Simple reason why crypto is preferred over fiats - page 6.

LastKiss

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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.

Well people who understand crypto will definitly choose cryptocoin rather than using fiat, because it's decentralized system make it's unique and most of coins now can process a lot of transactions now and it will arrive at short time also ofc with low fees Cheesy

. And the other things we will keep as anonymous when using cryptos despite a lot of centralized exchange ask for KYC nowdays, It's now mandatory I guess

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Xampeuu

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Quote from: Natalim on October 19, 2021, 06:38:30 PM

Quote from: beerlover on October 19, 2021, 03:09:36 PM

I guess the biggest reason for me is the banks. I am not actually against fiat neither, I am fine with fiat, the "idea" of fiat is not a bad one and I am fine with it. The problem for me is banks and I do not like banks. Which causes me to withdraw all my money from them all the time. With crypto I was able to actually end up with putting all my money digitally but not in a bank, that option was the greatest thing. I can't wait for the day when I could use crypto everywhere and I would not need bank.

There are some "cards" that we could use right now that would make it possible but unfortunately I do not use them just yet because they are not working in my nation. However the moment it works in everywhere around my nation then I will be forever non-fiat and will be full time crypto and that way I will be able to pay everything and get rid of fiat in my life.

I guess you really had a bad experience with fiat and banks that you really want to get rid of them totally.
For me, i'm not against with fiat because we really know how useful it is at the present but knowing it can be fully controlled by the government or the banks, then definitely from there its value was lost. However, with crypto, we are the owners of our own banks. So we all have the full control on it and there's no chance that it will be interrupted by the government or a central bank. And with crypto, there's a lot of chances that we can generate more profits because its also being used as an investment.

that's what makes crypto better in our eyes than fiat, but what is beyond our control is the eyes of the government that have not been opened like elsalvador, where the government has other views on cryptocurrencies, so it requires a long journey to fight for it. but along with the times, I think it can be resolved

Reid

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That's the case for Bitcoin but that's the problem for different cryptocurrencies.
The other problem is the rush to being rich just because they think they are invested with a volatile currency.
Most of them forgot what the definition of volatility is, it means it could go your way which is up or not. The risk factor up until now is still too high when you exchange your fiat for cryptocurrencies.
That's the other thing they forget. "Risk". A high amount of risk for every coin that you pick and that includes Bitcoin in the list although it is the most trusted of all.

ElmedoRator

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Quote from: michellee on October 18, 2021, 11:34:20 PM

Quote from: ElmedoRator on October 18, 2021, 09:00:43 PM

But that reason does not prove weak, prefer crypto to fiat.
As my personal experience, in essence for this market, I still see it as a tool to develop myself more. I monetize it and find ways to use it more in my life, and the reality is that fiat is the last place where we're going to be active in real life.
The future may have many people believe in crypto and so do I, but we really need a lot more than thinking about it, more action to make it popular.

We use crypto to find a way to earn money aka fiat and so far, we already see that crypto is a new way that people can use to make money by converting the crypto to fiat. But still, many people do not yet accept bitcoin because they do not search for what is crypto.

Investing in crypto can be their way to make a profit in the future so that gives you a chance to accumulate from small parts until you think that is enough to invest in bitcoin or other coins. But when you save your money in the bank, you should be ready if the amount will not grow, even for a long time but reduced because you need to pay the fee.

Yup, if we don't join this field, maybe we and many others don't know about it and they still think fiat is enough

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After many years of participating in crypto, I see many and wonderful things that the current financial system does not have, but the problem is we are still seeing that it is not for the masses and not everyone believes and accepts it. But anyway, to satisfy everyone is not the goal of this market, more important is what we who care about it are thinking

.

Lanatsa

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Quote from: Natalim on October 19, 2021, 06:38:30 PM

Quote from: beerlover on October 19, 2021, 03:09:36 PM

I guess the biggest reason for me is the banks. I am not actually against fiat neither, I am fine with fiat, the "idea" of fiat is not a bad one and I am fine with it. The problem for me is banks and I do not like banks. Which causes me to withdraw all my money from them all the time. With crypto I was able to actually end up with putting all my money digitally but not in a bank, that option was the greatest thing. I can't wait for the day when I could use crypto everywhere and I would not need bank.

