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.

[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.

[Darker45]

Both Bitcoin and fiat have their own sets of advantages and disadvantages. Their features are both good and bad depending on the perspective or how we look at them. Irreversibility, for example, is good in the sense that transactions have finality. That means security. That's an assurance that once you get paid, for example, the payment cannot anymore be taken back from you. But it is also bad in a sense because once an erroneous transaction is confirmed, it can't anymore be undone.

There's no perfect money. Gold is an excellent money but that, too, has its own shortcomings. The same with fiat. The same with Bitcoin. The same with silver, sea shells, the rai stones, and the rest of the money used all throughout humanity's history.

[pooya87]

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.

Of course there is advantage in the current existing financial system and its tool called fiat which is an unlimited supply currency. And of course there is advantages in new invention in the financial world in form of a decentralized money with a capped supply.
But that doesn't mean this decentralized money is going to replace, dominate, etc. the old one. Bitcoin is just an additional tool that exists as an "alternative option" to address the flaws in the existing system.

For example imagine you want to transfer a large amount of money to someone in another country. You'll have to go through the baking system, the exchange rate, answer a lot of questions about why you are doing that with YOUR OWN MONEY!, and also pay a ton of fee.
Now you can do that with bitcoin without having to answer anybody and with only paying a teeny tiny fee of less than a buck.
At the same time this doesn't mean from now on every single transfer is going to go through bitcoin.

[wxa7115]

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.

If we are as objective as possible, it is clear there are many people out there that are not ready to become their own banks and they need their protection, if not then they will find a way to lose their money, and over the years we have seen many examples like that on the forum.

However before the invention of bitcoin those that had the capabilities to take care of their own money only had gold and silver as alternatives, and while they can be a good store of value, their use as currency is almost nonexistent, but bitcoin changed this and it allowed us to have a better alternative to gold, and that is invaluable.

[AVE5]

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.

Okay I'll agree with you that the banks is not also usually safe with a maximum guaranteed when we've our funds saved in the centralized sectors. Obviously once funds is stored in the bank it's still at your risk to keep a valid security and also indebted to risks by bankers afterall the banking system also has malicious performances.
But there in the Crypto, you're at all in charge of your funds in a decentralized wallet so to it all, all risks and security aspects of your funds lies on your cares.

[Marvelman]

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.

Okay I'll agree with you that the banks is not also usually safe with a maximum guaranteed when we've our funds saved in the centralized sectors. Obviously once funds is stored in the bank it's still at your risk to keep a valid security and also indebted to risks by bankers afterall the banking system also has malicious performances.
But there in the Crypto, you're at all in charge of your funds in a decentralized wallet so to it all, all risks and security aspects of your funds lies on your cares.

Well, that's sorta true but not totally.  Banks aren't perfect, sure, but least they got FDIC to cover your cash if they go under.  With crypto you lose your password or get your wallet hacked and boom, your money vanishes. 

Yeah crypto lets you control stuff directly but you also gotta be real careful.  One slip up and your millions are gone with no takebacks.  Banks might pull some shady junk but they got backups and safeguards in place.

So they both got good and bad.

[|MINER|]

Fiat has advantages ok but the thing about theft is if your money is lost from the bank you will have no proof and you won't get it back even if you say thousands.  Moreover, centralized currencies are traded on third-party surveillance, i.e. the government will know where the money is last.  But there are many countries where bank money is being stolen overnight and the government is unable to do anything.  Bitcoin transactions are very transparent transactions.  Even though it is decentralized, its block chain allows you to find out where it is and who owns it.  And you don't have to be subject to any third-party surveillance.

[fuguebtc]

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.

Are you sure about what you say? Do you mean if someone gets scammed or has their cryptocurrency stolen, you can report it to the police and easily get your assets back? So why do criminals use bitcoin or other cryptocurrencies to trade without being detected by the government? Why can't anyone get their money back after being scammed or having their bitcoins stolen? Why do people who transfer the wrong wallet address have no way to get their bitcoins back even if they report it to the authorities?

