Topic: Simple reason why crypto is preferred over fiats - page 4. (Read 915 times)
Cryptocurrency is far more supreme than old monetary method which runs by fiats. I think the most important one is security. In the sense that each block in a chain is unique. Aside from that, you dont need to store it in a bank nor in your closet. All you need is a good hard ware wallet and thats it. Super secured. Another thing is its ability to trade easily. You can pay without bringing your thick wallets with you. Having a phone and data is enough.
That's the edge of cryptocurrency. It has its own characteristic and capability to grow and develop despite its volatility but we shouldn't disregard the fact that without the presence of banks, we still couldn't use crypto for our necessities since we still need more adoption.
The thing that makes me prefer cryptocurrencies over fiat is the ease of transactions, safe and of course low costs, if we shop online and use a bank transfer system it takes at least $3 for transaction fees, but with cryptocurrencies it only takes $ 1 or less.
The easy reason is that with crypto, all transactions can be easier to do, this is different from the bank system which requires the approval of the bank even though what we take or send is our own money, with crypto, full control of our money can be effective.
Not only with the transactions efficacy but as well the potential to earn a lot of money of it that's why many goes with crypto rather than fiat since if you only hold fiat you will just get hit by inflation and you cannot earn with it but if you hold crypto the possibility that your money will grow is there but make sure also that you choose the best crypto and also you know on what you are doing since even if how good the crypto is there's loophole on it or downside which can cause us money loss if we are not paying attention on what we are doing in crypto world.
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
Personally, I think that cryptocurrency is a really cool stuff to be part of. When I started making use of crypto currency years back, it wasn’t really because of it being decentralized and not having any control at all, it was just because I felt that it’s a really cool technology and I liked everything about it and how it works and the fact that I’m able to send money to anyone no matter where they are in the world, and be able to do it at a cheaper rate than what I will have to pay when I’m making use of banks. It even took me time to realize that there was no one who controlled cryptocurrency, that it was just a decentralized platform that is simply on its own.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
But with crypto, its impossible that your savings will be robbed or stealed because its blockchain is very much secured and there's no way it can be controlled by someone or any group entities. Crypto has becoming very useful these days not just in sending and receiving money through crypto, but also making it as a retirement plan that is more safe and secured than thinking of fiat's retirement.
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
Personally, I think that cryptocurrency is a really cool stuff to be part of. When I started making use of crypto currency years back, it wasn’t really because of it being decentralized and not having any control at all, it was just because I felt that it’s a really cool technology and I liked everything about it and how it works and the fact that I’m able to send money to anyone no matter where they are in the world, and be able to do it at a cheaper rate than what I will have to pay when I’m making use of banks. It even took me time to realize that there was no one who controlled cryptocurrency, that it was just a decentralized platform that is simply on its own. 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
The easy reason is that with crypto, all transactions can be easier to do, this is different from the bank system which requires the approval of the bank even though what we take or send is our own money, with crypto, full control of our money can be effective.
The thing that makes me like cryptocurrencies over fiat is that they are easy to use, safe and of course the value continues to increase, this can be a very valuable asset that can fight high inflation.
Bitcoin supply and price cannot be controlled by any entity, and that's a big thing, but smaller technical details and further development are controlled by the dev team. Also, I agree with others that stealing cryptos is very possible, and one should be extra careful not to get scammed. Moreover, you've mentioned banks charging fees, and while there are no fees to keep BTC is your wallet (but also, in my country banks often don't charge for keeping fiat on a bank account either), there are Bitcoin transaction fees, and they can be way bigger than any bank would charge you if we're talking about small sums involved.
That's certainly true, mate. No one can manipulate crypto's supply, as the network is entirely governed by its users. There's a reason why crypto is called "Decentralized". This means that no single entity has control over it. The same cannot be said about Fiat, since it's subject to manipulation by governments and central banks themselves. With crypto, you obtain true financial freedom. It's this reason why some people prefer crypto over Fiat. But even crypto has its limitations when it comes to making payments on a daily basis. That shouldn't be a problem in the long run, as the industry evolves at a fast pace. As long as there are people supporting crypto, nothing else matters. Just my thoughts
The simple reason why I prefer transactions with crypto over fiat is speed and cheap fees, I've shopped with cryptocurrencies and the results are faster, and cheaper, for daily use of course fiat is better because many outlets only accept fiat than cryptocurrencies.
The simple reason is because with crypto we can transact globally easily, quickly and at low costs, I've bought car accessories abroad several times and payment by credit card costs up to $25 per transaction, whereas with BNB it only takes less than $1 for a transaction .
Are you sure those fees where charged for credit card payments, or, rather for the shipment costs/custom costs? I wonder because I also buy things abroad from time to time using credit cards and I have never paid a fee of $25. Mostly $2-5 depends on the credit card issuer.
