Topic: Cryptocurrency vs. Fiat currency. - page 2. (Read 897 times)

HOW UTTERLY STUPID...  One of the dumbest things I have seen posted in a while.

US Dollars are used for 99.99 % of online transactions, yet the author totally ignores this fact 

CRYPTO VS FIAT:  This is easy,  Crypto can crash a huge amount in a day, US Dollars do not and are stable enough to use in real business...

Hard Facts

They are both good and you already said it that they have their own differences. I haven’t used Bitcoin to make any purchase before , it has always been fiat that I’m using anytime I want to make purchase; when I’m buying things online I make payments using PayPal or I just pay with my card.

As for Bitcoin the only thing I have been doing with it is just transaction and it has been between me and people that are making use of it, which there isn’t much people that I know that are making use of it. And another thing is that you can’t leave your money in a cryptocurrency wallet if you’re afraid of losing it, though the price can go up as well.

Cryptocurrencies win this competition because you can not only store, but also earn.

For me, the two different currencies are both better, because the fiat currencies can easily use when we but some stuffs in stores and all people whether if it is rich or poor are have also a fiat currencies, while the crypto currency is for only online transactions like in gambling, trading and etc., and it only have for people who has a knowledge about crypto currency. Both currencies has likes and dislike base on the situation.

You would have to be an UTTER FOOL to trust either Fiat or BitCoin in this Economic Crisis....  BitCoin's price crash in its first ECONOMIC CRISIS should have you all very, very worried.

Hard Facts

Well said mate, I've realized that both cryptocurrency and fiat currency are different thing, they have different purposes so they shouldn't be compared, fiat currency is for real life purposes and for daily use like purchasing anything you want while cryptocurrencty is for online transactions like purchasing movies, software, pay bills, etc.

thats a tricky question because both could be centralized

At the moment, I can not allocate either cryptocurrencies or fiat money, because they are equally useful in their field of activity. As they say, for a crypt you will not buy products in the store. Although I still think that in 5-10 years, cryptocurrencies will largely replace fiat money.

Fiat is the one acknowledged by majority. Even if you have gold, you'll convert it into fiat because fiat is the primary currency used all over the world. Crypto can be converted into fiat also or you can use it to invest.

You are optimistic about the future of bitcoin holders. It's good but also consider other methods too.

We like bitcoin because we use it. But we should also know where fiat is applicable and where bitcoin can be used. It does not mean one is better than th other but it is important to differentiate between usage.

You would use fiat for daily necessities and keep bitcoin as a method of investment like a commodity.

Personally, I prefer cryptocurrency over Fiat because of its decentralized and censorship-resistant design. No one can confiscate your assets, freeze your account, or even take ownership/control of your account. You are the sole owner of your funds where can spend or hoard it at will. While price volatility is an issue, crypto is a great medium of exchange when used directly from one person to another. Remember, 1 Bitcoin = 1 Bitcoin no matter what. Prices only reflect how much a coin is worth in terms of Fiat. If everyone relied on crypto entirely instead of cashing out to their national currency, prices wouldn't be much of an issue for daily payments.

When you compare crypto against Fiat, you'll notice that it's much faster and cheaper to send across borders. Money transmitting services like Western Union and MoneyGram charge high fees in Fiat for sending money across the globe. It takes a couple of days before the money is received by the recipient (and cleared by the Bank). The same happens with Bank-to-Bank transfers in the mainstream world. Even though Bitcoin had high fees and slow transaction confirmation times back in 2017, it was still faster and cheaper to use than traditional payment processors. Now, with scalability improvements being worked on by Blockchain developers, Bitcoin and other cryptocurrencies can become even faster and cheaper to use than Fiat.

Despite crypto's benefits over Fiat, it has a big drawback that limits its usage and adoption worldwide. And that is the lack of merchant acceptance. The reason for this is the price volatility of crypto versus Fiat. Merchants do not want to deal with something that's unstable in price as it could lead to many undesired losses. Because of this, Fiat has been the norm of everyday commerce and will always be until crypto manages to have a stable price across the market. Mainstream businesses and stores have greater chances of profiting with Fiat than doing so with crypto directly. Rest assured that both types of currencies (crypto and Fiat) won't be able to replace each other. That's because Fiat is backed by the government, whereas crypto is not. This makes them completely different from one another. Each person will use either crypto or Fiat depending on his/her preferences or needs.

