Topic: Cryptocurrency vs. Fiat currency. (Read 897 times)

I prefer fiat over cryptocurrency for my daily use. You cannot pay your bills using cryptocurrency in my country. They both have their own benefits. I prefer cryptocurrency as an investment and earning opportunity, you cannot overlook the power of Bitcoin and its growth.

Things will be surely different in the future as more and more vendors have started accepting cryptocurrency as a payment.

I prefer more cryptocurrency but it's not so widely used now everywhere. Cryptocurrency is our future money though old habits die hard (fiat).

crypto is fine for investment.
fiat is more reliable money

Yes, Fiat currency is more stable then cryptocurrency but you have to think for next generation. We have to think for next 30-50 years when science and technology will be more advance. So there online currency like crypto is more reliable and on the other hand you must have to think for your time, risk that consumption by using cryptocurrency.

Finally stablility does not creats in a day. As every government is researching about cryptocurrency, one day there would be worldwide acceptance and guideline, until then you have to wait.

Crypto is amazing everything is becoming more fine and simple in terms of payments to the help of crypto. I think we need to used crypto over fiat. But the problems is crypto is not controlled by the government because it is fully decentralized so many people also used fiat over crypto. Anyway we can still used both crypto and fiat.

People already got fiat currency and bitcoin was not suppose to replace it because it is intended just to be an alternative, not even just an investment stuff for us. Crypto, digital cash, digital currency is not even an idea until 1980s, fiat currency is running the world for so long that an alternative could not run after it. But the thing is it would be so good if we are going to see a cryptocurrency fully backed by fiat currency, it is like fiat currency 2.0.

And that downside is the main problem why we can't have it as soon as we want it. The rest is just a win for crypto over the fiat. I also think that we are not ready yet for transition since we are divided individually not just as a country but in everything.

This is what I'm talking about, the discussion for fiat replacement with cryptocurrency is not as possible as it seems because it is very complicated and complex. We might revise all that we already have just to put the cryptocurrency in between. I'm not being negative or anti-bitcoin I'm just stating that we are not yet capable of doing these things although we can bring this back to light after the covid19 since we can already argue that bitcoin is good alternative in crisis like this.

Exactly. Fiat has been long before even Bitcoin or crypto existed in the mainstream world. People trust Fiat more than crypto because it's backed by the full faith and credit of the government. It's stable in price and widely used among mainstream businesses and merchants alike. Neither crypto can replace Fiat or vice versa. They're two completely different things. One is backed by the people (crypto), while the other is backed by the government (Fiat). Depending on what you want to achieve in daily life, will be the type of currency to use as payment method. Crypto has benefits, but it also has its downsides. The same can be said with Fiat.

I believe that both asset types will simply grow alongside each other as time goes by. With governments getting close to launch CBDCs, Fiat will become somewhat-comparable to crypto in the future. The only difference lies in the way they're structured (either centralized or decentralized). The rest will be more of the same. Remember, you can live without crypto but you cannot live without Fiat. That's because everyone accepts Fiat as legal tender, but not everyone accepts crypto as payment method. As long as you keep this in mind, you'll know which currency to use from the other for mainstream transactions. Just my opinion

Fiat is easier for everyday use. It is much faster and more reliable for use for me, and the stores do not accept any cryptocurrency from us, so there is no choice. Although fiat is good when the currency is kept at a stable level or is strengthened. If everything is completely bad, then it is better to store it in Bitcoin and sell it for needs.

The simple way to understand this is that fiat has been here since years and systems of payment have been developed to become more in a digital landscape just in the recent decade. Of course the acceptance and usage of fiat is much higher. Crypto has its own niche usage and a cult following. Majority of the people who use crypto are in it for the long term value and not transacting on it. Storing crypto for its value is becoming more important for the next generation and the current generation.

The future is unknown but people are optimistic about bitcoin being used more in transacting than just hodling or trading.

Completely agree with you, mate. Both Fiat and crypto are completely different things. Comparing them is like comparing apples vs oranges. We need both of them for different situations in our daily lives. Fiat has always been a part of our lives, since it's backed by the government. Most businesses, merchants, and companies accept Fiat for daily payments while that's not the case with crypto. This is largely because Fiat is stable and trusted by many people worldwide, while crypto is not. There are times where we may need to use crypto when we want true censorship-resistance over our hard-earned money. In this case, crypto wins against Fiat by a long shot because it provides freedom to the people with its decentralized nature. No one can confiscate your funds or freeze your account at will.

There are some merchants, businesses, and companies which accept crypto for daily payments. But compared to Fiat, the number of people accepting crypto for mainstream commerce is very low. Neither Fiat will be able to replace crypto or vice versa. Both types of currencies will prevail for a very long time. Depending on people's needs, will be the currency to use in the mainstream world. You can live without crypto, but you cannot live without Fiat. I'd recommend that you'd live on both crypto and Fiat for true peace of mind. They have their unique advantages/disadvantages for different situations in life, so using them wisely will allow you to preserve your financial future. Just my opinion

It's impossible to choose which currency is better. Today we need both of them, we have to use fiat.
Claiming that cryptocurrency is better because fiat money is controlled and centralized looks like a rude mistake.

