Fiat and cryptocurrency

[hulla]

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 reasonable that for crypto not to be seen as an asset we need to use it as a currency but I think the cryptocurrency users need to wake up to the fact been a crypto enthusiast doesn't mean we have to be anti-cash notwithstanding the selfishness and the centralized operative behind fiat. However, the obsolete of fiat is one of the reasons some governments doesn't want to support crypto, if we don't use fiat they may go against crypto, and the last time I check we need both fiat and crypto to have a proper payment system.

[Kong Hey Pakboy]

Maybe they are the same in terms that they are both "currency", but still there are a lots of differences you can see between cryptocurrency and fiat. Cryptocurrency is revolutionary; this is a currency that no one can regulate-- it is decentralized. On the other hand, fiat is controlled by government and admit it or not, this is the traditional currency which we use from times before and we still use now. We're having an advantage where we can use both now and we can decide where we will choose to grow.

[emmybd]

Fiat is a government issued currency and it has been in circulation for a long time, so it is trusted worldwide. Import and export businesses all over the world have also done with fiat currency. In general, people are used to using it all over the world. On the other hand, cryptocurrency is a new phenomena. There are hundred of millions of people all over the world they don't have access to computer and internet, so they don't know anything about cryptocurrency. As it is still not regulated, so people who know about it and have been aware of its advantages are very much skeptical about it. Some governments have also raised their voice against bitcoin. There has been a lot of confusion about bitcoin and its future, but on the other hand fiat currency is considered very much safe.

[GeorgeJohn]

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

It's via a countries that is not civilised, majority of countries are adopting the uses of cryptocurrency for everything both importation and exportation of goods and service's, OK if someone can purchase pizza with cryptocurrency far back when the awareness of cryptocurrency is little bit in society, while can't bitcoin purchase things in local areas currently, so I really disagree with you because people who are using cryptocurrency is higher than people who are not into cryptocurrency, Try to convince me properly.

[ningrum]

Both of these money are very correlated and collaborative, even being dubbed as rivals,
we all know that Fiat is printed by the State Bank, and Crypto is printed by the World community,
of course if the Bank loses then the money will no longer be useful and it is possible that crypto currency has value,
currently cryptocurrencies still need fiat, but in the future all will change.

[AndySt]

Both of these money are very correlated and collaborative, even being dubbed as rivals, we all know that Fiat is printed by the State Bank, and Crypto is printed by the World community,
of course if the Bank loses then the money will no longer be useful and it is possible that crypto currency has value, currently cryptocurrencies still need fiat, but in the future all will change.

Fiat and cryptocurrencies are by no means rivals at this point in time. The world community can print as many of its cryptocurrencies as it wants, but so far the basis of the modern world order is sovereign states, which in turn rely on the use of fiat currencies, which in modern times are increasingly in the form of digital currencies. Therefore, the defeat of the central banks is the defeat of the state banks and, accordingly, the emergence of ruin and anarchy, which I would not wish for myself or anyone else.

[GloriaG00586]

Since Bitcoin is not backed by any other physical objects, its value (similar to legal tender) is based on trust.

What distinguishes Bitcoin from fiat currencies is only the question of where the trust is placed. For fiat currencies, this trust is placed in private institutions. For Bitcoin, trust is placed in technology: blockchain technology.

[redsun114]

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.

"many" countries didn't ban it, in fact the number of places that accepted it as legal tender is more than places that banned it, the only bigger number is countries that doesn't have any thing at all. Think about it this way if these good big nations like USA and UK and many European nations all accept bitcoin and even tax it properly that means bitcoin is nothing to be worried about and fiat could be working with it soon.

However there is this idea that bitcoin was created to fight fiat is something everyone focuses on and that is the problem. Reality couldn't be further from truth, the real reason bitcoin was created to create a  decentralized currency so that central organizations can't attack our money, it is not a fight against fiat it is a fight against politicians and banks.

[Silberman]

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 disagree fiat and bitcoin are not the same, one of the main differences is that fiat is controlled by the governments and there is no limit to its supply while bitcoin is decentralized and has a limit to the number of coins that will exist, while this may not seem like a big deal for those that do not understand how the economy works it is in fact a big deal, governments get a lot of power from their fiat currencies and they see in bitcoin a rival that could take away a great deal of that power and that is why they try to limit its use.

[Janation]

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.

I think there will be "gone".

Right now, we are still debating and people are still talking about Bitcoin eliminating fiat currencies in the future but since we are talking about it won't be eliminated, which means there will be something gone in the future. I am not talking about Bitcoin but the conflict of the people since in the future, I know, it will be united.

[oHnK]

"many" countries didn't ban it, in fact the number of places that accepted it as legal tender is more than places that banned it, the only bigger number is countries that doesn't have any thing at all. Think about it this way if these good big nations like USA and UK and many European nations all accept bitcoin and even tax it properly that means bitcoin is nothing to be worried about and fiat could be working with it soon.

However there is this idea that bitcoin was created to fight fiat is something everyone focuses on and that is the problem. Reality couldn't be further from truth, the real reason bitcoin was created to create a  decentralized currency so that central organizations can't attack our money, it is not a fight against fiat it is a fight against politicians and banks.

