considering the advantage of Fiats over Cryptocurrencies

[AVE5]

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.

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[Apocollapse]

Cryptocurrency aren't anonymous, the truly anonymous is Monero, while the rest are either privacy enhanced coins, pseudonymous, to KYC coins. Considering that most people use centralized exchange to buy coins, it means the centralized exchange and government can know who hold this coins or vice versa. Even though I don't like centralization and KYC, but cryptocurrency are actually far better than fiat in terms of transparency.

If your fund in banks tempered by a theft, you don't have any evidence if your fund are stolen to whom, the one who know is banks, but what if banks didn't want to reveal?

But if you use cryptocurrency, you can trace where your money belongs to since blockchain is public, so you can report to authority.

[kentrolla]

Let's me out it across in layman's terms wherein the biggest advantage of Fiat is the adaptability and it can be accepted anywhere in your nation wherein that's not the case with crypto, I don't see any bigger advantage apart from acceptance which fiat will every hold over crypto. We need to understand one thing that crypto in terms of payment can be used as best alternative and it cannot replace fiat.

[sokani]

Haven't you heard of people stacking fiat in their homes and not the bank?

When you choose to stack fiat in your house and not the bank, it is called self custody, however when you save it in the bank, you give the bank custody.

When you've the keys to your personal wallet, it's called self custody. When you trust a centralized service with the safekeeping of your funds, you give it custody.

The advantage fiat has over crypto is usability, most elderly persons and illiterates will have difficulty in interacting with crypto and securing their wallets.

[btc78]

Honestly there is one simple answer to what is the advantage of fiat to cryptocurrencies and the answer is it is basically the official currency of your country.

Let’s talk about accessibility and convenience. It depends on which country you reside in but in mine, I’d probably meet maybe 1 out 10 people who owns or at least knows about crypto. There is no way I could make normal transactions with cryptocurrencies.

One thing is there are more definitive laws and regulations about fiat. If you lose it or if someone steals it, there is a probably a law somewhere that could tell you how to deal with it unlike with crypto which is relatively new and therefore pretty much still in the grey area.

[Abu-Naim]

Nobody is arguing about the importance of fiat currencies, because we cannot survive in some places without having them, therefore we can never leave fiat currencies.

The world today is becoming digital, keeping fit money is now stress and leaving them inside our bank accounts is also stressful and useless since it cannot add more and will be reduced when banks charge us for keeping the money with them that is why Bitcoin is introduced to give us freedom financially.

Instead of keeping fiat, you can hold bitcoin to save the value of your wealth against inflation and others.

[Cryptomultiplier]

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.

While your candid concern is noted, it is first to understand that Crypto currency isn't as old as fiat nor the Blockchain as old the system fiat has operated on from onset.
Bitcoin only just recently launched its ETF and we know that the fiat currencies already has its own ETF that is traded on any ETF markets available.

Crypto currency and Bitcoin is still growing and right now, it has gotten to the stage where it can help any country adopting it to strengthen its macroeconomy and sovereignty.

[moneystery]

....

But if you use cryptocurrency, you can trace where your money belongs to since blockchain is public, so you can report to authority.

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.

[Moreno233]

There is nothing that is perfect so even as good as cryptocurrency is, there will always be some advantages that fiat will have over it. I think cryptocurrency was created as something people who are not comfortable with the control the governments have can use to at least experience some level of freedom without interference. Some of the known advantages of fiat is that it is not so difficult to use and requires less training. You don't have to be a computer literate or become proficient in using smart phones to transact in fiat unlike cryptocurrency that requires some level of digital skills to be able to use. This is why cryptocurrency is more acceptable to the educated class. There may be other advantages but I think cryptocurrency can do most of the things fiat can do.

[iv4n]

Fiat currencies have no advantages over cryptocurrencies... crypto can do everything that fiat does, a lot better, faster, safer, and if necessary it can be more transparent, which in my opinion should be respected by some government institutions. As I said a few times, I don't care where somebody spends money, but I would like to be able to know where the tax money is going in some cases, for the good of all of us or into some politician's pocket.

There are many bad things in crypto as well, but how corrupt fiat is can hardly be explained in a few lines. There is corruption at all levels, globally it is such an intricate scheme of influence that no one can untangle it. The point is, as bad as crypto is or has downsides, fiat is much worse and has too many holes that will never be patched.

[Husires]

Centralized exchanges are different from blockchains, different from altcoin. if you use an open source wallet in an airgapped system, your currencies are safe as long as you are the only one who knows the seeds. If you buy Bitcoin and your intention is to invest in the long term, the risks are almost non-existent.

