legal tender and it is not backed by a central government or bank (it is decentralized and global).

[DoublerHunter]

Both are currencies, but for me there are some notable differences. To make it simple today, fiat money is money supported by the country and its government. So money are controlled by the laws and legislation. Crypto-currencies are supported by their investors and companies that want to receive payments in crypto. It is not legal tender and it is not backed by a central government or bank (it is decentralized and global).

^ This is the difference between these two currencies, the decentralized and the centralized nature of currency which is the fiat currency is centralized and fully controlled by the government. They are not the same as a currency but nevertheless, they had the same valuable assets. Probably legalization of BTC is on the way from time to time and it takes time before that will happen and the word decentralized will probably turn to centralized. However, some countries can tax the BTC users, not directly to BTC itself. And that is a good way to adopt BTC in most countries.

[haidil]

Both are currencies, but for me there are some notable differences. To make it simple today, fiat money is money supported by the country and its government. So money are controlled by the laws and legislation. Crypto-currencies are supported by their investors and companies that want to receive payments in crypto. It is not legal tender and it is not backed by a central government or bank (it is decentralized and global).

^ This is the difference between these two currencies, the decentralized and the centralized nature of currency which is the fiat currency is centralized and fully controlled by the government. They are not the same as a currency but nevertheless, they had the same valuable assets. Probably legalization of BTC is on the way from time to time and it takes time before that will happen and the word decentralized will probably turn to centralized. However, some countries can tax the BTC users, not directly to BTC itself. And that is a good way to adopt BTC in most countries.

maybe the government considers BTC as an investment , it will be difficult to make BTC a currency because its value is not as stable. most people make it as an investment. if the government imposes a tax on every btc user of course it will be a separate advantage, that is very good

[GeorgeJohn]

Everyone is reacting bitterly, we have to know that the difference between fiat and cryptocurrency is not much, the only difference is that.

* Fiat currency is been controlled by the government and is centralized platform due to is under government regulations through banking system.

* cryptocurrency is a decentralized currency which is obvious that government don't have affairs to cryptocurrency or neither have any impact for its price regulations because its a digital asset.

So the only aspect I wants us to understand is that nothing fiat currency can purchase and crytocurrency can't purchased, so comparing it in terms of expenses fiat and cryptocurrency are the same, just forget about the centralisation aspect of fiat and decentralisation aspect of crypto. Their all useful in all ramifications.

There are few other things that could be added into this but this is the main thing. However this is not a small thing neither, we have to realize that this is actually a quite good deal and we should be happy about it. Think about it this way, governments are regular people, they are not another species, which means they have motives and agendas, this causes money to be something very important in the world of politics since they would act depending on whatever makes them richer, and that is why I have to point out that we are in a situation where we have to realize crypto gives us freedom from it.

There are no people controlling it, which means whatever bitcoin is today, will be the same decades later, and that type of power is nowhere to be found in any other currency. This is not just a small difference, this is a whole ideological change that we need.

Yeah it's really obvious that know one controls cryptocurrency and its a decentralized currency and it's generally accepted, so except that is any difference between cryptocurrency and fiat  currency in terms of importation and exportation of services using fiat currency or cryptocurrency, so I want us to look towards such directions.

[oHnK]

The differences arise because of people's beliefs and tastes. I don't think there is any difference between the two, but people who are unfamiliar with something will find it strange. Whether regulated by the authorities or not, the medium of exchange will always be the medium of exchange. However, how society can have the same great trust in crypto is a big challenge for crypto itself. Will crypto be more trusted with a longer life? Who knows?

[Yatsan]

Fiat and cryptocurrency both co-exist in nature and the society playing important roles most specially talking about transactions and economics. Both have their own way of usage so it must not always play a debate on keep on comparing which is better and which is not. Fiat and cryptocurrency are two existing bodies in the society that relies on how people perceive using and interacting through them.

The differences arise because of people's beliefs and tastes. I don't think there is any difference between the two, but people who are unfamiliar with something will find it strange. Whether regulated by the authorities or not, the medium of exchange will always be the medium of exchange. However, how society can have the same great trust in crypto is a big challenge for crypto itself. Will crypto be more trusted with a longer life? Who knows?

It is indeed agreeable that the difference between the two are just made out of people's perceptions towards how they see and use fiat and cryptocurrency and into which suits their daily lifestyle in need in order to take easy of their necessities.

[Cling18]

They have similarities yet they have different characteristics. Fiat is controlled by the government while Bitcoin is decentralized. Fiat is stable while Bitcoin is volatile. Bitcoin transactions are easier than fiat because we're the ones who are in control of it. However, in some instances, we could survive having fiat without Bitcoin but we can't live with just Bitcoin alone because lots of stablishments still aren't accepting it.

[SirLancelot]

There is not much difference between the two, they are both considered as money, the only thing is that fiat is an official currency and every country has their own currency, but Bitcoin is not an official currency for any country and is mostly considered an asset you own as an individual. As for the government being against Bitcoin, it all depends on the country and they all have different reasons as to why they don’t accept Bitcoin, it can be because they are trying to avoid money laundering or they are still yet to understand it, so they are not letting people to make use of it till they get it.

[vintages]

Valid points I have read so far.
Just to contribute, one major reasons why many governments rejects Bitcoin is how it equalize the supremacy game that is been played by dominating currencies. With bitcoin no currency is bigger than the other and that is how it should be.
On the future, we hope to see the situation where by Bitcoin and fiat are in support of each other.

[beerlover]

Both are currencies, but for me there are some notable differences. To make it simple today, fiat money is money supported by the country and its government. So money are controlled by the laws and legislation. Crypto-currencies are supported by their investors and companies that want to receive payments in crypto. It is not legal tender and it is not backed by a central government or bank (it is decentralized and global).

