The reason why bitcoin is superior to fiat currency ( naira).

[Livingleged]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

Yes every transactions are public that mean if you’re running a node you’ll get to download all the block of those transactions but you may not be able to know/see  the details of those transactions that why it’s may be considered as anonymous.

And bitcoin actually doesnt require your KYC to run your transaction. You do KYC if you want to swap coin in a centralized exchange. This is to protect you against fraudulent activities and beyond.

[iBaba]

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Do people still consider holding fiat as an investment? Hold fiat should not be consider an investment because an investment is when you are committing your money to something and then you expect that in a certain time, you are going to make profit because the value might have done 10x, 40x or even 100x or more, that's an investment. Do the no Bitcoiners who are holding their money as an investment in the bank even ask their self why are most people taking their money from the bank and then investing on Bitcoin? Banks can tell customers about the 15% they will get per annum if they save with them but they won't explain how inflation and devaluation can make  the 15% profit meaning less.

You're right as holding fiat is also not something I consider as a real investment but it is just a storage if an asset or value you have and a very weak on at that because your asset can get devalued by a single government policy or mismanagement and what you are supposed to keep as an investment ends being a waste which brings about disappointments to your portfolio. An investment is something you commit money to with the expectation ls that it will grow in value over the time and not the uncertainty and expectations of it falling in value due to other factors caused artificially  by humans i.e the government such as inflation and currency devaluation which are the two main factors that always affects our fiats values.

I know alot of people especially the older generations who are not yet exposed to the contemporary opportunities and still think keeping money in the bank is investing whereas it isn't. Even when the banks give you the promise of returns of like 10 to like 15 percent per year, they rarely can explain to you how inflation has reduced the real value of that return.

[DiMarxist]

In as much as Bitcoin has many advantages which has set it up as one of the favorite assets for investment currently, but even though I don't see the reason for the comparison between Bitcoin and Fiat currencies because, these two exists in different worlds and even in terms of use and purpose are different. What you have to consider first when this type of discussions come up is was Bitcoin created to compete with Fiat currencies and what was the main reason behind Bitcoin these are fundamental questions we all needs to ask.What we all needs to know is that Bitcoin can't totally remove the use of Fiat currencies in the world in as much as Bitcoin is a big deal today.

[IceLincoln]

3. Bitcoin transaction is anonymous, which means you can make transaction without someone verifying your identity, unlike fiat currency transactions where your identity is required to make any transaction.?

You guys will always come and say that bitcoin transactions is anonymous while others will say every transaction is in th public ledger. I do not have a problem with that but if the transaction are anonymous why do we have to do a KYC registration.?

Yeah, Bitcoin transaction is not anonymous rather it is pseudonymous, the transactions are recorded on the blockchain but the identity of the owner of the wallets or transaction is kinda a secret.  

You do KYC if you want to exchange coins in Centralized exchanges..to prevent against fraud and money laundering, if you don’t want to do KYC you can use decentralized exchanges for that related stuffs.

4. In terms of security, bitcoin transaction is more secured , as it uses an advanced tools to secure it's transactions, while fiat currency is more susceptible to attack and fraud.

Every system has its dowside, the Network is secured  but the security of your coin totally depends on you, so scammers cannot directly steal from the network but they can steal from the users.

A very intelligent and concise answer you’ve given, simple and easy to understand by anyone including a newbie. I believe both the OP and the Inquirer @ will be satisfied with that.

Your transactions on the blockchain are always recorded and can only be traced back to the wallet address and not the owner of the wallet. Unless you’ve shared the address somewhere publicly then it can be traced back to the account you used in sharing it, or you’re using a KYC exchange.