[SmartGold01]

Cryptocurrency aren't anonymous, the truly anonymous is Monero, while the rest are either privacy enhanced coins, pseudonymous, to KYC coins. Considering that most people use centralized exchange to buy coins, it means the centralized exchange and government can know who hold this coins or vice versa. Even though I don't like centralization and KYC, but cryptocurrency are actually far better than fiat in terms of transparency.

If your fund in banks tempered by a theft, you don't have any evidence if your fund are stolen to whom, the one who know is banks, but what if banks didn't want to reveal?

But if you use cryptocurrency, you can trace where your money belongs to since blockchain is public, so you can report to authority.

I think you don't get the picture of what Op is saying, though you are right in everything you said but, what I think op is say is that what if a wallet is hacked without moving those funds to a centralized exchange. Maybe the fund was stored in another wallet without moving them to any exchange or possibly moved them to Decentralized exchange to bridge to another network like from Ethereum chain to BNB beacon chain would you in any way trace the transaction or locate who stole the fund from you? Yes please explain more to me.

Now tracing hacker who stole your funds can be if that stolen coin is moved to exchange directly then you can write to that exchange to freeze the funds in their custody with proven evidence showing that the said address hacked your account or wallet. With this you can say is traceable but when a coin is being stolen from you and then it was bridged to another network other than the regular networks we operates, then your coin is automatically gone. Why then they don't hold and restore back those fund that was stolen from centralized exchange or a decentralized exchange?

[Upgrade00]

The bank is not usually responsible for issues customers encounter and they sometimes are swindling you for their own benefits. There will always be use for banks in the financial system, Bitcoin does not want to replace that. Bitcoin gives you an option to be your own bank and store your funds the way you want to.

Bitcoin is still a speculative asset and no one should be moving their entire funds out of fiat systems and into Bitcoin.

[dothebeats]

People are still being scammed even when they use fiat currencies, and some of these scammers aren't caught by the police so I don't understand your point in holding someone responsible in the event of a scam. Sure, there are law enforcement agencies out there capable of assisting victims, but the fact that such scams still exist in a currency that is supposed to be protected by law doesn't make it any better.

At least in crypto, you get to learn how to be diligent in every transaction you make so you don't get to be screwed by scammers.

[electronicash]

Nobody is arguing about the importance of fiat currencies, because we cannot survive in some places without having them, therefore we can never leave fiat currencies.

The world today is becoming digital, keeping fit money is now stress and leaving them inside our bank accounts is also stressful and useless since it cannot add more and will be reduced when banks charge us for keeping the money with them that is why Bitcoin is introduced to give us freedom financially.

Instead of keeping fiat, you can hold bitcoin to save the value of your wealth against inflation and others.

keeping fiat like cash is still a good option since all stores still accept fiat. local stores are not yet ready to accept BTC and other crypto. but with fiat, it's always going to be accepted that's the biggest advantage of fiat and the value is not so volatile, unlike crypto where your asset value will just be half in a few months during a bear market.
It's why even when crypto becomes mainstream, we can't make fiat disappear.

[Gozie51]

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.

The adaptability of cryptocurrency is growing despite the old system of fiat. However, the world will not stop because of those who still call bitcoin bubble that will burst one day and people who have their money invested on crypto will lose all they have. No the world won't stop for all those. Crypto has become an alternative financial transaction globally and the system is such that most payment platform that implore digital means are including bitcoin as part of the payment system. Crypto transaction are faster and not encumbrance of their party which leads to delay.

[Rruchi man]

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 ...

We never claimed that fiat was completely problematic, in some aspects like quick face to face transactions, fiats still holds all the advantage than even bitcoins. Bitcoins were created to address the problems with using fiat, not to completely push fiat out of use. Bitcoins is not without faults, there are still some challenges to it's use but because the merits of having bitcoins surpasses the merits of holding fiat, and because of that, bitcoin has become the choice of many people who are well informed.

[bluebit25]

If you keep cash at home, this can also be considered self-custody, similar to keeping your cryptocurrency wallet with private keys. In both cases, you must ensure that your assets are protected. Conversely, when you leave your money in a bank or use custodial cryptocurrency exchanges, you hand over custody to another party. Then, it is their responsibility to take care of your money.

In terms of usability, and especially for those who are not tech-savvy, fiat currencies lead the way. The elderly or those who stay away from e-wallets will definitely opt for cash and traditional banking.

[Ndabagi01]

This discussion and continous comparison between fiat and crypto has been long overdue to have come to a compromise by now. Both are important and have their individual advantages, strength and disadvantages so we shouldn’t see one as more superior than the other. Everyone has the field they’re most superior in and can’t replace the other in those aspects. The main aim of cryptocurrency invention is to serve as alternative to the traditional fiat currency and not to replace it wholly. When we understand this and always have it in mind, we won’t have a lot of discretion to any of this currencies. Just use the one you need at that time that is suitable for the purpose you want to use it for.

[hatshepsut93]

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.