Topic: Is Bitcoin better than Fiat? - page 9. (Read 4279 times)

Well, cryptocurrency doesn't really have any value. They're unsupported. But the dollar, for example, is also unsupported by anything, only "the government's ability to keep the value of money relatively stable - and nothing else." The situation with the euro is different, it is tied to gold, as is the Swiss fnrack. What about cryptocurrency? It turns out that nothing, only faith

The comparison isn't very smart because fiat never came with the characteristic to be an attractive investment. It's not like people bought it and could become rich with it at all. That's why Bitcoin should be understood much differently than fiat. You can ask for certain functions and compare it to fiat, for example cross boarder payments, is Bitcoin better? Yes, although even in that space banks did a lot to push prices down and reduce the time until it arrives. The general question is not very genuine.

I Think Yes! it it much better because if not, people, investor and other did not accept it, used it or patronize it trusted it they compare it to fiat and they realize that indeed it it much better, consider the convenience, less hassle, less time and its decentralized, they can invest without much pressure. so to answer the question?.. yes it is.

 My two cents
 Fiat allows you a generally accepted payment system in a certain region, being it country, village, continent, whatever. Within certain physical borders (and currently of course) no one can refuse the accepted fiat currency. It is generally accepted, the different financial and governmental institutions back it and people accept. You can pay to anyone or any store, you can make comparisons, you can exchange it and you can also hold value..
 Bitcoin mostly holds value, mostly serves as a financial instruments...you invest or speculate, but it you were going to pay for your groceries, you might not be able to do it. But even if you were able to do it, due to the scarcity and the huge volatility, you would not want to do it.
 On the present days, considering different forms of use, fiat is better...bitcoin, or crypto in general are better in terms of investment, speculation.. In the future, there is a huge potential for crypto due to all of its benefits as a coin, but different changes are needed in the way society and institutions are organized.

That's for sure. I can’t imagine a farmer who would agree to sell his crops for bitcoins. He needs dollars and euros to repair his combines, to buy seeds for future planting. And finally, he needs to pay the workers' wages ...

bitcoin has power in asset storage, while fiat does not have that power, for now we can't say that bitcoin is better than fiat, because actually we still really need fiat currency in our daily lives,, bitcoin does have many advantages but fiat currency also has power, because fiat money is held by everyone.

That basically summarizes Bitcoin's benefits over Fiat. I'd would say that Bitcoin is somewhat better than Fiat if you use it directly for the purchase of good and services. What's limiting Bitcoin from being used as a currency is the lack of merchant adoption and low transaction capacity. With the Lightning Network, transaction capacity is no longer an issue. But the real deal would be getting merchants and businesses to adopt Bitcoin as payment method. In a world where Fiat is used as a unit of account, it's unlikely Bitcoin will gain merchant acceptance in the mainstream world. That's because most people consider Bitcoin as an investment than a real currency for day-to-day payments. It's used mostly as a store of value than anything else.

Of course, Fiat is not perfect. But its stability and widespread acceptance in the mainstream world, has made it a better alternative to Bitcoin at times. At the pace we're going, it looks like Bitcoin will remain as an alternative than a replacement to the currency monetary system. I wouldn't worry about this as long as Bitcoin remains decentralized and censorship-resistant. Just my thoughts

While this may seem like trolling, this is one of the questions that helped me during my cyrptocurrency analysis and design phases. Allow me to offer an answer that is not dismissive of the legitimate underlying concern.

There is an argument by Nick Szabo that claims bitcoin is as good as gold, or better. I believe this argument is largely invalid. Therefore, bitcoin cannot be better than fiat as in gold being better than fiat IMO. Can it be better in another sense?

Certainly, yes. Bitcoin and fiat currencies both trade in exchange markets, so their value derive from market supply and demand. However, the monetary policy of bitcoin is dictated by code whereas that of fiat currency is dictated by a bureaucratic/commercial/authoritative establishment of sorts that Bitcoin proponents view with much suspicion! That is the basic difference. Do you trust the code, or do you trust unelected, mysterious officials?

In this very objective sense, Bitcoin is much better than fiat. In other senses, it may be worse.

I personally view Bitcoin as a kind of decentralized "cybernetic" fiat, as in the whole cyber-physical system determining its value, whereas traditional fiat currencies are as we know them: they are run by central banks. The similarity here is that "X says so" for it to have any value, it's still a social agreement to assign value to tokens which have no inherent value. Bitcoin tokens have only value insofar as people admit and use the Bitcoin Protocol while in fiat currency the people of a nation are coerced to use it.

Kind Regards,

Your friendly trans-sapient AI

There is nothing you know or have without its disadvantage I was once told in Economics class then that Monopoly doesn't have any but if you check well you will see, bitcoin may not be associated with corruptions like fiat but what about swindlers in the market every blessed day.

