Simple reason why crypto is preferred over fiats

Abiky

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Quote from: Kodok Bencot on November 17, 2021, 02:52:25 AM

I think the simple reason is the ease of transacting online, as we know that nowadays we need a practical payment system because crypto payment systems are easier, faster and of course very cheap compared to fiat.

That's not always the case. I wouldn't say crypto is easier than Fiat, simply because it requires a certain level of knowledge to be able to use it properly. Not everyone is tech-savvy anyways, so Fiat would be the preferred choice for day-to-day payments. Unlike Fiat, crypto has an extremely-limited transaction capacity. If network load is high, fees on crypto will be a lot higher than it's the case with Fiat. Volatility is what kills crypto's ability to be used as digital cash.

For some people, crypto is preferred over Fiat simply because it's decentralized and censorship-resistant. But for others, Fiat is the preferred choice because of its stability and widespread acceptance. At least, crypto will get to live for generations thanks to the ever-growing community supporting it every step of the way. Just my opinion

Wipeout2097

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There are many innovations in everry field bt we use fiat since centuries,I can approximately to see why individuals chooses crypto over fiat these days, was opportunity over control and control extraordinarily fiat bank system. People think that way in case they're learned around cryptocurrency, but for those who didn't have mindfulness approximately virtual money. In any case, it'll not illuminate the fundamental issue of centralized money since it was administered by controls; that's why we continuously confronted challenges of inflation.

Kodok Bencot

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I think the simple reason is the ease of transacting online, as we know that nowadays we need a practical payment system because crypto payment systems are easier, faster and of course very cheap compared to fiat.

LUCKMCFLY

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Quote from: Ultegra134 on November 09, 2021, 05:38:53 AM

Quote from: LUCKMCFLY on November 02, 2021, 09:06:36 PM

Quote from: Issa56 on November 02, 2021, 10:39:38 AM

The main reason why I really prefer cryptocurrency is that money can be transferred from one part of the country to another part easily without the use of third-party, currently in some countries now if you are trying to make international transactions its always discouraged due to country policie but with the help of bitcoin and cryptocurrency in general transactions can now be made internationally with less stress and less transaction fees compare to fiat.

I support you in that motion, money that they had to pay me from Canada, they sent it through Bancolombia, and from Canada there was no problem, the problem occurred in Colombia because they called the account holder, they began to ask him about what reason they sent the money, that the direct transfer option was not activated, what are the origins of that money, the truth is that it was done at that time that the same bank returned the transfer to Canada, it took 15 days in that unsuccessful process.

When the money arrived at the Bank in Canada, the person sent it through BTC and it was immediate, then from there it was much faster to take it to fiat, obviously in Venezuela people do not know much about BTC, but when Zelle falls or eliminates , I think that BTC transaction volumes will increase remarkably.

Well, that's a controversial issue, I've seen some services promising such kind of international transfers/services, but not sure how well they perform. In such instances, cryptocurrencies are probably the ideal way of transferring money, fast and most of all, anonymously, providing that both ends know how they work and how you can cash it out.

Yes, in that you are absolutely right, the truth is that BNB has grown very fast and many of us have been surprised, in fact not long ago the price of BNB was around 340SD, and it is something that said that BNB was somewhat expensive , but now at the levels that it has reached that I think that even 1000usd is very likely to happen, in addition December is approaching and by nature everything goes up in price, if BTC continues to rise in price the altcoins and BNB will continue its bullish race.

Huppercase

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Quote from: Obito on November 12, 2021, 11:08:35 PM

If it's so simple, then how come that not a lot of people are choosing crypto over fiat even if most of the people has some knowledge about it? Shouldn't the ease of using it or the convenience that it provides make people choose it over fiat more than anything else which most people do in other things? I think that the claim that more prefer crypto over fiat is a bit over the top.

In this life, no matter what you do, there will always be the Thomas doubting, they will never try because they are influenced to be in that state till they live the earth. This is why many will never try to invest in cryptocurrency, there head will remain in fiat world state.
Again, no matter how we try to push for cryptocurrency adoption, the government may not show the hate toward decentralization but will do anything in there power to regulate it so that many wouldn't want to be there.

skarais

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Quote from: marilynmanson21 on November 15, 2021, 08:20:50 AM

I agree with you it's better to save in crypto than in the bank in 1 month we only get a bigger discount than the savings interest if our savings are at the minimum bank rules, different from bitcoin and other crypto even though the value of one coin is reduced but the quantity remains the same you can go up again without a tax monthly

I agree with the OP on some things but I also disagree on some thing. We all know that not all crypto is decentralized as there are quite a lot of centralized crypto where it can be controlled by the owner and I hope the OP doesn't misunderstand that.