In the end, both crypto and Fiat will survive as different types of "money" for mainstream use. Each have their respective advantages and disadvantages. To be honest with you, neither one is better since each has their flaws and respective use cases for the mainstream world. If you prefer complete control of your money at the cost of price volatility, then crypto is ideal for you. Otherwise, you're better off with Fiat if you're looking for a stable currency that's backed and supported by thousands of merchants around the world. Just my thoughts

Both of these currencies need each other. We need fiat whenever we want to purchase bitcoin and we also spend fiat every day. Not every physical shops accepts crypto as payment.
Binance which is also a big exchange has fiat deposit and withdrawal in it.
TBH, most people hold crypto just to make profit, they don't really use it as payment. They would rather use credit card.

Well said mate, the transaction with cryptocurrency is much safer, less hassle, and faster compared to the fiat currency because the deal happens online, so there is no traffic that you may encounter, only connection or slow internet connectivity can be causes of the delay transactions.

Speaking of coronavirus or other viruses that our world may encounter, cryptocurrency would also be better because you don't need to go outside anymore when you are going to pay bills and other transactions that you may have. There are a lot of workers that may be affected when coronavirus happened, there are a lot of people whos afraid of going outside to work on a company because of the virus.

The current economy is depends on both fiat and cryptocurrency so both are important in day to day life. But everyone concentrate the future update so crypto will occupy more percentage compared to fiat because every year all are updating new uptrend so crypto will occupy peoples day to day life. Maybe next 5 years fiat will control the economy but after that crypto will rule the entire world. I think some stable Crypto will lead the future days so finally crypto is better platform.

Well said mate, but I am just trying to get some opinions of some people here about their thoughts about the cryptocurrency and the fiat currency because I have read some posts here saying that they want to make bitcoins or other cryptocurrencies as part of our real-life transactions. So it made me realized about creating this topic if there are so many people here that think about that way, but upon reading your post, it also made me realized that both currencies are not supposed to be compared, they are both different things, they have different purposes, cryptocurrency is for online world, while the other one is for the real world.

We will be there but it's just a matter of time.

And we will see everyone who will upgrade their daily living because they held bitcoin in the past. That's the reason why we all like it and believes in it.

Both are important and have a different use for me. Cryyptocurrency and Fiat shouldn't be compared to each other on which is better considering that, the one is for online and the one is for real-life transactions. Both are helping us to make our life easier so we should appreciate and use these two to maximize their purpose.

Here are example on how I use cryptocurrency and Fiat:

Cryptocurrency:

• I use bitcoin for online transaction, or XRP for instant
• For investment
• For trading
• I am using it as a mode of payment through online stores

Fiat:

• For micro-transactions
• Investing also
• Real-lfe transactions
• For daily use

I agree. Fiat is still the best option to use for daily basis. A lot of people didn't even know about cryptocurrency. Fiat is not volatile unlike cryptocurrency. It's still easier to use and without the use of internet we can transfer our money, pay bills and buy easier. Cryptocurrency is not widely use by many people they still prefer cashless payment card or fiat currency. Crypto takes advantages when it comes to the worldwide and fast transaction.

i share your view on this aspect but for now fiat still has a wider scope of accessing and doing transaction more than crypto, so i don't think it is appropriate for now to do any comparison between the 2, no doubt it is very easy to buy with crypto than fiat in some cases especially when you have a seller that is accepting crytpo, this is one of major limitations crypto is facing for now, the issue of acceptance, once many sellers start accepting crypto things will be a lot easier.

Cryptocurrency like bitcoin, xrp, and ethereum are the ones who are decentralized in which doesn't have an stable value in which it may fluctuate in anytime.
In my opinion there are some people who must prefer to use cryptocurrencies and just trading it or exchanging it into fiat currency in order for them to use it on their daily lives and also some people must prefer the fiat currency who has a stable value and just an exact value on what you are spending.