Why crypto (bitcoin) is better than traditional money?

[Fatunad]

I know about crypto and everything in general but I am having difficulty to understand one thing about it. Why crypto or bitcoin is better than money ?

I mean I know the block chain technology is revolutionary and it has many benefits, it is being used by all crypto. Money is used to buy goods and services and there are very less businesses accepting crypto and still the prices are rocket High.

This Crypto trend looks more like share market company evaluation rather a legitimate currency. Moreover all government have there own currency, goverment cannot let that sink and can ban these. Can someone explain to me the value of Crypto as a currency when compared to real money ?

Crypto cant really replace fiat no matter what but it could exist as an alternative when it comes to payment system and here's the advantage of using up crypto compared to fiat.

•Anonymity
•Irreversible Transactions
•Decentralized

These are the qualities on why the community is been supporting or engaging with crypto because nothing beats out when you do have the full
control of your funds without government do involved.

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[conected]

Fiat money vs bitcoin as ceyptocurrency has both advantage. When it comes to convenient way of sending transactions, no hassle or np third party involved then bitcoin as payment is good to use. But then not all have an internet connection, thus fiat money is an advantage as you wont be in need of any mobile phone and net.

Also, since cryptocurrency is an alternative payment method today, it can also be used as a store of value which can be use as a long term investment.

- Your definition of convenience surprised me quite a bit because bitcoin doesn't seem too convenient for transactions when transactional contracts are confidential and hard to undo, most of the time we will spend counting the confirmations in the transaction while traditional currency can be converted at a bank and quickly transferred to the required location, confirmation is extremely fast and easy. The most radical advantage is still the process of storing value, bitcoin and crypto have the special ability to increase passive assets

[Nightz]

Fiat money vs bitcoin as ceyptocurrency has both advantage. When it comes to convenient way of sending transactions, no hassle or np third party involved then bitcoin as payment is good to use. But then not all have an internet connection, thus fiat money is an advantage as you wont be in need of any mobile phone and net.

Also, since cryptocurrency is an alternative payment method today, it can also be used as a store of value which can be use as a long term investment.

- Your definition of convenience surprised me quite a bit because bitcoin doesn't seem too convenient for transactions when transactional contracts are confidential and hard to undo, most of the time we will spend counting the confirmations in the transaction while traditional currency can be converted at a bank and quickly transferred to the required location, confirmation is extremely fast and easy. The most radical advantage is still the process of storing value, bitcoin and crypto have the special ability to increase passive assets

The most radical advantage is also that you can take any amount with you in quite a magical manner. No need to go through cumbersome bank transfers where you have to explain anything, like why do you send money from this country to that country or whatever.

[so98nn]

I won’t say those repetitive things about bitcoin which we are reading from before the forum was created. (Anonymous, limited, bla bla).

Personally speaking bitcoin is a word that has replaced my brains sweet spot now and all I see is powerful way of investments, earning opportunities and security of my future.

Considering bitcoin is here to last long (no govt won’t let it down) it’s best asset-cum-currency to hold. Happy stuff that’s all!

[ethereumhunter]

Bitcoin and traditional money will have advantages and disadvantages, and we do not have to compare each other. Bitcoin and fiat money can help our life become better than before and if bitcoin and fiat money can work together, we will have better finances. We can use fiat money in our real and online life while we can have new ways to have a new investment besides previous investment. It is better if we can use the advantages of bitcoin and traditional money for our life.

without us knowing Bitcoin and fiat money have helped our lives, they complement each other even though they have different functions. Bitcoin can be traded because it is a store of value so that it can be of value. It is difficult to legalize Bitcoin in most countries precisely from there it will complement each other with fiat money, when we need money, the role of Bitcoin can serve to provide our finances, (Bitcoin is converted into fiat, and fiat can meet our needs)

Indeed. If that can happen in all countries, I think people will have more chances to have a better life in the future because they can try to make money from bitcoin and not just from what they already did. Besides being traded, bitcoin can be an investment for people to have to work to earn bitcoin while they can sell their bitcoin to make money. We hope that the government can legalize bitcoin sooner or later so people will not worry about using bitcoin.

