Is Bitcoin better than Fiat?

[aysg76]

You are comparing decentralised finance and centralized finance on the same line but in actual there is huge difference between them.One currency provides you freedom from centralized authorities and you are owner of your funds whereas in fiat government is actual owner of your funds and whenever they wish they can have them back from you.We have discussed this topic before hand on this forum many times also and all crypto enthusiast considers Bitcoin as superior currency than others.

https://bitcointalk.org/index.php?topic=5191430.0

So many have debated it about it already but btc have always win the arguments in terms of security and instant global payments.



Fiat cannot be replaced completely by Bitcoin or other alts as main source of payments until the long run due to its vast network and people trust and ease of use.So both have their existence at this time.

[1715163981]

1715163981

[DatKing]

There is really much divergency about this question. I'm one of the Bitcoin supporters in this. Because it is the money of the future. But I also think that it won't be used as a main currency by governments because of its volatility. But Bitcoin is really helping for digital currencies to be developed by goverments to be prepared for the future.

[lovesmayfamilis]

It would be strange to hear on the Bitcoin forum that fiat is better. You won't be able to print a lot of bitcoins, as is the case with fiat money today. Thus, it saves from inflation. Banks' rejection of bitcoin is an inconvenience for many. People cannot pay for essential goods, which cannot be said about fiat. I wouldn't compare bitcoin and fiat today because they still have big differences. Therefore, today fiat works for me to spend, and bitcoin I prefer to keep and not spend as long as possible.

[MuffinMaster]

This question is always here and its answered so many times still it pops up again and again. BTC and Fiat have their own importance in daily life. We still need fiat to live our everyday life. We can't buy a bread using btc. Both are different ecosystem and cant be compared.

[MinoRaiola]

I use bitcoin or fiat money for different purposes and i think that bitcoin is much better than fiat money, but it is always not easy to pay with it everywhere. Cryptocurrencies are digital paperless money. Many people have literally taken advantage of the decentralized currency and used it for investment. I hope that very soon there will be a lot more critics possible to pay with.

[best123]

In some ways; decentralization, immutability, scalability, lesser transaction cost etc. But, in terms of holding it as an asset, it is very volatile. It can be $100 now, in 5 minutes time it is higher or lesser.
In transaction cases, I prefer cryptocurrency to fiat.

[Yamifoud]

In some ways; decentralization, immutability, scalability, lesser transaction cost etc. But, in terms of holding it as an asset, it is very volatile. It can be $100 now, in 5 minutes time it is higher or lesser.
In transaction cases, I prefer cryptocurrency to fiat.

Now is to realize that Bitcoin can't ever be better to fiat, right? The transfer transaction for Bitcoin meant not good for now, many can't wait longer or even to pay high for a single transaction, $2, $3k?
People are expecting that the use of Bitcoin is faster than what we think, it was just before but for now, it bothers too much. This could give them a way better to keep fiat.
I know many will disagree with this but we can't deny that Bitcoin serves only as an alternative. It is not the thing we should focus on.

[Vaskiy]

Both bitcoin and fiat are better than each other. This is based upon the way we make use of it. For an user who is much used to fiat and doesn't have much knowledge about bitcoin will state fiat to be the best, same time user who have profited out of bitcoin just by holding will mention bitcoin to be better in all aspects.

In terms of usage Bitcoin is at its early stage, because the acceptance level is slowly increasing whereas with fiat people get the easiest access through different payment gateways and applications developed for the purpose.

[taufik123]

Both bitcoin and fiat are better than each other. This is based upon the way we make use of it. For an user who is much used to fiat and doesn't have much knowledge about bitcoin will state fiat to be the best, same time user who have profited out of bitcoin just by holding will mention bitcoin to be better in all aspects.

In terms of usage Bitcoin is at its early stage, because the acceptance level is slowly increasing whereas with fiat people get the easiest access through different payment gateways and applications developed for the purpose.

So between Fiat and Bitcoin has their own advantages and disadvantages and also depends on who is using them. Bitcoin is another option as a digital payment that is more revolutionary and more transparent, while fiat is a traditional payment that can be used by everyone from all walks of life. Bitcoin makes Fiat easier and more complementary. Bitcoin is the future of a digital payment system which is also supported by Fiat. There is nothing better and nothing worse, the purpose of making other payments is only to make up for flaws in the previous payment system.