There are some "cards" that we could use right now that would make it possible but unfortunately I do not use them just yet because they are not working in my nation. However the moment it works in everywhere around my nation then I will be forever non-fiat and will be full time crypto and that way I will be able to pay everything and get rid of fiat in my life.

I guess you really had a bad experience with fiat and banks that you really want to get rid of them totally.
For me, i'm not against with fiat because we really know how useful it is at the present but knowing it can be fully controlled by the government or the banks, then definitely from there its value was lost. However, with crypto, we are the owners of our own banks. So we all have the full control on it and there's no chance that it will be interrupted by the government or a central bank. And with crypto, there's a lot of chances that we can generate more profits because its also being used as an investment.

People do have different impressions when it comes to fiat and current banking system that's why they do really make out those kind of sentiments which turns out to be that hateful but we know on how

reality works and we would really be seeing fiat would still continue to exist and crypto would really be just an alternative or serve out another market.

Preference is a personal choice basing up on what you do experience.

Natalim

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Quote from: beerlover on October 19, 2021, 03:09:36 PM

I guess the biggest reason for me is the banks. I am not actually against fiat neither, I am fine with fiat, the "idea" of fiat is not a bad one and I am fine with it. The problem for me is banks and I do not like banks. Which causes me to withdraw all my money from them all the time. With crypto I was able to actually end up with putting all my money digitally but not in a bank, that option was the greatest thing. I can't wait for the day when I could use crypto everywhere and I would not need bank.

There are some "cards" that we could use right now that would make it possible but unfortunately I do not use them just yet because they are not working in my nation. However the moment it works in everywhere around my nation then I will be forever non-fiat and will be full time crypto and that way I will be able to pay everything and get rid of fiat in my life.

I guess you really had a bad experience with fiat and banks that you really want to get rid of them totally.
For me, i'm not against with fiat because we really know how useful it is at the present but knowing it can be fully controlled by the government or the banks, then definitely from there its value was lost. However, with crypto, we are the owners of our own banks. So we all have the full control on it and there's no chance that it will be interrupted by the government or a central bank. And with crypto, there's a lot of chances that we can generate more profits because its also being used as an investment.

beerlover

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I guess the biggest reason for me is the banks. I am not actually against fiat neither, I am fine with fiat, the "idea" of fiat is not a bad one and I am fine with it. The problem for me is banks and I do not like banks. Which causes me to withdraw all my money from them all the time. With crypto I was able to actually end up with putting all my money digitally but not in a bank, that option was the greatest thing. I can't wait for the day when I could use crypto everywhere and I would not need bank.

There are some "cards" that we could use right now that would make it possible but unfortunately I do not use them just yet because they are not working in my nation. However the moment it works in everywhere around my nation then I will be forever non-fiat and will be full time crypto and that way I will be able to pay everything and get rid of fiat in my life.

Botnake

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Quote from: xSkylarx on October 18, 2021, 11:21:36 AM

Quote from: livingfree on October 16, 2021, 04:24:50 AM

Quote from: cheezcarls on October 15, 2021, 07:48:43 AM

I never saved much of my money in the bank because I know anytime they could freeze it. Although crypto and fiat money are having different purposes, I would still prefer cryptocurrency to save most of my money. Plus it gives us full control of our wealth rather than letting someone having the custody of our own assets.

It's okay to store your money in the bank if the purpose is just to save. There's nothing to worry that they'll freeze your money anytime if you're not engaged with illegal activities.

Usually court orders bank accounts if the owners of it have been dealt with illegal activities and it's proven by them.

Agreed, and it won't be easy to freeze the bank unless it's related to illegal activities. Also, keep in mind that some banks will freeze your account if they discover it's related to cryptocurrencies. Saving is good because you are storing money in the bank, but I know some people will argue that if you just invest it in bitcoin, you will double your money in a year, which is technically true, but you are risking your money. What will happen if you lose? As a result, your money has been cut in half. If you don't want to hold or invest in bitcoins. Put it in the bank to save and use later, but if you have any extra cash, invest it.