If you transfer bitcoins to me now and I challenge you to find a way to get your bitcoins back even if you report it to the FBI or any government agency you trust.

[Sebas.tian]

See the reason people are comfortable with the potential of decentralized currency than centralized currency:

1: No third party in your crypto transaction, and it has made many countries to adopt it for their citizens to have access and to make their privacy safe from scammers in the country compared to centralized currency that involved third party before your transaction can be successful.
2:Cryptocurrency is not control by the government and it will never be control by the government, because it was created to eliminate delay in transaction which is the another advantage that is making people to have interest on cryptocurrency than fiat so that they can see and enjoy the benefits that attached to it. But the advantage of fiat in the area of increasing humanity wealth is very low compare to cryptocurrency that has increased many investors that have the knowledge of cryptocurrency.

[mu_enrico]

First of all, it is incorrect to group Bitcoin & Altcoin and then compare it with fiat since these two are not in the same group. The advantage (or disadvantage based on your PoV) of fiat over Bitcoin is pretty clear. Fiat is a "bad" currency, it's so bad that people want to give up their money easily because of inflation, in other words, people are encouraged to spend it. This consumerism-centric money powers the current consumption-based economy. Meanwhile, in the Bitcoin economy, people will be more reluctant to give up their money, since BTC is precious and will increase in value over time. Altcoins, however, is more like fiat since people (or at least me) aren't that reluctant to spend it, but it comes with the major volatility issue.

Now, back to the OP. If it's related to the custodian or non-custodian thing, both have pros and cons. There's this fractional reserve in the bank that can cause a bank run if the control system isn't working properly. Embezzlement and corruption are not a myth but happened multiple times in the past for both Fiat Bank and CEX. You can contact their CS but if there's no money there, you'll get nothing. Conversely, the non-custodian means you, with your keys, 100% control your money. CEX isn't the ideal thing that happened in crypto, but it's what we have and is working now.

[boyptc]

The only advantage of fiat is it is widely accepted but Bitcoin and other cryptos are also going to that point.

As fiat has been made as legal tender and backed by the government gived that advantage.

As for BTC, we as community backs it but an advantage of btc as highly volatile cant be compared to fiat.

[davis196]

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.

Good luck getting your fiat funds back, if you send them voluntarily to someone. The bank can't be held responsible, because you decided to send the money in your bank account to a random scammer, who promised you something. I don't consider this to be an advantage.
Even when the scammer gets caught, the court case could take years and getting back your money would be a really slow process(if there is any chance to get back your money).
The biggest advantage of fiat money is the fact that you could spend them easily everywhere. You can't do the same thing with crypto, because the number of merchants accepting cryptocurrency payments is really small.

[God bless u]

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.

Yeah that's something that can be looked into because people have on their mind that it's very easy to carry and store fiat while crypto is very difficult to store.

Look it's not the case if we combine these two actually it's almost the same. If we don't take care of our fiat and carry a very large amount and go anywhere we want then it'll lead to mishaps and thefts. The same is the case with crypto it's very safe until you do bullish things with your phone and get into the hands of scammers. Actually due to a shortage of education we can't blame the system.

[AnonBitCoiner]

The only advantage of fiat is it is widely accepted but Bitcoin and other cryptos are also going to that point.

As fiat has been made as legal tender and backed by the government gived that advantage.

As for BTC, we as community backs it but an advantage of btc as highly volatile cant be compared to fiat.

Everyone is not familiar with bitcoin as Bitcoin is not a famous currency in their consideration for all humans all over the world because some of them don't know about Bitcoin and if some know about investment then they don't believe it because it is volatile and unstable currency where as fiat currency is widely accepted as it is used in all aspects of life.

People will accept Bitcoin but they also cannot leave fiat currency because that is used for purchasing daily objects. I think that both have its own importance and we cannot ignore the importance of any of these but we have to take advantage of both according to its uses.

