Topic: Fiat is a Digital currency without Value - page 3. (Read 1212 times)

We would love to call this a misleading title.

Can we identify that the government really wants to do it ?

Blockchain is a decentralized, distributed and public digital ledger that is used to record transactions on many computers so that these records cant be changed retroactively without changing all subsequent blocks and consensus in the network. ¹. Basically, I dont think that the government can take over this decentralized technology but they can still adopt technology based on needs.

Actually every currency in our days dont have real value. It all based by trust and reputation

The title you indicated and the description that was said for fiat contradicts. Your title says that there's no value but the description that's being said on fiat is this.


Bitcoin was even compared to fiat which means to say that bitcoin doesn't have a value. I don't understand that description or the author is playing blind about the current value of bitcoin. And it's not suffering if bitcoin doesn't get popular, it's starting to become popular and we don't actually have to think about its popularity because it's already published and covered by mainstream medias.

If you've been following discussion on this platform you would noticed that using blockchain for election will springs up problems.
Who will be an umpire of a decentralized system of blockchain when used as an election technology?

Thats hypocrite move, calling bitcoin a fraud that runs through blockchain. They are building this coin on blockchain network right? They can use it connecting to fiat but crypto society will find this obscure to bitcoin community. Trust me even he launched this coin of them, many crypto enthusiast will support bitcoin all the way.

This topic or debate could somehow be positive if you understand first the historical and conceptualize application of bitcoin.

Also this should be on Bitcoin discussion section as I found topic more relevant there.

I didn't think about the topic being misleading what kind of topic do you suggest for this article maybe I can change them. I have low weight concerning stable coins but I know that they are attached to some assets (Can I also know what the Chinese government is unto?)

Ps: Made some corrections on mis-spelling of words

The topic title is seriously misleading "Fiat is a Digital currency without Value".

First of all, digital currency was iniatiated not by any government-controlled central banks so it was not fiat at the begining of digital currency history.
Second, we should talk about stable coins before moving to digital government-controlled currencies (like what Chinese government want to do recently). Stable coins have their weaknesses because of unclear evidence on how they are backed by solid assets. Governments can freeze stable coins even they are in your own wallets.

On the other hand, they take advantage of stable coin to try launching their centrally controlled digital currencies. Such currencies launched, and controlled by central governments and banks are not truly what the crypto world is looking for. They serve for the benefits of governments only.

Money works as a medium of exchange the currency started 69,000 years ago, people used things of value to trade goods and services. Such as Gold and silver, After the second world war, they were a gathering by the world power to tag the US dollar to the Gold value, countries around the world had their currency trade at the United States dollar value.  

What the Government mean by Fiat currency

In the 20th century, President Nixon initiated the fiat currency, a currency that doesn't have its value tagged to Gold or anything of value. So fiat currency means anything that circulates by force, they have the right to call anything of no value money.

Why fiat is a digital currency

Bitcoin is a digital currency, just like the fiat currency has digits all over the bank. When the visa card was established people didn't understand it's usefulness when the Government wanted a cashless community the same as bitcoin just that we need fiat to get bitcoin unless we earn it like other money, today people now use cards to book flights, hotels, etc

Features Fiat share with bitcoin

Irretrievable: Fiat has this feature when you think of fiat outside the bank, For instance, you bought a phone that doesn't work and need your money back, the bank cannot do anything concerning this transaction because you didn't use it digitally.

Fraudulent: Before bitcoin, fiat has been used to perform different kinds of businesses, a few times ago JP Morgan called bitcoin a fraud currency knowing that anything money can be used for fraud too. They are a few reasons why a banker won't like bitcoin those reasons why the Kings don't like democracy.

Truth about bitcoin

Just like in this forum. People whose purpose is learning new knowledge have great benefits. As a beginner that wants to use bitcoin, forget the past of bitcoin were you know that a lot of people made profits from trading bitcoin but focus on the ecosystem of how money works. A world where we can have control over money and activities like elections using the blockchain to have a free and fair election in places like Africa, Asia, America, etc

Challenges of bitcoin

Bitcoin is suffering from being too popular because of the power we have over our money it handles 7 to 10 transactions per second with high transaction fees especially during the bull run like what we see today bitcoin transaction fees are too high. But the lightning network technology will reduce the cost of bitcoin transactions and enable fast transaction time.

The greatest fear of bitcoin users

As we know the interest of our governments on having a cashless community, the same JP morgan called bitcoin fraud is building a digital currency on blockchain JPM coin that will be used in the future with other fiat currencies So my fear is the government taking over the blockchain technology

In conclusion, what will happen if the government takes over the blockchain technology and also the future of the lightning network to bitcoin?

I want to ask at what value is bitcoin attached to just like in this article dollar was tagged to gold and things of value before the Fiat came into existence?

Thanks.

Source:

https://www.thoughtco.com/history-of-money-1992150

https://www.youtube.com/watch?v=LszOt51OjXU