Topic: 99% of the people still think that fiat money are better than crypto - page 10. (Read 3282 times)

Up until now it is still the same.
Talked with a group of people and all they see is fiat money. If it aint physically felt then it is not true.
That kind of idea is stucked in their head.
It will be hard to come through this people with just explanations. They will need to experience the benefit of it to make a spark.
I managed to convince like 2 of them and yet they will say they wont risk it.
That is okay for me though. I just want to share.

I am actually doing a study on cryptoeconomics and social factors that influence its rate of adoption, but to cut the long story short, here are the major reasons why majority of people still and will prefer fiat:

1. It is highly volatile: imagine investing $10,000 in BTC one day then it slumps to $4,000. Very few people can understand the economics and mathematics behind it - so they prefer to stick to what they have and know.
2. It is virtual: believe it or not, a substantial percentage of people up to this day, steer away from cellphone and internet banking as an imminent fear of being susceptible to hacking and the likes. So crypto you can imagine - is surely lagging way behind.
3. Limited usability: how many places (shops, restaurants etc..) can you go to within your immediate vicinity and expect to get a cappuccino and biscotti for 0.002 BTC ? Then again - will the owner (and you) have an hour to wait for 2-3 confirmations from the network so that the bill is settled?
4. It is ridiculously expensive: Take a 3rd world country for example and a "modest" price of $10k per BTC - how many people can afford to invest in something so volatile. In most cases 1 BTC exceeds the legal minimum remuneration of an individual...for an entire year!
5. Practicality and application: you need a software (or even worse - hardware) wallet, then go through all forms of KYC and AML crap to get the coins/tokens. With fiat - you carry it in your pocket.
6. Notoriety: ask anyone who has heard of Bitcoin but doesn't know it well enough and they will 80% of the time either tell you it is/describe it as - a Ponzi scheme.
7. Complex technology: its difficult to even describe in layman's terms the jist of cryptography, let alone the ecosystem of tools, wallets, blockchains, nodes etc that rely on the fore-mentioned.

This is the status quo - it won't change over-night and my educated guess is that the architecture and supply-demand driven volatility of Bitcoin will always, in some way or the other impede the widespread adoption of cryptos. People will look for another "saviour"...what it will be - only time can tell.

Trust is the main, because of this more people believe in Fiat currency and trust is developed by back-up . Fiat currency has been supported by the government,so it has more trust then Bitcoin.
But if u think about the technology then Fiat currencies that has nothing,but Bitcoin has more technology and more advanced features then Fiat currency.

The present of people who think that fiat is better and more sure is actually big, so I disagree with you. By recent calculation only 5% of people use crypto currencies and I think the half of those people think that fiat is more sure anyway, that's why they trade cryptos and collecting the fiat difference. For the most of people crypto currencies are just to earn some money on price differences and they actually earn fiat and spend fiat, but not cryptos, the last one is only an instrument in their hands for money making.

Well I think it isn't really 99% but rather about 60-75% I think .
Just look at how much bitcoin have grown in the past few years it is a proof that there are lots of people who are getting into crypto.

The total population of the world is nearly 8 billion people, 1% of the world population knows and using cryptocurrency meaning 1% of 8 billion = 80 million people have been using cryptocurrency. In my opinion, I think that number is not much, because the total trading volume of cryptocurrency market took higher than 60 billion dollars / day. I think 2-3% is still reasonable.

I don't think mainstream also properly understand how money works especially the fiat. Meanwhile, if they truly well-understood how the money system is work. I'm pretty sure they will choose the decentralized currency instead of centralized currency. I believe it because the dogma that government give us since we little child and also that being part of the education system.

I really doubt whether more than 10% of the world population has heard about Bitcoins. And out of that around one-tenth are users of Bitcoin, which means that those who are supporting Bitcoin over crypto may be much more than the 1% which you are claiming.

they are saying this because people are not well aware of bitcoin and when they will know about this precious innovation they all will be crazy to invest into bitcoin to earn as much as they can so this is only matter of knowledge,

Majority of the people are not yet knowledgeable in internet or in any online activities so bitcoin and other cryptocurrencies are still unknown to them. These people would rather choose fiat because they don't need to go online to make a transaction. There is a need to educate more people to bring up internet literacy to a higher standard before they can be able to use the cryptocurrency.

I think that digital money is better than fiat, it's convenient and more secure

Fiat money more convenient, and I am not sure Fiat can distracted by Crypto.
I agree that Bitcoin with Blockchain make transparent transaction, but it's not funny to buy Coffee with extra Fee and need time to confirm Transaction.
May i know more about what OP said so you can conclude his/her topic bias?
Pure want to know, not judging someone.

Fiats are really more valuable because fiats are more secure than those cryptoz.

I am one of those people who think that fiat money is still better than crypto. If you have bitcoin, would you just keep on holding it and will not encash them? Most people do exchange them into fiat money. Fiat money is still more convenient in paying and other mode of transactions. It is still the easiest way to acquire things.

It is quite difficult to change people mind in a short period of time, some people will always feel it is safer to hold real hard cold cash in their hands rather than holding crypto-currencies in digital wallet, they will always worry about hackers stealing away their crypto-currencies online, and it is always safer to leave their fiat cash in the bank.

i think i already have a sufficient knowledge in cryptocureency because ive been in this industry for about a year now but i still believe and think that fiat money are still the best and better when compared to cryprocurency because it is already obvious that fiats can be easily used by any people in the world and in any ages whether old or young , with or without knowledge , poor or rich , any one can possibly used the fiat money or local curency but Cryptos cant.

The reason why 99% of the people thinks that the Fiat money is more better than Cryptocurrency is because they don't have sufficient information about digital money. I make a research last time about cryptocurrency and I found out that most of the people in the society are still don't have knowledge about bitcoins.

The point is that FIAT money is money, while crypto at the moment is for the greatest part a collectible that people buy and sell trying to speculate and increase their stakes. There is no use as "money" for most of the cryptocurrencies.

Than this crypto ? IT IS.

Also, BTCubble coin is also fiat. Just so you know.

I think cryptoz are much better as we don't have to think of withdrawal and keeping it safe, no pickpocketing etc.