[EarnOnVictor]

What I see here is that most people reviewing Fiat and Cryptocurrency are often too lousy, but always, my resolve is that the two will continue to coexist. We should not place one over the other as both have their advantages and disadvantages. Even when we weigh the advantages and disadvantages of the two, I am still certain that Fiat will win Cryptocurrency in this regard. Notwithstanding, we should respect the two and let them continue to serve us when we need them and for the purpose we need them.

Going by the context of this thread, a few of the ways Fiat outstands cryptocurrency are stated below:

1. It is reversible. Those who did transactions wrongly, or were scammed, or got their account hacked but later detected and seized will appreciate this better.

2. Fait can do without crypto, but crypto can't do without fiat. This is evident in the way we exchange our cryptos for fiats before we can spend them in most cases.

3. Its centralisation has enough advantages than people think.

4. Your lost access to Fiat can also be recovered.

5. The high volatility of crypto is more disadvantageous to rely on than to trust.

6. Loss of assets when you die.

7. Higher accountability and economic growth of a country.

8. Higher investment opportunities.

9. And many more...

[WillyAp]

Both Bitcoin and fiat have their own sets of advantages and disadvantages.

Yeap spot on.
All what you can exchange to archive what you need is good to have.
That makes it hard to understand Maxis.

[kryptqnick]

In my country, if you send money to scammers from your bank account, I think it's unlikely that the transactions will be reversed, unless the case goes to court and the court orders it. If it's an obvious technical glitch, you can contact support, and they're likely to give the money back to you. But it can be much harder in other cases. What you can do, though, is block your card if it's stolen (or you lost it) and ask for a new one, and this way you don't lose your money which would have been lost in similar cases with Bitcoin.

A significant advantage of fiat is how easy it is to use it. Cash is basically anonymous, and it's very understandable and accessible. A card is not anonymous, but often requires very simple movements that even people who are digitally illiterate can make (like entering a pin code from time to time or putting a card close to a reader).
It's also relatively stable (unless you live in a country that has fiat suffering from hyperinflation), which is convenient for everyday prices.

[Findingnemo]

I still use fiat to make my every payment on my day to day basis because crypto isn't accepted yet despite being legal in my country that is the only advantage I can think of.

But from a broader perspective, the fiat is a trap that keeps us poor in the name of inflation which has no escape since governments are printing the paper money non-stop and it keeps losing its value in the range that we overlook unless we give deep attention to it.

[darkangel11]

IMO cash can compete with bitcoin, but digital fiat, like the one you keep in the bank or on a Paypal account cannot. The reason for that being the centralized nature of all these businesses. They don't really hold your money it's just numbers. If the numbers get messed up in their database your money is gone. If someone hacks the database your money is gone. If someone obtains your data from you via theft or threats, money is gone. You don't get that problem with bitcoin. Blockchain is backed on millions of computers around the world, you can't hack it. You can't destroy the database. Even if they physically steal your wallet from you as long as you have the backup you can quickly use it to move coins before the thief does. Cash is cool, but they're limiting it as much as they can. I've recently found out there are new limits for cash payments in the EU, so it's going to get worse and worse until they eliminate cash completely.

[boyptc]

The only advantage of fiat is it is widely accepted but Bitcoin and other cryptos are also going to that point.

As fiat has been made as legal tender and backed by the government gived that advantage.

As for BTC, we as community backs it but an advantage of btc as highly volatile cant be compared to fiat.

Everyone is not familiar with bitcoin as Bitcoin is not a famous currency in their consideration for all humans all over the world because some of them don't know about Bitcoin and if some know about investment then they don't believe it because it is volatile and unstable currency where as fiat currency is widely accepted as it is used in all aspects of life.

People will accept Bitcoin but they also cannot leave fiat currency because that is used for purchasing daily objects. I think that both have its own importance and we cannot ignore the importance of any of these but we have to take advantage of both according to its uses.

