considering the advantage of Fiats over Cryptocurrencies

[kotajikikox]

let's also understand that the Fiats has an advantage over it that you'd have somewhere to go to and someone to hold responsible in some cases that your fund in the bank is tempered by a theft or otherwise than that of Crypto that it's transactions is operated anonymously

if that is the case you can always go and use a centralized exchange it still operates altcoins but this time if you are looking for someone else to blame then you can go and blame centralized exchanges

honestly if all you want is something to blame then it just means that you do not want to have full responsibility of your money and so you would be so willing to give access to your money to any third party the point of decentralization is that you own your money and no one else has access to it but of course there is a risk wherein if it gets stolen no one else is responsible but you

[justdimin]

but the next problem is that the authorities usually don't want to deal with problems like this, because they think that cryptocurrencies are not in their jurisdiction. they are too bothered to track it because from the start they have been warning people that getting involved in cryptocurrency is risky. so when you lose your money on it and report it to the authorities, then they will turn around and say that it's not their job.

It depends on where you live, if you live in a country where cryptocurrencies are still in grey area or illegal, then you're correct because instead of recovering your losses, you might go to jail due to law you broke.

There have been many news that the police caught scammer using cryptocurrencies, so the police and authority already know cryptocurrencies have values.

Well, to be fair it does leave the security concerns to the person himself. If you are worried about the fact that some scammer could sweet talk you into giving your money to them, yeah you should keep using fiat. But that is literally accepting the fact that you are gullible enough to be scammed and giving your money with your own right.

But, there is also a benefit that nobody could take your money without you sending it to them, whereas in fiat world you could have a situation where it could just be stolen from your account, they just need your credit card, a physical thing, and they can steal a lot of money from it. So to say that crypto is riskier, is just to say that you have absolutely no trust in yourself at all.

[jrrsparkles]

While we are so comfortable about the potentials of the decentralized digital currencies such as the Alt and the Bit coins and its centralized exchanges in the blockchains, let's also understand that the Fiats has an advantage over it that you'd have somewhere to go to and someone to hold responsible in some cases that your fund in the bank is tempered by a theft or otherwise than that of Crypto that it's transactions is operated anonymously
Everything is life is not so balanced are when you're dealing with the sweetest parts of it, we fails to consider the bitter side of it.
Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.

Decentralisation doesn't mean anonymous and that's not the actual reason why Satoshi invented Bitcoin, it's to make payments feasible P2P and avoid any intermediary. 20 years before people might laughed at you if you said you can do everything from your phone and a decade before people think you are crazy if working is possible from home itself and the list goes on. The evolution of technology is something that's inevitable whether it's good or bad we need to learn to go with the flow.

At last fiat is making the holders to lose their value and go broke, is that you consider an advantage?

[Kelward]

The advantage of fiat currencies over cryptocurrency is adoption, fiat have existed for centuries while cryptocurrency is just less than two decades old, a cryptocurrency like Bitcoin, if it's adoption increases to the extent that more countries will adopt it, then it's use cases will increase, and fiat might not have any advantages over it. As it is now, the advantage of Bitcoin over fiat currencies is that besides using it as a means of payments, it's a store of value whereby people can invest in it as an asset and it's price will keep increasing on the long run.

[WillyAp]

if that is the case you can always go and use a centralized exchange it still operates altcoins but this time if you are looking for someone else to blame then you can go and blame centralized exchanges

We are ultimately responsible for our actions, and no actions.
Crypto depends on Internet, no internet no crypto passes.
If you use an exchange you are subjected to their tos. (Terms of Service) 

[Ludmilla_rose1995]

~

While there are some advantages Fiat money offers to us, I think that the advantages of crypto currencies are much larger. The protection layer banks offer to is might come helpful to some people, but we are paying for such services.