Not being backed by governments doesn't mean that it is not backed by anything, it is backed by the investors who give it some value. Normally 1 dollar doesn't worth anything, if you get that 1 dollar paper in your hands and you want to spend it, what gives it a value?

The fact that people all around the world agreed to give it 1 dollar value, even governments backing it means nothing because at the end of the day you have to convince the other person to accept it, and all around the world dollar is accepted a lot, but there are places where they do not accept dollars, in that place 10000 dollars worths zero because you can't use it. Same goes for crypto, it is the people that agree to the price of it that gives it a value, for someone that doesn't one crypto it might not have value, but for people who know how much it worths it has a value, same as fiat.

[skarais]

Valid points I have read so far.
Just to contribute, one major reasons why many governments rejects Bitcoin is how it equalize the supremacy game that is been played by dominating currencies. With bitcoin no currency is bigger than the other and that is how it should be.
On the future, we hope to see the situation where by Bitcoin and fiat are in support of each other.

Most government prohibit bitcoin from being used as a legal tender, but they don't prohibit people from trading it. There is no clear reason other than the government look afraid of the domination of bitcoin in the future which can disrupt the circulation and use of fiat currency and will also have an impact on the economy. Another reason that may be disclosed publicly is that bitcoin could potentially be used for illegal thing that may be difficult for the government to control. But I assume that this excuse is too stupid for them because fiat is already the currency that helped criminal and other illegal acts before bitcoin.

Meanwhile, we still need fiat to get bitcoin and so far I see that the government has been receiving profits from bitcoin simply because they enforce tax rule. It's hard to see bitcoin being adopted on a large scale as a legal tender. There are many things that prevent this from happening and one of them is the rule imposed by the government.

[Reatim]

Valid points I have read so far.
Just to contribute, one major reasons why many governments rejects Bitcoin is how it equalize the supremacy game that is been played by dominating currencies. With bitcoin no currency is bigger than the other and that is how it should be.
On the future, we hope to see the situation where by Bitcoin and fiat are in support of each other.

And this is what Biden wanted now right ? to Make Dollar Great again ? so i can see your point on that , because The currencies symbolizes the status of each country and how dominance they are as a whole.

Look at the value of US dollar continues to Fall While asian currencies are now starting to make High movements so Yeah I Still stands in Crypto than Fiat.

[dondonk]

It has been explained by our friends here that fiat and cryptocurrency are different. The difference is in the system and in the actual form. besides that functionally, both fiat and cryptocurrency can be used to pay for something we buy.

[youdacapt]

Fiat and cryptocurrency are the same   

To begin with; i will like to inform you that fiats and crypto currency are not the same; they obviously can be used to serve the same purpose; but they are not the same. I say this because fiat in cash or your bank account adds little to zero value if kept for a while or if converted to a higher currency for international trade. Meanwhile; crypto currency is a lifestyle where you can get profits or losses; wealth or rekt;

nothing fiat can purchase bitcoin can't purchase, so no difference between both because all are currency.

Bitcoin cannot be used to purchase everything; because locally, fiats is more accepted throughout the world; meanwhile if you are a digital worker; trader etc; you can ofcourse get reward and payment in bitcoin. Both bitcoin and fiat are currencies; serving different diverse importance to the world

[Janation]

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.

[oHnK]

Valid points I have read so far.
Just to contribute, one major reasons why many governments rejects Bitcoin is how it equalize the supremacy game that is been played by dominating currencies. With bitcoin no currency is bigger than the other and that is how it should be.
On the future, we hope to see the situation where by Bitcoin and fiat are in support of each other.

Most government prohibit bitcoin from being used as a legal tender, but they don't prohibit people from trading it. There is no clear reason other than the government look afraid of the domination of bitcoin in the future which can disrupt the circulation and use of fiat currency and will also have an impact on the economy. Another reason that may be disclosed publicly is that bitcoin could potentially be used for illegal thing that may be difficult for the government to control. But I assume that this excuse is too stupid for them because fiat is already the currency that helped criminal and other illegal acts before bitcoin.

Meanwhile, we still need fiat to get bitcoin and so far I see that the government has been receiving profits from bitcoin simply because they enforce tax rule. It's hard to see bitcoin being adopted on a large scale as a legal tender. There are many things that prevent this from happening and one of them is the rule imposed by the government.

I don't see any potential for Fiat and Bitcoin to support each other, because there are too many restrictions in each country. Apart from the above reasons, many countries have banned Bitcoin because this trend has had a negative impact on the financial stability of the country. The high inflated value of fiat is due to the existence of Bitcoin. The representative of the Central Bank in my country even said why creating money serves money. So the chances of Bitcoin and Fiat supporting each other are very slim in terms of authority. However, if everyone in society has accepted Bitcoin well, this potential could emerge suddenly.

[k@suy]

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.

Yes because we cannot erase the fact that not all countries can adopt this kind of technology and not all the country can provide a good internet speed that will let them use cryptocurrency in their daily lives, we all know that cryptocurrency depends on internet connectivity as well. Fiat will always be fiat, it cannot be replaced by cryptocurrency, it is run by the government, cryptocurrency runs by no one. So I cannot say that one of these can be gone in the future.

[AicecreaME]

Fiat is a physical money while Bitcoin is a digital one, so technically, they are not the "same" as same, also when it comes to technology, fiat is traditional, and Bitcoin is the future. But I'm not totally against for fiat and Bitcoin to continuously coexist with each other, because they need each other, it's easier to have two options when buying or making a transaction.

Bitcoin adaptation surely will take a longer time for the majority accepts it as an everyday method of payment, but it doesn't matter, Bitcoin will always be the King against Fiat.