[androyster]

It is and it is not.

Fiat money is supposed to be an easy medium of exchange. Bitcoin is not. You can't grab a hot dog from a stand or a coffee and it's not because of lack of acceptance or even fees because fees can be adjusted. The main problem now is time between blocks. 10 minutes is too much for cheap fast stuff you want to get on the go, like gasoline.

It's better because of all the decentralization and no middle man stuff but fiat is still much better in some instances.

Want to send money to someone abroad? Bitcoin
Want to buy a house? Bitcoin
Want to save up for retirement? Bitcoin
Want to pay your bills, grab a meal, buy a bus ticket, shop for groceries, order food online? Fiat

No.  Fiat money is NOT supposed to be an easy medium of exchange.  It is only an "easy medium of exchange" because the general public accepted the fact that it has intrinsic value guaranteed by the US Treasury which used to be backed by gold.

Fiat is Bullsh*t.  Today it is not backed by anything other than politics.  Bitcoin on the other hand..

[TheUltraElite]

Fiat is Bullsh*t.  

You have used the same "crap" to pay for your morning bread today, also the people from hundreds of countries where bitcoin is not known or used have also used it to ease their hunger pains.

In some ways; decentralization, immutability, scalability, lesser transaction cost etc. But, in terms of holding it as an asset, it is very volatile. It can be $100 now, in 5 minutes time it is higher or lesser.

5 minutes? I think you are getting the idea of volatility too exaggerated. And making a change by 1dollar in the price of an article needs a significant movement of price. That though is less likely everyday.

In transaction cases, I prefer cryptocurrency to fiat.

Then you lucky to live in a place where you have such an avenue of spending.

so now based on the popularity of cryptocurrency across the nation people still value fiat more than bitcoin, most especially old adults in the society.

Of course you wont want your gramps to use some cyberpunk currency that can be easily stolen in the hands of a less tech savvy person. Even then the current generation if supposed to be able to use crypto more, does not - because they are less knowledgeable about. Still I am seeing an improvement in this since the prices of coins reached mainstream markets. Again this will become big if their governments allow crypto spending and trading without bars.

[Noctis Connor]

For me there are big difference when talking about bitcoin and fiat well at first people might think that you can't withdraw bitcoin into liquid asset unless it will turn into fiat then use it into some good purposes secondly most of people are thinking that bitcoin will become corrupt like fiat that they used it to control everything with the use of government power well this is good for bitcoin that it was decentralize that records all the transactions and no one can manipulate it's price and mostly you can easily send money abroad using bitcoin.

[bittick]

It certainly is, fiat is just paper money and there's reason why people creates platform for sending money digitally or even bank because saving it even in your pocket is such a hurdle but digital currency such as cryptocurrency already solve that problem since day 1. functionality wise? it's obvious, cryptocurrency definitely way better than fiat.

[zanezane]

It certainly is, fiat is just paper money and there's reason why people creates platform for sending money digitally or even bank because saving it even in your pocket is such a hurdle but digital currency such as cryptocurrency already solve that problem since day 1. functionality wise? it's obvious, cryptocurrency definitely way better than fiat.

Isn't bitcoin has the same concept? But yeah bitcoin definitely has a better capability than conventional fiat but fiat upped their game too, you can also send fiat digitally so I think that they are tied when it comes to that. My take on this is that bitcoin is better than fiat because it appreciates overtime despite the volatility of the prices compared to fiat, and bitcoin is not a perfect thing because fiat is a better option for most businesses for now to accept in a transaction.

[Trinx01]

Both bitcoin and fiat currency are good for different purposes, you are asking about this thing in the crypto platform community so expect that a lot of comments would prefer bitcoin, so if you also try to ask this in real life then for sure they will choose the fiat currency, as most of the people still does not know crypto.

[Kelvinid]

It certainly is, fiat is just paper money and there's reason why people creates platform for sending money digitally or even bank because saving it even in your pocket is such a hurdle but digital currency such as cryptocurrency already solve that problem since day 1. functionality wise? it's obvious, cryptocurrency definitely way better than fiat.

May we say functionality wise but not this time. If only the majority sees Bitcoin is better over fiat, they will surely run to it and adopt but it never happens. Why? because whether we like it or not, the majority still comfortable with the paper money, and even they wait for a long time in line, they will do it.