you are your own bank, that is the motto that i keep seeing in cryptocurrencies, just imagine if there were always third parties like banks then you would continue to be exposed when making transactions and also the money you spend to pay for each transaction that occurs is high, however, the weakness of cryptocurrencies is that regulations are still gray in many countries, in contrast to fiat, which definitely has full permission from the government

Most bank accounts and credit cards cost a monthly fee. Banks are large corporations that have a lot of staff and like to pay big bonus, we are the consumers that make this happen. Once we make the switch to crypto currencies there will be more responsibility in our own hands, but at least nobody is taking advantage of us.

when we switch to cryptocurrency then we only spend money when we make a transaction or what is often called a fee but in banks there is a term monthly fee and that is really annoying, you spend more money for something that benefits them, banks are quite cunning

[dezoel]

While we are so comfortable about the potentials of the decentralized digital currencies such as the Alt and the Bit coins and its centralized exchanges in the blockchains, let's also understand that the Fiats has an advantage over it that you'd have somewhere to go to and someone to hold responsible in some cases that your fund in the bank is tempered by a theft or otherwise than that of Crypto that it's transactions is operated anonymously

Theft happens with fiat payment systems too, and people become victims of scammers and voluntarily send their money, but still they have some chance of returning their money if they immediately notify the bank, and also banks have algorithms for security checks that stop suspicious transactions and ask for extra verification. So there is a chance that your moiney will be protected - the chance could be low or moderate, maybe even high, it depends on the financial service itself, country regulations, etc.

But with crypto the chance of returning money or stopping an ongoing attempt is zero. So a lot of people would rather stick with fiat, because they are not ready to be their own bank.

Theft is everywhere but when it comes to currencies, fiat must be the worse because they are subject to inflation. This is another theft here, or actually the main one who steals the value of our money. When we keep our money in the bank, sometimes they can also do shady stuffs. It's because they have a full control of our money.

This is the bad thing about being centralized. Many people doesn't know these facts yet and they also lack in knowledge about crypto, so it's sad that they only choose to be a slave to the government's money. You think cryptos are that dangerous but if one knows how to secure his wallet and know the scammer's tactics, it's only easy to avoid all of them.

[wxa7115]

The advantage of fiat currencies over cryptocurrency is adoption, fiat have existed for centuries while cryptocurrency is just less than two decades old, a cryptocurrency like Bitcoin, if it's adoption increases to the extent that more countries will adopt it, then it's use cases will increase, and fiat might not have any advantages over it. As it is now, the advantage of Bitcoin over fiat currencies is that besides using it as a means of payments, it's a store of value whereby people can invest in it as an asset and it's price will keep increasing on the long run.

This goes beyond adoption, the fiat currency printed by the government is legal tender, which means that you are mandated by law to accept it for any transaction, now this is not much of a problem under normal circumstances, but if there is a high level of inflation on your country, now you will have to accept worthless fiat for your products.

Which could cause you losses, as now you have to buy other stuff with that fiat which has lost some of its purchasing power and you may be unable to replenish your stock of products to sell.

[beerlover]

While we are so comfortable about the potentials of the decentralized digital currencies such as the Alt and the Bit coins and its centralized exchanges in the blockchains, let's also understand that the Fiats has an advantage over it that you'd have somewhere to go to and someone to hold responsible in some cases that your fund in the bank is tempered by a theft or otherwise than that of Crypto that it's transactions is operated anonymously
Everything is life is not so balanced are when you're dealing with the sweetest parts of it, we fails to consider the bitter side of it.
Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.

I do agree that it feels like a good situation to be in, and there are a lot of periods when you could consider it getting better as well. I am not saying that we should be considering the situation changing all that much, we should just focus on fiat a lot less. Fiat is not even an option anymore and should be considered a little bit different.

I believe that we are going to end up with something that could change things, and I believe that we are going to end up with a lot different pathway eventually. I do agree that it is not going to be all that easy to achieve, because our entire life is based around fiat, but if you could remove that as an option for you (for investment purposes not spending) then you will feel better.

[shield132]

Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.