Well, crypto can also be used for offline transactions too. All you need is to connect to a local mesh network (using GoTenna) to start sending/receiving Bitcoin without Internet access. You can also use the Samourai Wallet's "Offline Mode" to fully interact with Bitcoin just like you would with physical cash. There are also bearer instruments like the OpenDime credit stick and the Tangem Card which allows anyone to send crypto physically without being online whatsoever.

With all of the benefits crypto provides over Fiat, I believe that it could gather the likes of everyday people sometime in the future. Since physical banknotes/bills are prone to contamination (germs and bacteria), they could be "phased out" soon. With the recent coronavirus pandemic, people will look for alternative ways to send/receive payments worldwide without the need to use physical cash ever. Of course, we have credit/debit cards but they're not as cheap or effective as crypto is. It's no secret that scalable cryptocurrencies are many times faster and cheaper to use than traditional payment processors or credit/debit cards. While crypto's biggest downside is price volatility, that's not an issue you'll be dealing with when conducting crypto payments directly.

Nonetheless, I believe that crypto will prevail in a way where governments will have no choice but to switch into the digital realm. Which means, we'll be seeing governments issuing their own digital currencies for the world to use sometime in the future. Rest assured that both ends (crypto and Fiat) will live alongside each other for many generations. Depending on a person's preferences will be the currency to use for transactions in the mainstream world. Just my thoughts

Well, that's a huge advantage that crypto doesn't have. in addition, trust in fiat is greater than crypto. moreover, people are more dominant looking for cash, even when they use crypto, they sometimes use it to improve their fiat.

It is very difficult to determine which is the best, because I combine both to earn money and fulfill life. I get a good opportunity to earn extra money with cryptocurrency through trading, I use the profits to meet everyday needs more effectively if converted to fiat. Crypto is effective for investment, and effective for daily payments of course, it depends on the needs and choices of each, and I choose the best, rather than having to choose, it's better to maximize the potential of both to get extra comfort.

The problem with fiat currencies is that they don't have a supply limit. You can see that the central banks have printed trillions of dollars already. This will flood the markets with new money. People and corporations will get free money. However, the problem is the more something is available the less valuable it is. So, if the central banks continue to abuse their money printers, soon we'll all become millionaires. We'll have 10's of millions of dollars, but the problem will be we won't be able to buy much with a million dollars. They will be enough only for a single grocery shopping.

On the other side is Bitcoin. It has a strictly limited supply which no body can inflate. This way Bitcoin is scarce, and you know scarce things are more valuable than abundant ones.

So, with the current situation, we need to turn our fiat currencies to Bitcoin. The rest of the alt coins are too small with much worse security and are often centrally controlled. In one word they're too risky! So keep your money in Bitcoin!

This past months the world are suffering in the crisis, because it has a virus that spreads throughout the world. This virus called Coronavirus known as COVID-19, this virus are easily transfer through cough and touching things, so that the fiat currencies is the other reasons why the virus are spreading. Other countries are just avoid on using fiat currencies just to prevent of the virus on spreading it. This time I must go with the crypto currencies just to prevent of passing the virus by touching the fiat currencies. Crypto currencies are can also used with some stores that has an online transaction and used it as a medium in paying money.

Cryptocurrency can't be used in our daily life. But we can invest in it and when making a profit, we can cash it out to fiat.

In my perspective the only advantage that Fiat has, is it can be used for offline transactions for example if a user has no internet or electricity Cash is useful.
But in terms of security, anonymity, decentralization and doesn't require personal data, safe from germs and fast sending & receiving money, without questions ask.
Easily and conveniently in usage with only a wallet needed to send huge amounts.

That's certainly true, mate. Cryptocurrencies like Bitcoin and Ethereum cannot be used for everything, as not everyone accepts them as a medium of exchange. For most people, Fiat is the currency of choice for day-to-day payments because it's backed by the government (not to mention that it's stable in price). Thousands of merchants and businesses around the world accept Fiat, while that's not the case with crypto today. However, there are cases where crypto is necessary when you want to achieve true sovereignty over your money. If you're worried about governments confiscating your assets, banks freezing your accounts, or any other undesired events, crypto is the way to go. Depending on the scenario or situation you're dealing with, will be the currency to use for payments in the mainstream world.

Neither Fiat is better than crypto or vice versa. Comparing them, is comparing Apples vs Oranges. After all, volatile prices of crypto prevents anyone from using it as a currency for day-to-day transactions. It's more like a long-term investment than anything else. That is until prices become stable and crypto becomes scalable for the whole world to use. Once that happens, people will use crypto as they would with ordinary Fiat. Despite this, I believe that both ends (crypto and Fiat) will co-exist alongside each other for many years to come. The same way people still use precious metals like Gold and Silver as alternatives to Fiat, the same will apply to crypto. After all, this is part of the worldwide economy. Just my thoughts