I say that because of the fact that there are big countries that openly regard bitcoin as a currency especially along with fiat.  In my country, it is only recognized as a commodity, not as a currency.  China and Inda ban bitcoin and create new competitors for bitcoin.  Even in my country, there are rumors circulating that our government is preparing a bitcoin counterpart.  How come there are ideas of bitcoin and fiat supporting each other even though every country is competing to create a competitor for bitcoin.  Is this just a sweet dream that won't come true.  It is okay to think like that if there is a basis for thinking

[beerlover]

Right now, we are still debating and people are still talking about Bitcoin eliminating fiat currencies in the future but since we are talking about it won't be eliminated, which means there will be something gone in the future. I am not talking about Bitcoin but the conflict of the people since in the future, I know, it will be united.

You can always have this current system we are in, why would anyone want to change that and why do you think there will only be one standing in the end? It is obvious that we can buy things with bitcoin right now because I have spent thousands on buying things with bitcoin and I can testify that people can buy things with bitcoin, that is already something we know right?

Well, people have been using fiat for centuries as well, so where does this leave us with? It leaves us with the fact that bitcoin and fiat is currently used together without a problem, so why would that change in the future? It will not change and people will be capable of spending both of them together in the future as well. I doubt that anything will be "gone", I think we are going to have bitcoin a lot bigger part of our life in the future, but I think both of them will exist together.

[hahay]

I agree that fiat and cryptocurrency are the same thing, but it's not about governments disliking cryptocurrency. The government basically wants every transaction to use fiat or use a recognized currency and they do that for strong reasons I think for the country of course, because even when there are people transacting using something else in reality the government will still follow up and it's not always about cryptocurrency. With the government wanting to maintain a recognized currency it's no wonder if cryptocurrency is only seen as a cryptoasset, and I don't think that's a problem because after all, it's the reality.

[Lordhermes]

Could Bitcoin exist without the Fiat currency? Let's do some comparative analysis, old hodlers withdraws to fiat for local shopping, new investors buys BTC using Fiat right? The two works hand in hand for proper execution while the government feels threatened the value of fiat is getting to zero, that's why they started banning cryptocurrencies in their country. Nigeria government just joined the hatred against cryptocurrencies in their recent news few days ago https://www.premiumtimesng.com/business/440826-updated-cbn-orders-nigerian-banks-to-close-cryptocurrency-accounts.html

[pinggoki]

I agree that fiat and cryptocurrency are the same thing, but it's not about governments disliking cryptocurrency. The government basically wants every transaction to use fiat or use a recognized currency and they do that for strong reasons I think for the country of course, because even when there are people transacting using something else in reality the government will still follow up and it's not always about cryptocurrency. With the government wanting to maintain a recognized currency it's no wonder if cryptocurrency is only seen as a cryptoasset, and I don't think that's a problem because after all, it's the reality.

Same thing here, fiat and cryptocurrency are way too the same because this FIAT we are using or the traditional paper money that we are using in each country is almost the same thing that we are using on cryptocurrency, why? simply because fiat is tangible meaning it is paper that we can touch while cryptocurrency like bitcoin are intangible meaning we are unable to touch this currency that's why it is digital. But the purpose and the use are almost the same. The government hates cryptocurrency it is because in bitcoin people can make a transaction that the government will not see but what the government wants is an open transaction in which they can monitor every transaction the people are going to make.

[blckhawk]

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.

Well, I would say yes they might be something similar to each other in a way both Fiat and cryptocurrencies are used as a mode of payment but cryptocurrencies can be more than that like being an asset. Regarding why government dislikes crypto, I don't think the government will dislike crypto for nothing, there must be some reason why they hate it and that is because they had no control over it, unlike fiat where they can monitor and manipulate everything. Yes, they could impose regulation on crypto exchanges but they can not directly control cryptocurrencies. One thing that could also be a reason is that knowing the fact that the transaction is being made anonymously, crypto can be used in illegal activities. Anyway, fiat and crypto are both very useful in their own way so there's no reason of comparing the two.

[verita1]

Fiat was created so that people could market their goods and services safely and efficiently. Banks tried to offer the best service but from the moment users realized that their demands were not being met, they turned to bitcoin and cryptocurrencies.

Inflation has been a major trigger that has allowed individuals and institutions to prefer bitcoin and cryptocurrencies.
With bitcoin and crypto there is no problem that governments will take control of your money because the best feature they have is decentralization.

[AndySt]

Fiat was created so that people could market their goods and services safely and efficiently. Banks tried to offer the best service but from the moment users realized that their demands were not being met, they turned to bitcoin and cryptocurrencies.
Inflation has been a major trigger that has allowed individuals and institutions to prefer bitcoin and cryptocurrencies.
With bitcoin and crypto there is no problem that governments will take control of your money because the best feature they have is decentralization.

Personally, I would not advise underestimating the government's ability to take control of your money Because you do not live in an airless space, but in a very specific state with which you will not will need to interact in order to live in peace and health buying goods and services, so the state will always have in its arsenal techniques for controlling you and your finances.

[Nhor1011]

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.

Even though fiat and digital currency has the same functions and can be use as mode of payments but still these two currency are different. Remember that fiat money already exist long time ago while digital currency is just more than ten years. People are much aware and convenience in using fiat money rather than digital currency. Also we can't force government to accept and legalize a decentralized digital currency. Not all people already know how to use bitcoin so they are still favor in using fiat money.

[chaser15]

As long as crypto was treated mostly as an investment, it can't work as a fiat currency does.

Mass Adoption wasn't taking place because only a few as a whole are using crypto as a currency. Crypto, especially bitcoin are projected to reach over $100,000 in the future so who else will spend their bitcoin for now.

Banks tried to offer the best service but from the moment users realized that their demands were not being met, they turned to bitcoin and cryptocurrencies.

What are these demands that don't meet?