If banks were able to freeze your account, then what's the real use of fiat if it can be easily controlled or regulated by banks or any government entities? The reason i guess why we should prefer crypto over fiat because there is freedom in crypto that we can't find in fiat. We are free to do whatever we want in crypto because its owner is the only one controlling it, unlike fiat that its backed by the government. And if given the chance that crypto will be use totally as a currency in the future, then its very convenient for us because we can use it either as a currency or as a profitable investment.

michellee

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Quote from: ElmedoRator on October 18, 2021, 09:00:43 PM

But that reason does not prove weak, prefer crypto to fiat.
As my personal experience, in essence for this market, I still see it as a tool to develop myself more. I monetize it and find ways to use it more in my life, and the reality is that fiat is the last place where we're going to be active in real life.
The future may have many people believe in crypto and so do I, but we really need a lot more than thinking about it, more action to make it popular.

We use crypto to find a way to earn money aka fiat and so far, we already see that crypto is a new way that people can use to make money by converting the crypto to fiat. But still, many people do not yet accept bitcoin because they do not search for what is crypto.

Investing in crypto can be their way to make a profit in the future so that gives you a chance to accumulate from small parts until you think that is enough to invest in bitcoin or other coins. But when you save your money in the bank, you should be ready if the amount will not grow, even for a long time but reduced because you need to pay the fee.

ElmedoRator

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But that reason does not prove weak, prefer crypto to fiat.
As my personal experience, in essence for this market, I still see it as a tool to develop myself more. I monetize it and find ways to use it more in my life, and the reality is that fiat is the last place where we're going to be active in real life.
The future may have many people believe in crypto and so do I, but we really need a lot more than thinking about it, more action to make it popular.

TheEconomists

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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.

No one set the price but the forces of demand and supply determine the price of Bitcoin and crypto currency all the time and is just the simple truth. Government of every country set interest rate and the money that should be in circulation and that has influence over faith currency but that is not same with Bitcoin because it is a general acceptable coins world over and it has a limited supply as compared to Faith.

batang_bitcoin

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Quote from: kotajikikox on October 18, 2021, 02:11:18 AM

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

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

but it can also lessen depend on the fiat Value of your bitcoin also depend in a certain moment that you need your coin.

In banks your 10$ can become 9$ but at least upon withdrawal it will be 9$ exact while in Bitcoin if the market dumps tomorrow your coin can become 1$ at low.

But of course if you will mention in Long term basis then really Bitcoin is Best than Fiat.

The logic is totally understood in that comparison that he has given. Being invested in bitcoin will make you have the potential gains in a small period of time. While depositing your money into a bank account even it goes over time, you'll get a lesser value because of inflation.
So it's two things, in bitcoin, you have volatility, risk, and reward. In the banks, you have stability and lower risk. Two are really serving different purposes if you're just a saver or an investor.

justdimin

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Quote from: Rruchi man on October 18, 2021, 03:47:53 AM

In the business world, you can observe that more businesses and entrepreneurs these days now accept payments in cryptocurrency in addition to the traditional fiat as well, to give their businesses a good digital face. A reason for this as well is to appeal to the ever increasing population of crypto users worldwide and ease purchase of commodities internationally, not like it is generally and in all situations becoming more preferable. There are some peculiar situations where cryptocurrency is the preference, there are other situations where fiats is preferred.

I believe that the number is not even 1% what it could be. There will be a lot more people who will do crypto accepting as well but that requires a little bit more less fee and better tech as well. The moment it is very easy to do and very cheap and fast then it will happen. Right now we are having a lot less people accepting because there is a good chance that you are not going to be paying less, you are going to be paying a lot more since the gas fee is a lot more and there are a lot of waiting period in bitcoin as well which doesn't make sense.

We need to reach to a level where each transaction costs under 10 cents and takes less than 10 seconds as well, wifi or regular internet excess is something that these machines will require but that is fine. I believe the moment we reach those levels then we are going to be fine and we will get 100x more people accepting crypto.

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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 have been using cryptocurrency since 2017 and see how fiat money in relation to cryptocurrencies simply loses in its price and value. Of course, all this was preceded by many events, for example, a number of major crises, an unstable situation in many countries of the world, and now there is also a pandemic and an energy crisis. All this makes people look for both other sources of income and a replacement for fiat money. Cryptocurrencies are one of the solutions that many people and industries are already using now and get great results when those who still use fiat currencies see their fortunes decreasing every day. Cryptocurrencies also have problems at the moment, but the fact that cryptocurrencies are only increasing their strength and cost is pushing you and me to use them more often than fiat money. I am sure that over time, cryptocurrencies will become better and, as a result, they will be able, if not to replace fiat money, then at least become part of the overall global financial system.

xSkylarx

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Quote from: livingfree on October 16, 2021, 04:24:50 AM

Quote from: cheezcarls on October 15, 2021, 07:48:43 AM

I never saved much of my money in the bank because I know anytime they could freeze it. Although crypto and fiat money are having different purposes, I would still prefer cryptocurrency to save most of my money. Plus it gives us full control of our wealth rather than letting someone having the custody of our own assets.