[robertjack]

I know about crypto and everything in general but I am having difficulty to understand one thing about it. Why crypto or bitcoin is better than money ?

I mean I know the block chain technology is revolutionary and it has many benefits, it is being used by all crypto. Money is used to buy goods and services and there are very less businesses accepting crypto and still the prices are rocket High.

This Crypto trend looks more like share market company evaluation rather a legitimate currency. Moreover all government have there own currency, goverment cannot let that sink and can ban these. Can someone explain to me the value of Crypto as a currency when compared to real money ?

After the introduction of Bitcoin, the preferences of the investors are gradually shifting towards the cryptocurrency.

there is some reasons why bitcoin is better than traditional money.
1. It Is A Decentralized Currency :- its users have the complete freedom to transfer the money.
2. Better Investment Option - Investors are getting smarter while they invest their money in bitcoins.
3. Bitcoin Is Not Restricted to Borders- The value of bitcoin remains constant regardless of the country. As a result, Bitcoin's value is the same all around the world.
4. Bitcoin Is Theft Resistance- The bitcoin wallet is where the bitcoin's private keys are kept, and only the owner has access to it. It is, without a doubt, the safest currency one can have in terms of security. As a result, bitcoin has a greater acceptability rate than other currencies around the world.


In comparison to other currencies, the bitcoin exchange and its applications are extremely simple. Bitcoin does not have many of the flaws that traditional currencies possess. Many investors are now looking to invest in bitcoins because of the currency's flexibility and potential for rapid growth in the near future. With bitcoin's increasing popularity, it may soon become the global currency.With bitcoin's increasing popularity, it may soon become the world's global currency in the next years.

[zanezane]

Me as amateur, maybe what cause bitcoin is better than fiat for me is we can send it anywhere and anytime. Don't need to wait to be processed in work day as long we really pay fees according that required. For security or anonimity maybe is good too, because if we save in our wallet i don't think people can trace who is the owner. But maybe will be different if save in exchange, because if other people ask about our data with assistance from the authorities, exchange can give the data to who ask it.

Wrong, you can send fiat anywhere too with apps like Paypal, Venmo, CashApp and many other. Anonymity is debatable because criminals that are dodging the law uses fiat to cover their tracks and they can still get their needs without the worry of people tracking their purchases. The reason I think that bitcoin is better than fiat is because it is superior, it can be a currency to purchase or an investment to make more money.

[supine]

I think there are times that crypto is better than traditional money but it doesn't mean that it is totally better than it because there are also times that traditional money is way better than it.
Bitcoin is better when sending money to another country because it is faster and sometimes cheaper.
Traditional money is better when paying because it doesn't need confirmation and transaction fee.
So it would be determined by how you would use it to know which is better.

[TOM Bb]

You would go to the bank and get your gold and try to buy a cofee with it ?

There's other Crypto of fiat for that.

BTC is a savings account for wealth. It has around 100% of interest per year. Find something like it that could be accessible to anyone with a phone... No gold or stocks is even close

[BETTY B]

If you voluntarily want your money to loose value, you are free to hold it in something inflationary. Also, the 'you need money printing else the economy dies' is a fallacy with zero proof

[ROSE B]

Limited supply of 21 million coins. One in five US dollars were printed in 2020, don't know the numbers for current year. But point is that governments can print as many money as they want since leaving the gold standard behind. So inflation is a huge problem. Prices of almost everything but especially houses are rising but the wages aren't. With bitcoin you have the first deflationary currency.