Crypto can't dominate the financial system because it's too hard for average Joe and at the same time, average Joe has to take too much responsibility on his shoulders because he is his own bank. Average Joe frequently makes mistakes, frequently becomes a victim of scams, Ponzi, HYIP, Pyramid, Phishing, Social Engineering and etc... Average Joe wants a financial system that will let him to reverse his mistakes. Bitcoin doesn't let you to make mistakes, you can't cancel your confirmed transaction, so you have to be very careful with the address you send your coins, you have to take the responsibility of keeping your seed phrases safely stored somewhere. This is not something that average Joe can handle.

[arwin100]

Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.

Crypto can't dominate the financial system because it's too hard for average Joe and at the same time, average Joe has to take too much responsibility on his shoulders because he is his own bank. Average Joe frequently makes mistakes, frequently becomes a victim of scams, Ponzi, HYIP, Pyramid, Phishing, Social Engineering and etc... Average Joe wants a financial system that will let him to reverse his mistakes. Bitcoin doesn't let you to make mistakes, you can't cancel your confirmed transaction, so you have to be very careful with the address you send your coins, you have to take the responsibility of keeping your seed phrases safely stored somewhere. This is not something that average Joe can handle.

People will always blinded with fake promises with those hypes,ponzi and other easy richest schemes. If this case will continue to occur for sure that decisions of government to think negatively towards bitcoin will never be change so for that case crypto will really not dominate the financial system since government would just eliminate crypto on their country and they can actually do that. Many countries announce a ban for certain crypto that's why it could also happen to other country. That's why its so irrelevant to think crypto can erase fiat existence since as of the moment what normal people think doesn't sync together on what government think about crypto.

[knowngunman]

While we are so comfortable about the potentials of the decentralized digital currencies such as the Alt and the Bit coins and its centralized exchanges in the blockchains, let's also understand that the Fiats has an advantage over it that you'd have somewhere to go to and someone to hold responsible in some cases that your fund in the bank is tempered by a theft or otherwise than that of Crypto that it's transactions is operated anonymously
Everything is life is not so balanced are when you're dealing with the sweetest parts of it, we fails to consider the bitter side of it.
Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.

First of all, we need to stop this comparison because it's not necessary. Fiat and cryptocurrency are quite two different things despite they perform similar functions as a measn of exchange for goods and services. We are making it look like this two are in competition with each other while they are not. They are used in different context and of course for different reasons too. It's just like comparing two different cars, they will both take you to where you are going but you will notice the difference in term of comfort, fuel consumption etc. Both fiat and crypto have their pros and cons respectively.

People will always blinded with fake promises with those hypes,ponzi and other easy richest schemes. If this case will continue to occur for sure that decisions of government to think negatively towards bitcoin will never be change so for that case crypto will really not dominate the financial system since government would just eliminate crypto on their country and they can actually do that. Many countries announce a ban for certain crypto that's why it could also happen to other country. That's why its so irrelevant to think crypto can erase fiat existence since as of the moment what normal people think doesn't sync together on what government think about crypto.

It's a fantasy for someone to think crypto will replace fiat currency anytime soon. Infact, I don't see that happening ever because crypto is like a threat to government control over money and financial system and you can't expect government to fold their alms and let that power slip away from them without fighting against it. Just like my country, they are playing hide and seek with crypto by banning and unbanning the service. The problem here is that many still don't understand much about crypto except the volatility aspect of it.

[God bless u]

Yeah as far as the transaction view is considered it's true. The governments will try to legalise crypto payments because of the increase in demand and usage of crypto with the passage of time.

There should be proper apps and platforms launched. The debit cards for crypto should be launched separately so that people can easily perform transactions using crypto currency. It will reduce the loos that occurs while converting crypto into fiat and the governments can charge a little less than what exchanges charge. Then it'll be beneficial for both governments as well as traders.