As a matter of fact even we're advocates of Bitcoin, we're living in a country that's fully reliant on cash, credit cards and digital payments. But with the latter, that's when people and the government can start to analyze and realize that bitcoin can be inserted with that.

Both has its own importance and there's no doubt with that. We understand the importance of Bitcoin in our own economy and the same goes for cash and they can co-exist on any country where there are people who are interested and are already into it.

While the new ones, they might be confused on how it works but everyone has to start somewhere just as we.

[_BlackStar]

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.

Fiat and crypto have the same function as a means of payment - but not all countries legalize them as legal tender. You can use any type of cryptocurrency to make payments as long as the recipient is willing to accept them - but in many countries, you must first convert to fiat before you make a payment. This is done to respect the law rather than break it - but you are free to choose what works best for you.

Fiat is used in many cases of traditional payments - it will not disappear even though the digital era has come. Whatever - fiat is still used, but cryptocurrency ^[bitcoin] is present as an alternative currency for payments that are not as usual.

[ColdLava40]

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

A very key point you just mentioned, which the opposite term should probably be acceptability. Definitely, everyone can use the US dollar, but it would now depend on who chooses to accept it. The fiat of a particular country is acceptable in every part of that country but might not be accepted in other countries except with the intervention of the bank were exchange is been made.

People will accept Bitcoin but they also cannot leave fiat currency because that is used for purchasing daily objects. I think that both have its own importance and we cannot ignore the importance of any of these but we have to take advantage of both according to its uses.

Both of them are quite unique in their own way. Bitcoin gains value by accumulating in price but fiat doesn't.

[Synchronice]

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.

Who says that Bitcoin is the ultimate solution to every problem? If someone says that, they are spamming. Bitcoin simply a peer-to-peer payment method that helps you to pay to someone else without involving of 3rd party, in this case, banks. This is the benefit of Bitcoin and that's all! It's not an ultimate solution and was never designed or intended for massive global usage, even it's blocksize proves that it wasn't meant for that.
At the moment, Bitcoin can't change fiat because blocksize is low, adoption is low and too many people also aren't smart enough to download/create Bitcoin wallet and take the responsibility on their own.

[WillyAp]

Bitcoin simply a peer-to-peer payment method that helps you to pay to someone else without involving of 3rd party, in this case, banks.

Unfortunately for Bitcoin that function other do better and quicker.
The Whitepaper should be rewritten and the P2P should be eliminated.

[Upgrade00]

Well, that's sorta true but not totally.  Banks aren't perfect, sure, but least they got FDIC to cover your cash if they go under.  With crypto you lose your password or get your wallet hacked and boom, your money vanishes. 

FDIC insurance covers losses due to bank failure. If you lose your banking password or your app gets hacked and your funds stolen the bank does not restore them. All losses of bitcoins so far have been due to external factors, it means none of them would have been covered by insurance.
FDIC only insures up to $250,000 leaving a huge chunk for some uninsured.

[retreat]

We cannot compare fiat and cryptocurrency, because both of these have their respective advantages and disadvantages. For example, for regular transactions, perhaps fiat has an advantage because it is easier to use and more people accept it. However, for ease of international transactions, cryptocurrency can make things easier for users because transaction times are faster and fees are much cheaper. And many other advantages and disadvantages between fiat and crypto. So there is no need to compare these two things because if we can use both, why choose one and discredit the other.

[harapan]

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.

Basically,no one is going to argue about that fact,and we're not going to replace fait in anyway because,it is the country's currency.That is no matter what happens,fait remains fait and it's still runner by the government.Most times,people consider fait's usage more comfortable and confidently over crypto.

Generally,I think fait can be in the space as or with bitcoin,but let's use the currencies for the purpose of their creation and reduce the comparison that exists between them.Mostly,you'll hear and see questions like,What are the factors that make cryptocurrencies more interesting than FIAT currencies? Here are some of the reasons:Definitely,there are reasons that makes crypto interesting over fait,and it shouldn't be overemphasized.

[Apocollapse]

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.

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.

