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Author Topic: Traditional currencies vs Crypto currencies  (Read 246 times)
o_e_l_e_o
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May 15, 2021, 07:00:10 PM
 #21

The fact that there is a fee to send is also a drawback in itself, as I've never had to spend any money to send money from my bank account to a friend.
Then you've never sent money to another country, and had to pay the bank's exchange rate, their conversion fee, and their transfer fee. Buying goods with a credit card also incurs a fee (up to a few percent of the transaction), but the merchant pays it rather than the customer.

Some people also might be missing the security that banking institutions can offer if they are running a personal bitcoin wallet on their own PC and this can put them at great risk.
You call it security, I call it not having ownership of my money. I feel far less secure about my fiat sitting in a bank account and I do about my bitcoin sitting on my airgapped cold storage.

I don't remember the last time I've been unable to use a credit/debit card due to downtime.
As has been discussed above, this is a common occurrence in some countries. There have also been plenty of cases when entire processors, such as Visa or Mastercard, have gone down, either across entire countries or even continents.

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May 15, 2021, 11:28:04 PM
 #22

Crypto currency removing all the problem of modern banking or fiat payment and having the potential to be future currency it no longer a news and the IMF also advise the Central Banks and the government about it that's why we see alot of institutional investors accumulating cryptocurrency.
Still crypto account can still be hack if human errors are not avoided.

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May 16, 2021, 10:48:35 AM
 #23

Lol.. you really have a point there. Because I could remember sometime last week when I needed to withdraw money to pay for some items I bought, but unfortunately been told by my bank that I have exceeded my daily limit, and I was very frustrated because at that point there was no difference between me who had money and been denied access by my bank and someone who never had a penny, and I just had to go home that way feeling sad, wishing only had it been the store accepted Bitcoin for payment, everything would have gone smoothly..
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May 16, 2021, 01:43:02 PM
 #24

This is also true of fiat. If I download a fake PayPal app, or log in to my bank account on a malware infected machine, I can lose my money.
True, but both PayPal and bank transactions are reversible. Anything you do with bitcoin gets permanently etched into the blockchain if it's valid.

This is cumbersome, I'll admit, but really this is what people should be doing for all apps and software they install.
I agree with you, but we both know that is not the case. One of the reasons is the long-term reliance on the fact that our mistakes are easily fixable by someone else (a centralized party).

And how is that any different to a bank account number, routing number, IBAN, credit card number, etc?
Fair point!

Let's imagine it the other way around. For decades the whole world has used bitcoin...
I understand what you are saying, and it makes sense, but that's not the world we live in. That's why in my mind, I wasn't considering that as a possibility or a starting ground. People will generally lean towards the easier, more user friendly, and cheaper route rather than the one which is more secure, privacy focused, and requires a bit more thinking.

That's why if given a choice, I think that most (not all), but most will go with fiat rather than with crypto. If we manage to close that gap and it becomes 50/50, I think we would have already come a long way.

o_e_l_e_o
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May 16, 2021, 02:36:53 PM
 #25

Anything you do with bitcoin gets permanently etched into the blockchain if it's valid.
It's not a bug, it's a feature. Wink Yeah, but seriously, not being able to reverse a transaction up to 180 days later as you can with a credit card is a positive in the view of many people, not a negative.

People will generally lean towards the easier, more user friendly, and cheaper route rather than the one which is more secure, privacy focused, and requires a bit more thinking.
Yeah, fair enough. Part of the issue is, as you say, people are used to being able to pick up the phone have someone else sort out all their problems for them. I'm an idiot who downloaded a bunch of malware to my computer? Take it to BestBuy and get them to fix it. I'm an idiot who gave my credit card details to a scammer? Phone the bank and get them to reverse all the transactions. I'm an idiot who ran out of gas on the interstate? Phone USAA and they'll come fill you up. I'm an idiot who typed my seed phrase in to a website? Say bye to your bitcoin.

My feeling is that this problem will lessen over time. Millenials and Gen Z are, in general, significantly more comfortable using technology than Boomers and Gen X are. Generation Alpha won't know anything other than technology in every aspect of their lives. And bitcoin wallets are becoming simpler. Good hardware wallets are almost plug-and-play at this point, the only thing you need to do is write down your seed phrase on a piece of paper. That is going to appeal much more to people who are so used to the instant gratification of social media than the hassle of having to apply for a credit card, upload your documentation, have your credit checked, wait for approval, have the card posted to you, etc.

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May 17, 2021, 02:57:36 PM
 #26

Crypto currency removing all the problem of modern banking or fiat payment and having the potential to be future currency it no longer a news and the IMF also advise the Central Banks and the government about it that's why we see alot of institutional investors accumulating cryptocurrency.
Still crypto account can still be hack if human errors are not avoided.


That's right, local media in my country say many banks are adopting blockchain technology. Although only technology but this is the beginning. Although I am not sure for the next 10-20 years we will not be able to use it as a legal tender. Due to differences in understanding of technology in several countries in the world, there are very big differences.
I think that in that money paper and metal currencies will still dominate usage around the world. Regarding vulnerabilities in my opinion all technologies have their weaknesses, nothing is perfect. We as users can only do prevention from crime through the loopholes of weakness. And I'm sure it will continue to grow to fix that weakness.

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CryptocurencyKing
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May 17, 2021, 04:31:54 PM
 #27

2: The transfer limits for your or your friends account could have exceeded
This is where bitcoin has a major edge over traditional currencies, the fact there are no limitations as to how much a person can transfer all at once and the fact is that, you need to seek no permission to be able to do such a transaction neither are you monitored or stands to answer an form of query. Once you've got the desired amount and charge to go with it, your all set.

In the case of traditional currency, you've got lots of forms and days of waiting to get authorisation for such transactions. In a way, its to protect your account but, it is way much a limitation and not to be allowed freewill on your finance.

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May 17, 2021, 09:24:46 PM
 #28

The block size was intentionally left small so it would be easier(or more feasible) for people to run nodes. Hence why we're betting on layer-2 solutions. Yes, development isn't as fast as we'd want, but there's progress.
Bloksize problem that I have read, if it gets bigger, it will have a bigger vulnerability. In addition, there is a security compromise by concentrating hash power. The Hard Fork process as an alternative scalability solution that gives rise to new networks and coins cannot be a solution when the network is increasingly congested and costly. I now know that the consensus on increasing the block size is still a matter of debate.
In your opinion, the alternative is to use layer-2 solutions, I agree, for example using something like SegWit.

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