[Huppercase]

While we are so comfortable about the potentials of the decentralized digital currencies such as the Alt and the Bit coins and its centralized exchanges in the blockchains, let's also understand that the Fiats has an advantage over it that you'd have somewhere to go to and someone to hold responsible in some cases that your fund in the bank is tempered by a theft or otherwise than that of Crypto that it's transactions is operated anonymously
Everything is life is not so balanced are when you're dealing with the sweetest parts of it, we fails to consider the bitter side of it.

You are mixing somethings together. Banks and Bitcoin doesn't have common ground, one is decentralized which is Bitcoin and the other is centralized which are the banks. Bitcoin doesn't need anyone to help processed your transaction, it's decentralized without a middle person which means you are the sole perron who is in charge and the boss of your transaction and nobody, I repeat nobody can stop your transaction from going through.

However, the banks can do and undo, they can freeze even the money that has been sent because they have the authority and the government backing to hold any funds they are suspicious about and heaven will not fall if they hold your money. Now, with this will still compare Bitcoin to banks and see advantage on them?

Helping a transaction means you made a mistake and in Bitcoin, there is no room for mistakes and that's why you need to be very cautious when sending transactions across Bitcoin, you need to check the receiving address so as not to make any mistakes as Bitcoin is not reversible

Most of us as at times thought about how Crypto could dominate over financial exchange for payments without considering this certain advantage of the Fiats and also considering that most persons still lives a primitive live to cope with the digitalities of advancements.

The only advantage I see around Fiat is because they help us in local transactions and people that can't use the internet for transaction or can't run digital transactions, other than that I see nothing special about fiats that you are taking about for people.

[tiCeR]

Yeah as far as the transaction view is considered it's true. The governments will try to legalise crypto payments because of the increase in demand and usage of crypto with the passage of time.

There should be proper apps and platforms launched. The debit cards for crypto should be launched separately so that people can easily perform transactions using crypto currency. It will reduce the loos that occurs while converting crypto into fiat and the governments can charge a little less than what exchanges charge. Then it'll be beneficial for both governments as well as traders.

Governments will try to regulate crypto payments further. Legalization is not the big deal here. You can already transact with cryptocurrencies in most countries in the world without getting prosecuted. But the government can impose a plethora of rules on the users. For instance, they can oblige you to provide a full set of data about the origins of funds as soon as you want to leave the p2p or area or cash out some BTC for fiat. Even in a p2p setup there can be rules where you run into the requirement to provide the origin of funds eventually.

It is true that they can't stop decentralized networks from operating, but they can put lots of spokes in everyone's wheel who decide to use cryptocurrencies of any sort.

We have seen that with taxation of micro transactions. For example when you buy a coffee with BTC and in the meantime your BTC gained 10% in value, you'd be obliged to file taxes for a $3.30 transaction because you essentially paid just around $3.00.

Only a more liberal and em bracing framework would allow the technology to enfold full potential, to add technology layers and applications that emulate some of the advantages of centralized systems and then give people the full choice as to whether use decentralized currencies exactly as they are meant to be or, for instance, use a layer that allows for the reversal of transactions.

[reagansimms]

Both have their own advantages and disadvantages, in my opinion there is no definite answer in determining which is superior between the two because the choice depends on the needs, goals and comfort level of each individual. Fiat still has a function as the mainstream for carrying out transactions in everyday life, while Bitcoin or other crypto assets offer the potential for innovation in the global financial system.

Cryptocurrency is the easiest and fastest choice when one of your family members who is in a different country needs sudden financial assistance, you can immediately send a sum of money in the form of crypto assets without having to use a third party and there are no holidays to make transactions. For me the most important thing is understanding the similarities and differences between the two and always involving myself wisely in this ever changing financial world, the choice depends on the needs and intended use.

[WillyAp]

There is no power in the word which is able get rid of poverty.
You give a poor person 1000 US $ and next year it'll be wasted on cloth, healthcare, party and so on.
You can argue that 1000 US$ is too small to make a change.
Only look at lottery winners and you see what I see.