Bridging from ETH chain to BNB chain means you're swap platform, swap platform isn't decentralized exchange because they connected to centralized server. The problem arise when you want to convert the coins to fiat since you need to link your bank accounts.

Are you sure about what you say? Do you mean if someone gets scammed or has their cryptocurrency stolen, you can report it to the police and easily get your assets back? So why do criminals use bitcoin or other cryptocurrencies to trade without being detected by the government? Why can't anyone get their money back after being scammed or having their bitcoins stolen? Why do people who transfer the wrong wallet address have no way to get their bitcoins back even if they report it to the authorities?

If you transfer bitcoins to me now and I challenge you to find a way to get your bitcoins back even if you report it to the FBI or any government agency you trust.

It's not easily to get back your assets, but it's more transparent than banks.

There's a difference between send to wrong address, send to phishing sites and hacked. Send to wrong address means it's your fault, however if you send to phishing sites or get hacked, there's an evidence that you got scammed.

If I transfer my coins to you, the FBI or agency won't recover it because that's my fault.

[poodle63]

We cannot compare fiat and cryptocurrency, because both of these have their respective advantages and disadvantages. For example, for regular transactions, perhaps fiat has an advantage because it is easier to use and more people accept it. However, for ease of international transactions, cryptocurrency can make things easier for users because transaction times are faster and fees are much cheaper. And many other advantages and disadvantages between fiat and crypto. So there is no need to compare these two things because if we can use both, why choose one and discredit the other.

basically use fiat if its just for daily living and crypto for investment thats for me, there are certain countries that forbid the use of crypto for transaction that could be one of implication with using crypto though but i'm sure most of developed countries are allowing crypto as long as its reported when we are paying taxes, since country varies in term of law, we can't be sure though.
but to keep it simple, use what convenient for you, fiat so far is still the most convenient when making transactions within a country since its the legal currency approved by the government so its more widely used for people.
but so far even using crypto for investment alone is already suffice in my opinion since the profit itself is massive if compared with other investment like gold and so on.
therefore its just seeing advantages and disadvantages and thats it, not even worth compare and I do agree with your statement.

[Taskford]

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.

Basically,no one is going to argue about that fact,and we're not going to replace fait in anyway because,it is the country's currency.That is no matter what happens,fait remains fait and it's still runner by the government.Most times,people consider fait's usage more comfortable and confidently over crypto.

Generally,I think fait can be in the space as or with bitcoin,but let's use the currencies for the purpose of their creation and reduce the comparison that exists between them.Mostly,you'll hear and see questions like,What are the factors that make cryptocurrencies more interesting than FIAT currencies? Here are some of the reasons:Definitely,there are reasons that makes crypto interesting over fait,and it shouldn't be overemphasized.

Fiat will really remain on what is current status and crypto will just be an option since for sure that government will give their favor on their own currency since this is their countries pride and for sure they would never let any foreign currency would dominate and replace what they are been long time using. That's why I will agree to people saying that fiat will remain since as long as government is close minded on what they see from cryptocurrency and they always look bad for it, for sure fiat will retain all the disadvantages and this is still the most used coin on our country and bitcoin will just be an investment for other people.

But for profitability we can rely on bitcoin since there's a lot more opportunity it could potentially offer to us an d its up for us to know which of those opportunity around are we going to grab.

[G_Besar]

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.

Your understanding is very different from what I understand about fiat money and Bitcoin, because for me fiat money only has one use, namely that it can be used as a medium of exchange when we buy goods or something in this world. Apart from that, I don't find any use for it because fiat money only excels at transactions in cash and that is the only advantage that fiat money has. Meanwhile, I don't find other things at all in fiat money, so I say that fiat money only has one advantage when used by anyone.

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.

When you say Crypto, it is no longer specific to one coin like Bitcoin, because it has become very general for all coins which are basically very different in terms of concept. Well, in this case you are also not quite right when you say that digital currencies are decentralized like Altcoins, because the only thing that is decentralized is Bitcoin so it is not worthy of being equated with any altcoin. Apart from that, comparisons between digital currencies such as Bitcoin and fiat money which are still often used by many people are not worth making because fiat money is definitely inferior to various things or sectors.