When we compare crypto (bitcoin) with fiat, the decentralization of this crypto is the main thing that is highlighted where this is the virtue of crypto itself. But if you compare it in the context of profiting from it (investment) then don't ignore the risk involved in that investment. The bank offers you a small interest compared to the potential profit you can make from crypto just because the bank guarantees the safety of your fund without fluctuation. While crypto is never stable and will continue to fluctuate where you alone manage, secure and minimize the risk of loss. I love crypto investing, but I can't completely eliminate the function of bank in everyday transaction. It really depends on the individual decision.

bosede1

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A logical reasoning I will give why Crypto is preferred is that you holding your money in the bank last ten years and withdrawing it this year can only add 10% increase even only if it will reach that percentage but money invested into crypto the last ten years into a potential coin if by now you have not gotten thrice the money, you would have multiplied your input.

marilynmanson21

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Quote from: Alisha-k on October 13, 2021, 09:30:28 PM

That's because no single person or group of persons is or are in control of Cryptos, it's called Blockchain technology

It's a decentralised system meaning money sent or received from or to an account can be seen or monitored by everyone or anyone who wishes to

Unlike your normal bank that has CEO who decides how he wants to run his business, he can collaborate with the president to Syphon millions of dollars and no one will know about it

In the Crypto space, such is not possible because any amount that leaves your account can be monitored and traced by anybody at all

So stealing with Cryptos is almost not possible

And again, Cryptos rise/fall every second, but the chances of rising is higher

That's why Bitcoin of $10 today can turn $14 in 14days time but your $10 in the bank will reduce to $9 after bank charges

So a time will come when everyone wouldn't want to be cheated again by the banking system and would move to using Cryptos for Saving money and other transactions.

I agree with you it's better to save in crypto than in the bank in 1 month we only get a bigger discount than the savings interest if our savings are at the minimum bank rules, different from bitcoin and other crypto even though the value of one coin is reduced but the quantity remains the same you can go up again without a tax monthly

Pamadar

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Quote from: Lanatsa on November 13, 2021, 04:53:40 PM

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I think the reason crypto is better than fiat is full control, there are many cases when people save their money and then it is frozen by the government for criminal reasons, this of course needs testing from the court so that with crypto we can store money more securely without fear of being frozen by the government.

But we cant really deny that there would be always that fiat which do have advantage over crypto even though its centralized but yet we've been using this system through ages and we are get used to it.

And now that crypto had existed then we do have at least some options to deal with decentralization or something that we do have in full control
which means that it would really be depending on someones preference on which one they would really be dealing.

But for sure that fiat would still exist no matter what and crypto would always remain as an option.

Owning a bank by yourself, this feature really got the attention of those end users who learned about crypto.

But no doubt fiat still the one that mostly used even the existence of crypto or other digital forms of currency,
trust with this old system is still considered by most people around.

We might see other people who will embrace and adopt crypto, but the majorities stay with how fiat centralized system works.
They will continue believing and working with the government.

Lanatsa

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I think the reason crypto is better than fiat is full control, there are many cases when people save their money and then it is frozen by the government for criminal reasons, this of course needs testing from the court so that with crypto we can store money more securely without fear of being frozen by the government.

But we cant really deny that there would be always that fiat which do have advantage over crypto even though its centralized but yet we've been using this system through ages and we are get used to it.

And now that crypto had existed then we do have at least some options to deal with decentralization or something that we do have in full control
which means that it would really be depending on someones preference on which one they would really be dealing.

But for sure that fiat would still exist no matter what and crypto would always remain as an option.

dimox

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the other side will say that fiat better than other, its like people have own opinion. and i think both of them have different function, they have own power to crack things we need.

Quote from: bengsabeng on November 08, 2021, 08:23:57 PM

Quote from: chrisculanag on October 31, 2021, 03:08:11 PM

For me Bitcoin is most prefered to investing because the volatility of this , so they can profit more. But in other ways fiat is also preferred in real world. Saving Bitcoin can sure you more profit than saving fiat but if you want cash you sell the little save in Bitcoin to get fiat. Means this two is important to us ,this is my opinion its either you want or not ,that is ok.

Fiat money and bitcoin have different functions and roles, and of course both also have their own advantages and disadvantages. when it comes to earning or investing of course bitcoin is superior because the value of bitcoin can grow quickly, but when it comes to fiat money payment instruments are clearly superior because the highly volatile value of bitcoin makes bitcoin unqualified to be a means of payment.

agree, these two thing cant be compare each other, you can do something on this one, but you cant do to the other. prefer to do what the best they can do for us

Sayeds56

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Quote from: mk4 on October 13, 2021, 10:10:23 PM

Quote from: Alisha-k on October 13, 2021, 09:30:28 PM

That's because no single person or group of persons is or are in control of Cryptos, it's called Blockchain technology

Not really. Most of the time(like, Bitcoin is the only exception), a single development team controls the entire codebase of a certain cryptocurrency project. "Blockchain technology" doesn't automatically fix the centralization problem. Very very common misconception.