[bitcion--]

Thanks , you have explained these point beautifully. My concerns are that there are still debatable things like : The price is so volatile, with normal money it is controlled, the inflation is year wise not hour wise. To the masses this crypto thing will attract or not I am not sure, 1st complex to understand, complex numbers (in points - difficult transactions) , The price is so volatile that it is better for gamble rather than trade now. When do you think it all will be sorted

[ethereumhunter]

Me as amateur, maybe what cause bitcoin is better than fiat for me is we can send it anywhere and anytime. Don't need to wait to be processed in work day as long we really pay fees according that required. For security or anonimity maybe is good too, because if we save in our wallet i don't think people can trace who is the owner. But maybe will be different if save in exchange, because if other people ask about our data with assistance from the authorities, exchange can give the data to who ask it.

But before we can use bitcoin for free, we need approval from our government and as we see that not all government give their permission or approval for bitcoin to be used by their people. It needs more time for the government to approve bitcoin so people will not have trouble in the future. Yes, bitcoin offers anonymity to people because they do not have to tell others about their bitcoin and people can keep that as their secret. I think bitcoin is not trying to replace the existence of fiat instead will work to cooperate with fiat to help people in the financial.

[ROBERT B]

No one is claiming that Bitcoin is perfect. You also can leverage Bitcoins strengths (many) as a currency to your advantage and not give up the benefits of stable fiat currencies. You aren't forced to choose between either and can use both.

[ROSEDF]

What's your take on goverment involvement for money? Lets leave money system in general like law, basic pay etc are needed as far as I can think. We without any controlling body will go berserk. Just thinking haven't thought this through rn.

[indo1]

Cryptocurrency is made much more modern than money technologically, In addition, anyone can not master it technologically, Walupun drawback is due to the decentralized nature of bitcoin if we lose the wallet then we will not be able to open, there is no consultation if you do carelessness. The rest of bitcoin is very good at benefiting from its technology.

[indo1]

Again, Bitcoin isn't competing with fiat currencies, both can easily co exist in a system to serve different purposes.

That's right, bitcoin and fiat can't lose any of them, Bitcoin is a sign of progress from fiat, however, we still need fiat to make stable fair trades. Bitcoin is technologically beneficial, however, in terms of security when losing both of them where fiat is more reliable. We can consult the bank.

I think Crypto have more better than money.
one of the advantages is that transactions are faster than real money. Then the administrative costs are cheaper and even almost nonexistent. And maybe many more.

I still see one drawback of cryptocurrency. What if someone forgets to back up their wallet access, then loses access to the wallet? they will lose as much assets as they have in cryptocurrency. I know, if crypto technology is much superior, but fiat is a crypto friend that can not be separated from both.

[moderator's note: consecutive posts merged]

[Nunoluck]

I like bitcoin because it's decentralization and deflation concept. When it's price become more stable then it can be better than traditional money in term of  store of value. Inflation makes traditional money bad while bitcoin (if it's spread evenly ) with it deflation has almost similar concept as gold which is every year both are not experience inflation so we can buy commodity with the same price as before although bitcoin seems experience different thing, because of big deflation it only need less number of btc to buy the same amount of commodity. I think that's why bitcoin is better than traditional money.

[Republikcoin.com]

When viewed from the point of view of its function as a currency on the internet, it is clear that Bitcoin is more reliable for transactions and payment gateways. We can send and receive Bitcoin anywhere instantly and it's possible to track transactions because of the help of Blockchain.

And when viewed from the function of currency in the real world, coins and paper are the best choices at the moment. Whether you accept it or not, USD is more popular than cryptocurrency for now (May 2021) globally and internationally. Owned by many people, makes their existence stronger and safer to own and more comfortable when used to buy a bottle of Coke at the convenience store.

[Upgrade00]

Bitcoin is technologically beneficial, however, in terms of security when losing both of them where fiat is more reliable. We can consult the bank.

Majority of scams happen through fiat and the banks do nothing to prevent them or restore the amounts stolen. Centralization is a quality that favours the authorities at the detriment of the public.

On serving different purposes, Fiat has a far reaching adoption rate and is readily available and easily spent through arious means; cash, digital, cards, tokens, mobile transfers, etc. This makes it more efficient than Bitcoin for daily expenses. I expect Bitcoin to grow in scalability in the coming years, but probably not to the level of fiat.