[KingsDen]

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.

Having money in the bank to have who to hold responsible when the money eventually goes missing is not an advantage of fiat. The bank houses the fiat just like the wallet and exchanges houses cryptocurrency. Think of it this way, if you keep fiat in your house, armed robbers can steal it, who will you hold responsible? I have also seen banks go bankrupt and unable to pay her customers. Fiat has some advantages over cryptocurrency especially in terms of anonymity but in the digital space, fiat has no ground against cryptocurrency.

[Reatim]

basically use fiat if its just for daily living and crypto for investment thats for me,

Well the thing is if we were to talk about bitcoin itself its primary purpose was to serve as a transaction method that could be used without any third party.

The only reason why it became a remarkable investment was because people saw value and appreciation in its limited supply and continues to do so. Now, people are hoping to someday use bitcoin for its actual intended purpose. I am sure a lot of altcoins as well aim to be used as a payment method.

[slapper]

Keeping fiat for "security" is like being afraid to swim in the pool for fear of getting wet. You have banks and government support, but is that a safety nett or simply a cage? Bitcoin, this invincible force, is destroying centralised finance. We focus on anonymity and the lack of a middleman, but they aren't what free us from the system that keeps ripping us over

Crypto's anonymity is its sole goal. It envisions a future without institutions that take our money like their own. Fiat? This world has inflation, red tape, and bogus protection. Those in "primitive life" unprepared for tech? We must advance them, not slow them down for the slowest. Crypto is about offering us a new method to handle our money, not replacing fiat

[fuguebtc]

Are you sure about what you say? Do you mean if someone gets scammed or has their cryptocurrency stolen, you can report it to the police and easily get your assets back? So why do criminals use bitcoin or other cryptocurrencies to trade without being detected by the government? Why can't anyone get their money back after being scammed or having their bitcoins stolen? Why do people who transfer the wrong wallet address have no way to get their bitcoins back even if they report it to the authorities?

If you transfer bitcoins to me now and I challenge you to find a way to get your bitcoins back even if you report it to the FBI or any government agency you trust.

It's not easily to get back your assets, but it's more transparent than banks.

There's a difference between send to wrong address, send to phishing sites and hacked. Send to wrong address means it's your fault, however if you send to phishing sites or get hacked, there's an evidence that you got scammed.

If I transfer my coins to you, the FBI or agency won't recover it because that's my fault.

Bitcoin gives us transparency about transactions, but let's not forget that it also gives us a certain privacy (anonymity). And that's why the government has difficulty tracking down and apprehending criminals using bitcoin.

Being transparent does not mean it will be easy for us to get our assets back if we are scammed or hacked. To date, there have been millions of bitcoin hacks and cases of people being scammed related to bitcoin and cryptocurrency. But how many cases have been resolved? As far as I know, not much because tracking data on blockchain is not as easy as we imagine.

[Mauser]

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 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. 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.

[tiCeR]

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.

You are probably talking about fiat money that is deposited in a bank account. Otherwise, nobody is going to refund you the $10,000 cash you carried around when someone hit you with a hammer and ran with the money. But the implicit calculation that you did here lacks something that's very important to note:

When you get hacked and money is stolen from your bank account, the bank tells you that you might be to blame, but they compensate for the loss out of goodwill. First of all, in many cases when bank accounts get hacked, hackers found away to penetrate the security architecture of the bank and exploit weaknesses there. But they will still try to make you feel guilty.

But now there is another very important difference when it comes to fiat money deposited in a bank: they use your hard earned money to earn money. In essence, you entrust them with your money and allow them to generate cash for themselves with your money, but at the same time you rightfully demand a certain level of security. When you own a decentralized currency, banks are pissed because you don't deposit it in a bank account, which then means that your money doesn't serve as capital on a bank's balance sheet.