Absolutely right. Bitcoin is the only crypto currency which is most decentralized, limited supply of 21 Million and almost hack proof currency, rest of all are centralized including Ethereum though it is 2nd Top currency on coinmarketcap with strongest use case but has unlimited supply of coins. It is most well-established, open-ended decentralized software platform and mostly used for creating smart contract, apps, dApps and NFTs.

https://medium.com/swlh/ethereum-isnt-decentralized-and-other-myths-ef2d132ee1fe

Obito

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If it's so simple, then how come that not a lot of people are choosing crypto over fiat even if most of the people has some knowledge about it? Shouldn't the ease of using it or the convenience that it provides make people choose it over fiat more than anything else which most people do in other things? I think that the claim that more prefer crypto over fiat is a bit over the top.

Ngemmeng

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Quote from: bengsabeng on November 08, 2021, 08:23:57 PM

Fiat money and bitcoin have different functions and roles, and of course both also have their own advantages and disadvantages. when it comes to earning or investing of course bitcoin is superior because the value of bitcoin can grow quickly, but when it comes to fiat money payment instruments are clearly superior because the highly volatile value of bitcoin makes bitcoin unqualified to be a means of payment.

Fiat been the normal mode of transactions, we cant deny how convenient it is to use and every stores accept it. Unlike in bitcoin that everyone is adjusting on how to use it and how to have it. They both have pros and cons. Plain fiat cant generate profit on its own unlike Bitcoin can when the marken is on pump. These two is a essential for every crypto enthusiast.

the benchmark price of an item will still refer to the value of the currency, if you buy goods with bitcoin it will certainly make the value of the item uncertain (following the price of bitcoin). let them function according to their respective functions because they will coexist with different functions and ways of working.

jinneas

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Cryptocurrency realizes economic freedom, allowing users to freely control their wealth. Cryptocurrency is decentralized, it will not be supervised and manipulated by banks or any institutions, and users are completely in control of their personal property. And cryptocurrencies can be quickly traded without going through a third party when transferring money across countries.

dEjAvOU

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The simple reason is because currently we have to transact around the world and using fiat is no longer possible, as we know that nowadays the necessities of life must be met in various countries so that the presence of crypto makes it easy to transact globally at a low cost and certainly faster.

Bombbi

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Cryptocurrency is decentralized, and people can freely control their wealth. The fiat currency is issued by the national central bank and is subject to their supervision and control.
But cryptocurrency also has certain risks. The price of cryptocurrency fluctuates. Although long-term holding will make good profits, the price drop can easily cause panic and sell, and ultimately cause economic losses. There are also some users who use cryptocurrency for some illegal activities. The legal currency is relatively safer due to the protection and supervision of banks.

ivankoh

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The main reason that comes to my mind first is that cryptocurrencies are not hindered by a trust rift compared to fiat. Constraints, dependencies and domination are far from satisfying human freedom. Fiat is not completely gone, but it will redirect the currency into crypto in the future. Of course, I'm not talking about the value and significance of that.

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Quote from: bengsabeng on November 08, 2021, 08:23:57 PM

Fiat money and bitcoin have different functions and roles, and of course both also have their own advantages and disadvantages. when it comes to earning or investing of course bitcoin is superior because the value of bitcoin can grow quickly, but when it comes to fiat money payment instruments are clearly superior because the highly volatile value of bitcoin makes bitcoin unqualified to be a means of payment.

Fiat been the normal mode of transactions, we cant deny how convenient it is to use and every stores accept it. Unlike in bitcoin that everyone is adjusting on how to use it and how to have it. They both have pros and cons. Plain fiat cant generate profit on its own unlike Bitcoin can when the marken is on pump. These two is a essential for every crypto enthusiast.

Indeed. Fiat is the normal transaction been used by so many people, we can't even deny that but, I think people still choose cryptocurrency because of it's security. Well honestly fiat is very convenient which any stores accept it. I also think that many people nowadays didn't even know the existence of bitcoin or maybe they heard it a lot of times but always think it was just a scam that's why they prefer fiat over cryptocurrency. But if ever they know cryptocurrency, I think they will also choose this over fiat. The simplest reason why crypto preferred over fiat is that Bitcoin is easier and safer, with crypto we don't need third party services such as banks so that all our money is safe. We heard a lot of times that there's a lot of cases in the bank that they're losing a big amount of money and this is a strong reason that the need of money security is very important.

FanEagle

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Mine wasn't really fiat, it was because of banks and government. I am not sure if I would be into crypto this early in time if I lived in USA for example, but I got into crypto very early during 2012-2013 because of my government and banks. When your fiat becomes something worthless then you start to look for alternatives and crypto was a great thing for me during that time. It allowed me to take my money away from banks and put it in my wallet basically, and allowed me to take money out of my fiat and put it in something else.

This is how I got into crypto. If I lived in USA, then dollar could have been fine and government is fine there as well, not great but better than mine, and I would be able to store it in some fund and let it grow.

Topic: Simple reason why crypto is preferred over fiats (Read 915 times)