Even I was promoting cryptocurrency and we are here to bring awareness to the community but we can't deny that Bitcoin isn't fully ready enough for a huge adoption. If that instant confirmation is sustainable, it could be the time we feel it was better than fiat money.

[mazdafunsun]

it is hard to come up with arguments why one is better than other, the only thing that i can think of is problems of inflation of FIAT currencies.
Now more than ever when governments are printing large sums of money to '' bail '' out their economies, fiats value is decresing where bitcoins value is saying the same or even increasing. If we take this account, BTC is the superior.

[GeorgeJohn]

It is and it is not.

Fiat money is supposed to be an easy medium of exchange. Bitcoin is not. You can't grab a hot dog from a stand or a coffee and it's not because of lack of acceptance or even fees because fees can be adjusted. The main problem now is time between blocks. 10 minutes is too much for cheap fast stuff you want to get on the go, like gasoline.

It's better because of all the decentralization and no middle man stuff but fiat is still much better in some instances.

Want to send money to someone abroad? Bitcoin
Want to buy a house? Bitcoin
Want to save up for retirement? Bitcoin
Want to pay your bills, grab a meal, buy a bus ticket, shop for groceries, order food online? Fiat

No.  Fiat money is NOT supposed to be an easy medium of exchange.  It is only an "easy medium of exchange" because the general public accepted the fact that it has intrinsic value guaranteed by the US Treasury which used to be backed by gold.

Fiat is Bullsh*t.  Today it is not backed by anything other than politics.  Bitcoin on the other hand..

Definitely young adults will adopt the system of new innovation, because emulating the system of cryptocurrency more especially Bitcoin is not waste, because currently Bitcoin has began to make fiat unknown to a certain extent

Fiat is Bullsh*t.  

You have used the same "crap" to pay for your morning bread today, also the people from hundreds of countries where bitcoin is not known or used have also used it to ease their hunger pains.

In some ways; decentralization, immutability, scalability, lesser transaction cost etc. But, in terms of holding it as an asset, it is very volatile. It can be $100 now, in 5 minutes time it is higher or lesser.

5 minutes? I think you are getting the idea of volatility too exaggerated. And making a change by 1dollar in the price of an article needs a significant movement of price. That though is less likely everyday.

In transaction cases, I prefer cryptocurrency to fiat.

Then you lucky to live in a place where you have such an avenue of spending.

so now based on the popularity of cryptocurrency across the nation people still value fiat more than bitcoin, most especially old adults in the society.

Of course you wont want your gramps to use some cyberpunk currency that can be easily stolen in the hands of a less tech savvy person. Even then the current generation if supposed to be able to use crypto more, does not - because they are less knowledgeable about. Still I am seeing an improvement in this since the prices of coins reached mainstream markets. Again this will become big if their governments allow crypto spending and trading without bars.

Definitely young adults will adopt the system of new innovation, because emulating the system of cryptocurrency is more better especially Bitcoin is not waste, because currently Bitcoin has began to make fiat unknown to a certain extent while Bitcoin is not up 20 years old, many people currently is after cryptocurrency investment, via trading and buying and reselling Bitcoin to make gains, the only place that will make Bitcoin to be more popular is when its use to purchase average stuffs in the stores or supermarkets, that will enhance better popularity of Bitcoin across the country that legalised such.

[BitcoinGirl.Club]

What do you think? Is Bitcoin better than Fiat? If not, why? Is it still too early to tell? Your input will be greatly appreciated. Thanks in advance

Maybe not for daily use but Bitcoin is better than fiat in many aspects:
1. Decentralized and limited supply so no worries about deflation / inflation headache
2. Cheaper transaction cost and faster.
3. Lower energy cost. Imagine how much electricity those banking institution use to run their banking business.
There are many more and I really do not have time to list everything.

Bitcoin is legging only in the tx fees for smaller transactions in my opinion. Because of this high price and because of the congestion of the mempool, fees for smaller transaction is high and this is the only thing which is not helping bitcoin to be used in daily life.

Hopefully someday we will find a better solution the LN.

[iTradeChips]

Bitcoin right now is being considered by many as an asset than a currency. Fiat of course is money used by countries and it is basically what all of us use for us to be able to get our needs. Bitcoin is not being used right now as currency but rather as an asset that can be used to secure a profit in the cryptocurrency market. So, for me, there is really nothing compare between the two. We convert our fiat to bitcoin and then let the market decide if we get a profit or not.