If banks were to let you alone with damages resulting from hacks, I am sure you would certainly consider self-custody. i.e. manage your own cryptocurrencies, as there is no more advantage for you to deposit wealth at a financial institution.

Many of the advantages that fiat money has over BTC are artificially developed and enforced through legal frameworks phrased and pushed by the powerful banking lobby. Fiat money has advantages not because it is intrinsically better, but because the lobby behind fiat is still Goliath while the lobby behind BTC is growing, but still David.

[Fortify]

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.

If you're honest about it there are plenty of good reasons and logic behind traditional fiat currency, but it can annoy some crypto holders to even discuss it. Most of the world, probably 95%+ are still transacting it fiat every single day - they're getting paid in it, they're buying their shopping with it, they pay their mortgage and rent with it, they invest their pensions with it and this is a huge amount of inertia. It is still a lot cheaper to transact with fiat currency on a consistent basis and at an instant speed, something that Bitcoin is unable to match right now. Then there is also scale - crypto is great for medium to large size transactions, but it would overwhelm the network if too many smaller transactions were sent to it.

[dunfida]

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.

If you're honest about it there are plenty of good reasons and logic behind traditional fiat currency, but it can annoy some crypto holders to even discuss it. Most of the world, probably 95%+ are still transacting it fiat every single day - they're getting paid in it, they're buying their shopping with it, they pay their mortgage and rent with it, they invest their pensions with it and this is a huge amount of inertia. It is still a lot cheaper to transact with fiat currency on a consistent basis and at an instant speed, something that Bitcoin is unable to match right now. Then there is also scale - crypto is great for medium to large size transactions, but it would overwhelm the network if too many smaller transactions were sent to it.

I would say that 99% of us or even 100% are still that trusting up fiat.Although there would really be those who are completely doesnt really like about fiat in personal reasons on which we cant blame them on and we do have our own will and interest when it comes to this manner on which there would really be that having those own perceptions and viewpoints about its cons and pros but we cant really be able to deny that fiat
would really be able to tick those checkboxes on which it is really that suited out on day to day transactions on which crypto couldnt really be able to do so. The only thing that what sucks with fiat that it is centralized and truly could really be that monitored via those institutions plus having that inevitable inflation due to continous printing but of course this is the reality that we are facing on, then we dont really have any choice
but to bare and deal with it. It is really just that we do have our own impressions on things around.

[dezoel]

First of all, not all cryptocurrencies and their blockchains are completely decentralized, it's just Bitcoin and some other cryptocurrencies that can be considered truly decentralized because their blockchains operate without anyone being able to make any changes to the original blockchain and the number of coins that it originally was created with. Most of the altcoins can be called semi-decentralized because their blockchains might work without anyone having to do anything, but some teams and developers have access to the blockchains and they can make changes to them whenever they want.

Talking about the advantages of fiat over cryptocurrencies, we can't deny that there are certain things that one can do with fiat that they might not be able to do with cryptocurrencies at the moment, and at the top of that list is the usability, which means that currently, you can't find a lot of options available around the world where you can use your cryptocurrencies as money to pay for goods or services which you can do easily with fiat.

[Hewlet]

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.

there is no point in comparing fiat to crypto. Crypto wasn't created to replace fiat and regardless of the level of adoption in the crypto space, banks and traditional institutions wont go into extinction. That being said, the disadvantage you pointed out aren't real disadvantage if you look at in the real sense.if you're considering saving your money in the bank to be better than having full control of your crypto then you're missing it out. There hard been cases when due to government regulations, banks will freeze your fiat and deny you access to it and regardless of your cries you won't get it at all. That's not possible for crypto. If you choose to you can decide not to keep your crypto in exchange and then your jeep it in offline wallet, that's even more secured and safer than keeping your money in the banks. What's the main thing here is that crypto is in improvement on the traditional banking system  that can still be operated alongside normal banks and financial institutions so thier is no point in creating an argument.

[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.