I know you guys will say Bitcoin is a FIAT currency , I am also supporting it. But i saw many people arguing that Bitcoin is not Fiat currency and it will be never be matched with that. That's why i started to write this.
I got some reason to say if Bitcoin is not a Fiat currency it is better than that -
1. Bitcoin did not depend on obligation or advances. Now a days i heard there are few Banks through you can loan Bitcoin. But in most of the cases it certainly don't depend upon debt or loan.
2. You can claim your cash anytime anywhere without any control. In a word you own your money.
3. Anyone can see precisely see where his /her cash is in the blockchain, dissimilar to my bank who as of late lost about an entire Bitcoin when I exchanged cash from one financial balance to the next in a similar bank. The Blockchain has never been hacked, in spite of a colossal abundance being set for any individual who could have it, dissimilar to Banks who are hacked frequently
4. Bitcoin is controlled by every one of us not a elite group of high society. Yes i agree this market could be control by volatile news. But this is the natural characteristics of a trading market.
5. Opening Bitcoin wallet is very easy , You can have numerous Bitcoin wallets with various highlights, having loads of ledgers is simply monotonous.
If i start writing full features that makes Bitcoin better than FIAT , it will take 3K words lol .For the present, the actual valuation of crypto currency - keep on being given in fiat currency reciprocals and that will furnish governments and central banks with some level of solace. A contrasting option to fiat monetary standards is inescapable and if governments and central banks don't get on the crypto currency temporary bandwagon , a fall of governments may well take after, as the world searches for a decentralized money related framework that will at last be what the web moved toward becoming for publicizing and media organizations, just on an uncommon scale.
If you think this article was helpful , Please Merit me , suffering to get it. If you got some advise , i am ready to accept. Really passionate to write good articles.
I would still say bitcoin is not a fiat currency because they both have different character sets. However, as you rightly said, bitcoin is technically advanced than fiats have a lot of features which can't be matched by the fiat currency. But that is because of the distribution system difference of fiat and crypto currency. Fiat currencies are strictly centralized and a government controls its printing to distribution unlike cryptos. That's where the main difference is.
Also we evaluate the cryptos in fiat because of the acceptability factors. Fiat currencies are widely accepted everywhere unlike cryptos. Due to the complex nature of legislation, bitcoin or other cryptos are not hugely accepted by 99.99% of the world traders. I earn in bitcoins but really don't spend in bitcoins. Whenever I need money, I simply cash out in my local currency using localbitcoins service. That's how the thing works at this moment.
Even after the technological advancements, bitcoin can't be accepted at a store level, unless a governments makes it legal in their country. So as of now fiat looks good to me as a currency, but bitcoin looks great to me as an investment but not as a currency. Even though bitcoin is better than fiat!