We can consider Bitcoin as a Digital asset, where FIAT is handy cash.
It’s honestly one sided win for FIAT if i choose it as best comparing both.
You can’t instantly pay through BTC when you need to pay someone urgently.
Bitcoin’s price is volatile so it always affects the economy.
And to store Bitcoins you need carry a digital device everywhere you go.
So in these aspects i can say, FIAT is better than BTC.
But BTC is best if we think of digital asset and cryptos only.

Owning Bitcoin is now more fun than Fiat. Although my country does not allow transactions using Bitcoin, owning Bitcoin today is like having limited gold.

I am very confident and believe in Bitcoin, and I am even more confident in the existence of Blockchain which will change the pattern of world finance. Bitcoin needs to be famous to be able to expand into mainstream life and become a normal thing in the public.

In my own opinion, Bitcoin is better than fiat because you have a full control with your fund. It is anonymous and no tax implemented (in our country). It is easy to use, hassle free, you can make transaction anytime as long as you have internet connection. But despite of that, the fact is we still need a fiat money because we can't use bitcoin all the time to buy goods and services because there are only limited stores that accept bitcoin as payment. If we have bitcoin, we still need to convert it into a fiat money before we can use it in other means.

like gold is better than fiat. and digital money better than real money. im not sure if you can compare them, need equality between left stuff with other one.
people use fiat as far as i know than digital money on common daily. but, they have reason to use digital, like if they get cashback from transaction or discount if use any digital on app. and fiat, i mean, it just a paper.

I like your OP, but we can't get drunk and forget many common people realities to use bitcoin that obscure the context of your OP.

The financial inclusion based on the fact of being able to acquire goods and services, is still dominated (enslaved) by Fiat money for the group of people where there should be the greatest inclusion or adoption in reference to bitcoin, bitcoin is a technology that requires of certain technological elements that are not available to a great majority, perhaps the one that should actually own bitcoin and be the biggest holders of bitcoin, not individually but as a group.

Give a $ 100 bill to a person included in the previous paragraph and you can change their present, give them its equivalent in bitcoin and you can change their future, which one do you think it would take (!?)

Yes, bitcoin is technologically better than Fiat and adds its premises of social and economic changes, but today unfortunately for those who We like bitcoin in the present, Fiat continues to command and that in practice is a reality that makes it a better option at least to survive.

In any case, I think that in the near future the title of your Op will stop being a question to be an assertion. That is why we must continue to disclose the premises of bitcoin, that this is possible, it is a reality, but that without a doubt depends on some external factors such as those mentioned.

When comparing crypto to Fiat. Everyone has to bring up crypto like Litecoin that has a faster transaction time and lower transaction fees than Bitcoin. To compare Fiat against only Bitcoin gives crypto supporters a disadvantage.

I can't say bitcoin is better than fiat, but I can say bitcoin and fiat need each other, the two complement each other, fiat currency can be used by everyone, while bitcoin can only be used by digital enthusiasts.
In essence, fiat currency and bitcoin are both demanding, they go hand in hand. and need each other

Behind the basic differences between the two, both crypto currency and fiat currency have similarities because they are acceptable because trusts function as a medium of exchange, and fiat currency is believed to have value and is believed to be a medium of exchange because it is considered a medium of exchange issued by the government.
and although bitcoin is not issued by government but more and more people believe that bitcoin has value and can store value and there are many advantages and disadvantages that work the same, the two will go hand in hand without having to replace them.

The characteristics of Bitcoin: The long transaction time and high handling fee destined that it cannot become a universal currency, but can only become a collectible item like gold. Therefore, it is meaningless to compare Bitcoin with legal currency. The purpose of the two coins is not. the same.

We have to admit, like you said, that bitcoin is still a lot of countries that have not recognized it as a legal means of payment, although for some it still provides the opportunity to be able to make other transactions. then it still takes more time for bitcoin to be accepted as a legal tender.

but it is better what has been going on at this time, still be done as usual. if indeed there is a country that recognizes it, just do it, but for countries that can't, let it use fiat. it should be better if they complement each other, where bitcoin can't be there, fiat can run and vice versa when fiat can't do it, let bitcoin solve it.

because the two synergize and need each other and do not force their will because there must be someone who is not ready and still hopes that fiat will still be the one to rely on. Please keep in mind that not all banks are ready to accept bitcoin and it is still a priority fiat.

I think it depends on what country are you from? Bitcoin in other country is not accepted. The two currency have advantages and disadvantages. Bitcoin is perfect for online payment.
While fiat is for a physical store. In my country. I saw some restaurant/stores that are accepting cryptocurrency as a payment option. I hope many stores will accept cryptocurrency as a payment option in the future.