I think this is the need of the times, transactions that can be done on the fingers of course make everything easy, while fiat which is very dependent on banks is something that has been left behind because users need new things that are better, safer and full control when making transactions and this is the reason us to welcome crypto.
the fact that the supply of bitcoins that has been pegged to only 21 million bitcoins is something that is very difficult for anyone to control and this is one of the characteristics that will not be found in fiat.
other than that, for now I still believe when theft and fraud, especially in crypto, are very numerous and need extra things to make our assets truly safe and avoid this kind of thing.
but this does not mean that fiat loses because indeed they also seem to have their own fans and there are even many people who prefer fiat to crypto, especially bitcoin.
other than that, for now I still believe when theft and fraud, especially in crypto, are very numerous and need extra things to make our assets truly safe and avoid this kind of thing.
but this does not mean that fiat loses because indeed they also seem to have their own fans and there are even many people who prefer fiat to crypto, especially bitcoin.
The simple thing for us to immediately switch to crypto instead of fiat is a risk factor, as we know that keeping money in fiat even at banks is very prone to being stolen, cases of theft of customer money are getting higher so that account owners are not aware, whereas with blockchain all transactions is transparent because it is easy to track.
Having any on/off ramp to fiat puts crypto at risk. It allows for the same organizations and groups to control Bitcoin while also profiting off of Bitcoin at the same time. (or any cryptocurrency) The majority of crypto is stored on exchanges that do not give users access to their private keys. Thus, they effectively own the Bitcoin and give you a 'note of ownership'. This is eerily similiar to the way the precious metals market is manipulated.
TLDR : Bottom line, crypto is controlled by the same entities that control the fiat. As long as fiat is exchangeable for crypto, and vice-versa, crypto will never change anything.
TLDR : Bottom line, crypto is controlled by the same entities that control the fiat. As long as fiat is exchangeable for crypto, and vice-versa, crypto will never change anything.
I don't really think crypto is more preferred than fiat in terms of being a mode of payment. I belive fiat is still the more preferable one most especially by the older generations and less fortunate ones. The reason why is because most of them aren't able to adapt from the transition due to their ability, old age, or social status. But im terms of being a store of value, I can say that bitcoin or crypto in general is the more chosen one because it is safer from inflation and people are gaining from it by just holding because of its nature which is volatility and it being a speculative asset.
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.
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.
There are still people who will always use and prefer fiats OP, people that are into crypto usually is to invest and save because in reality bank is just there to store your money and have word "savings" but in reality you didn't save any because you pay them to store and secure you fiats.
And bitcoins can be stolen too, not in the system. It can be stolen to those bitcoin owner who failed to secure their funds.
So stealing with Cryptos is almost not possible
It sounds like you either don't understand what stealing is or you don't understand how Bitcoin works to come out with such a statement. Stealing crypto definitely is possible and it takes place every single day. There are websites out there called "mixers" which facilitate money laundering and will essentially accept your money, then pay out with a different batch of bitcoin to break any chain in the connection. It's not foolproof and if the mixer is compromised it can lead back to the original transaction, however criminal activities like these are common. Even a lot of ransomware uses cryptocurrency to request payment, the so-called transparency you talk about can easily be side stepped and made redundant from the perspective of an investigator.However the logic of basically having your wallet stolen is not something that is common in crypto, sure you could be scammed, you could get your money stolen in crypto, but it is not really that common enough to be compared to regular fiat. In regular fiat world we have people stealing money right out of your pocket and that doesn't happen in the crypto world. That is the type of stealing that doesn't happen around here. That is at least what I gather from it, don't know if that is what he meant.
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Definitely. Well, I also prefer cryptocurrency over fiat because cryptocurrencies have wonderful advantages differ from fiat money managed by central banks and governments. The simplest reason why cryptocurrency is preferred over fiat is that it is easier and safer, with crypto we don't need third party services such as banks so that all the money in the wallet is safe, cases of losing money in the bank are often heard and this is a strong reason that the need for money security is very important. Plus it gives us full control of our wealth rather than letting someone have the custody of our own assets.If we are here we prefer crypto over fiat, but we are in crypto, it's where we make/lose/invest/spend/do whatever we can do with money, and it's our world, sort of speaking. But people outside this world are still more for fiat than crypto, one of the main arguments (the one I hear most of them repeat all the time) is they can't see crypto, but they can see cash! I always try to explain to them the source of fiat, how it's made, distributed, I am trying to explain to them that corrupted system and how they support a specific system if they are using it! I also try to explain to them how crypto works, all the benefits of a better system! But they don't quite understand it, or they don't wish to understand it...
but this is a natural thing because it is the choice of each individual and we cannot force our will to make people like the choices we make.
despite all that we still think crypto is a cutting-edge technology created at this time it's very good as for people who want crypto, it's a choice they make anyway.
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And again, Cryptos rise/fall every second, but the chances of rising is higher
This is certainly what motivate me the most in crypto. There's always chance of rising back except for shit coins. That's why anytime I see bitcoin dump, it motivate me to bag some more because its certain it'd rise back strong. So any dip on Bitcoin is an opportunity for me.
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