Fiat and Bitcoin - The Two Brothers

[KingsDen]

Fiat and Bitcoin are brothers but the differences are;
while the former is the elder, the later is younger.
While the former is seeking local recognition and dominance, maybe known small in the international market, the later is seeking international recognition, irrespective that is young.
The former is tested and trusted while the later is tested but not widely trusted.
While the former growth is slow and steady, the later is rapid in growth and can aswell reverse its growth rapidly.
While the later is better for exchange, the former is better for investment.
While the former is a local man that can exist without his brother, the later is an international man that cannot exist without his brother.
While the former can be manipulated by the authorities that created it, the later is also manipulated, but not necessarily by the creators only.
While the former uses ledger to keep records of financial transactions, the later uses blockchain technology.
While the former's future is determined, the later future is not determined but seems very bright.

Please I need some help. Did I get any of the above concepts wrongly.

[isaac_clarke22]

~
While the later is better for exchange, the former is better for investment.
~

Bitcoin at this point is "okay" with both.
I can pay bills and buy merchandise with the use of third-party apps.
I can hold as well for long-term investment.
I think it should be "While the former is widely used for payment, the latter can be used both for payment and investment"

[Fundamentals Of]

Please I need some help. Did I get any of the above concepts wrongly.

Yes. Many of them are probably wrong including the ones below.

While the former is seeking local recognition and dominance, maybe known small in the international market, the later is seeking international recognition, irrespective that is young.

Fiat is not seeking local recognition and dominance because it is the one and only legal tender and therefore fully recognized and dominant locally.

The former is tested and trusted while the later is tested but not widely trusted.

Fiat is not trusted but, yes, sufficiently tested. The result of the tests, however, is that it cannot be trusted. On the contrary, Bitcoin is not yet tested but more or less trusted.

While the former growth is slow and steady, the later is rapid in growth and can aswell reverse its growth rapidly.  

Fiat is not growing. It is declining in worth. That's its design.

[avikz]

While the former growth is slow and steady, the later is rapid in growth and can aswell reverse its growth rapidly.

Fiat is not designed to grow in value. Rather it looses value due to inflation. It's purchasing power decreases over time.

While the later is better for exchange, the former is better for investment.

Depends on your country and the existing legislation around cryptos. In few countries like Japan or Germany, you can legally use cryptos as a medium of exchange.

While the former is a local man that can exist without his brother, the later is an international man that cannot exist without his brother.

What do you mean by existing? It certainly can exist without each other.

[hd49728]

Fiat and Bitcoin are different and not two brothers or twins.

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EThe Times 03/Jan/2009 Chancellor on brink of second bailout for banks

Genesis block and the message embedded in Coinbase data.
Bitcoin was created to give people better currency than fiat currencies. It will not kill fiat currencies one way or another. If you want to find brothers for fiat currencies, they are stable coins.

[lovesmayfamilis]

I don't see any brotherhood. Cryptocurrency primarily differs from fiat in that it is not physically expressed in any way. Fiat money is allowed in all countries, and, strangely, you write that fiat is still seeking recognition. Fiat is centralized, unlike cryptocurrencies, and cryptocurrencies are also highly volatile. There are a lot of such differences, I just cannot understand how you can call them brothers. It will probably be possible in the future, but it is too early to establish a brotherhood.

[hannahB4]

Fiat and Bitcoin are brothers but the differences are;
while the former is the elder, the later is younger.
While the former is seeking local recognition and dominance, maybe known small in the international market, the later is seeking international recognition, irrespective that is young.
The former is tested and trusted while the later is tested but not widely trusted.
While the former growth is slow and steady, the later is rapid in growth and can aswell reverse its growth rapidly.
While the later is better for exchange, the former is better for investment.
While the former is a local man that can exist without his brother, the later is an international man that cannot exist without his brother.
While the former can be manipulated by the authorities that created it, the later is also manipulated, but not necessarily by the creators only.
While the former uses ledger to keep records of financial transactions, the later uses blockchain technology.
While the former's future is determined, the later future is not determined but seems very bright.

Please I need some help. Did I get any of the above concepts wrongly.

You did an amazing comparison between the two though, we can not necessarily say that fiat is seeking local recognition and dominance I won't completely agree with this, we have some of this fiat that is internationally recognized and valued by its investors which rather which to keep their money as fiat.

[DooMAD]

I don't see any benefit in attempting to anthropomorphise Bitcoin in this fashion.  It doesn't need your projected human traits.  Just gain the benefits from using it and leave it at that.

[Argoo]

Fiat and bitcoin are hardly brothers. They are even more diametrically opposed in everything than have at least some resemblance to each other. It is no coincidence that bitcoin was invented in opposition to fiat, as an alternative to its circulation. With this in mind, states will agree to legalize cryptocurrency only under public pressure, otherwise they would have banned it without even thinking.

[ropyu1978]

fiat and botcoin brothers, a question that makes my head spin,, fiat is the currency of the world, fiat is old and old, fiat is used by all circles, bitcoin is a new civilization, bitcoin appears to improve people's finances, bitcoin is mostly used as an investment, , they are opposite, but need each other..

[AakZaki]

fiat and botcoin brothers, a question that makes my head spin,, fiat is the currency of the world, fiat is old and old, fiat is used by all circles, bitcoin is a new civilization, bitcoin appears to improve people's finances, bitcoin is mostly used as an investment, , they are opposite, but need each other..

Bitcoin appeared not only to improve one's finances, Bitcoin appeared as a substitute for Fiat or other alternative ways of payment that are more modern and more advanced. Currently digital assets such as bitcoin are widely used as secret transactions or also made as investments. Bitcoin price fluctuations make the risk of trading Bitcoin quite high. you can get more profit or loss. mutually needed and provide benefits for the current transaction.

[mrongoz22]

fiat and bitcoin are brothers, we can't say they are brothers, because they bend each other, and knock each other down, storing bitcoin can be profitable, but if we save money, we definitely can't get profit, they are similar but not the same,

[DarkIT]

Both the coin had his own importance.We need a fiat,so it will give us a identity.If any other country people came our country,they need to exchange their fiat to our fiat.Then only it's easy for them to use in our country.If the people use the common currency like bitcoin,it make us a global citizens easily.The product circulation will increases huge.

[uneng]

Please I need some help. Did I get any of the above concepts wrongly.

You made some nice points, I just think fiat isn't trustful that way. The reality is that fiat is very treacherous and a tool which leads many people to lose money unconsciously. People save fiat, invest it and think they are being benefited on long run for that, but in fact they are just losing their money's value, eaten by inflation. Governments (fiat's controllers) know about it, but they prefer to keep people in ignorance.
That is why fiat isn't trustful and only financial education can make people finally reach to this conclusion, what I think it's inevitable. Sooner or later it must happen. When this day comes fiat will lose a lot of influence, while bitcoin has good chances of overcoming its brother. As you said, fiat's future is determined (to fail).

[blackened515]

Bitcoin can't exist without Fiat, at the end point, digital currency and other assets are still converted to fiat for see easy usage, the both works together and that's why the monetary system is balance, I strongly believe that it will take great number of years for Fiat to be finally eliminated.
Fiat is less expensive unlike bitcoin and her high trx fee, the average class investors can't really afford them anyway, fiat can be easily spent even with the little amount, if this fee issue is solved on bitcoin, then fiat will die off gradually.

[famososMuertos]

The semblances are used to convey concepts but it requires "dyes" full of skill to write them. There are several things that undoubtedly have a place if they take them to the context that they present us in your prose (op) but let's not complicate ourselves and remove kinships, let's start there, the other important thing, if something has bitcoin and it is what has brought it to this 2021 it is the trust.

[YOSHIE]

Fiat and Bitcoin are brothers but the differences are;

No, Bitcoin and fiat are not brothers and not something that can be said to be differences and similarities.

From the system alone is different:
Fiat paper currencies that are based on standard values ​​have regulations that have authorities controlled by the government in each respective country, already treated as a tool for worldwide exchange transactions, fiat is only guaranteed by the government, they can print as much fiat money as possible with inflation risk and fiat is not dependent on wallets, exchanges, software/hardware etc.

Bitcoin only has a financially designed system and does not have a physical currency such as fiat, it can only be used via the internet in conducting transactions, Bitcoin does not have a stable value like fiat because supply is limited, unlike fiat.


So between Bitcoin and fiat there is no similarity let alone brothers, it is very contrary to every country, for them do not like or prohibit Bitcoin for the people in their country, Don't dream that one day this world will be replaced by Bitcoin as the main currency / fiat, it's just a fantasy.

[so98nn]

The comparison is vague since one technology was invented to overcome the limitations of the other. I think they are not much comparable since one is actually competitor of the other in many sense. For example, unlimited transactions, low fees, anonymous way of transacting and what not?

Fiat is old and it's very sturdy but the paper thing is not working out as it supposed to be. So we needed more adoption and digitisation of the way we do currency transaction.

If they were brothers then would have been working side by side with government by now. 

[baeva]

Frankly speaking, it doesn't look like similarities between them, especially what brotherhood. Fiat is fixed with precious metals and is in much greater demand in the market. And cryptocurrency is just an earning tool at the moment

[BlackHatCoiner]

They may be similar, because they both are mediums of exchange, but brothers? Nah.

Bitcoin was a move against the governments and the authorities, while fiat the opposite. No one ever forced you to believe that Bitcoin has value in contrast with fiat and that's obvious. How would a state work without a reserve currency that is fully controlled by it?

In other words: Bitcoin was created, because fiat wasn't “enough”.

The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve. We have to trust them with our privacy, trust them not to let identity thieves drain our accounts. Their massive overhead costs make micropayments impossible.