It's okay to store your money in the bank if the purpose is just to save. There's nothing to worry that they'll freeze your money anytime if you're not engaged with illegal activities.

Usually court orders bank accounts if the owners of it have been dealt with illegal activities and it's proven by them.

Agreed, and it won't be easy to freeze the bank unless it's related to illegal activities. Also, keep in mind that some banks will freeze your account if they discover it's related to cryptocurrencies. Saving is good because you are storing money in the bank, but I know some people will argue that if you just invest it in bitcoin, you will double your money in a year, which is technically true, but you are risking your money. What will happen if you lose? As a result, your money has been cut in half. If you don't want to hold or invest in bitcoins. Put it in the bank to save and use later, but if you have any extra cash, invest it.

Rruchi man

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In the business world, you can observe that more businesses and entrepreneurs these days now accept payments in cryptocurrency in addition to the traditional fiat as well, to give their businesses a good digital face. A reason for this as well is to appeal to the ever increasing population of crypto users worldwide and ease purchase of commodities internationally, not like it is generally and in all situations becoming more preferable. There are some peculiar situations where cryptocurrency is the preference, there are other situations where fiats is preferred.

kotajikikox

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

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

but it can also lessen depend on the fiat Value of your bitcoin also depend in a certain moment that you need your coin.

In banks your 10$ can become 9$ but at least upon withdrawal it will be 9$ exact while in Bitcoin if the market dumps tomorrow your coin can become 1$ at low.

But of course if you will mention in Long term basis then really Bitcoin is Best than Fiat.

TheUltraElite

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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

WUT? Blockchain technology is the tech behind the public ledger and how each block is mined on top of the last one. No central body controlling is means decentralization. The two things are not the same.

Quote

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

Not completely. You cannot track a person by their wallet address. You may be able to link them to someone but you cannot prove it directly. A lot more legal backing is needed to question exchanges and them to comply and give your data to them. So it is pseudo-anonymous.

Quote

So stealing with Cryptos is almost not possible

Where are you coming from? If there had been no thefts of crypto or with crypto, they would not have made headlines in the past. In fact, crypto is being used to as a method to steal people's money a lot more times than previously.

Quote

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

Absolutely irrelevant to the discussion here.

Quote

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.

How is the bank cheating its users? Where will you keep your inherited gold if you dont have bank lockers? Where will you receive your salary if you have a job? You have no idea of how the financial system works, it seems. If you want to spend your crypto and you dont live in a country which allows it, you will have to do through a cross route of finding a buyer and then converting to fiat and then you are back to the bank.

Shasha80

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Quote from: LUCKMCFLY on October 15, 2021, 09:39:05 PM

Quote from: dark1234 on October 15, 2021, 08:36:59 AM

when talking about value, of course we prefer crypto because it promises a higher value and minimal inflation of course by looking at the quality of a coin or crypto token that is safe and certain while money stored anywhere promises inflation but seeing the benefits and uses I like both because with so many no matter how much we have will never be satisfied Roll Eyes

Exactly, we must also highlight the fact that with cryptocurrencies you are not being monitored by banks or governments, you can handle any amount of money without being told anything, without asking for permits and the best thing is that the transactions are fast and very safe.

The Fiat is good because we live in a system where it must be managed by FIAT, but with crypto you can make yourself more anonymous, the only way for others to realize that you have something is because you make it known, otherwise no.

And the biggest advantage of all is that you don't need a set schedule to withdraw your money or move it from one place to another, it is open and active 24 hours a day.

I do like crypto over fiat, because I can manage my own finances. Because unlike fiat, which does involve a third party every time I make
a transaction, it sometimes makes the transaction process take a long time. That's why I prefer to use crypto when sending money abroad,
because the process is faster. Moreover, crypto is proven to be able to make money and is also anti-inflation, this makes me entrust my wealth
to be stored in cryptocurrency. Maybe I still use fiat because it is to buy daily needs, because in my country crypto is prohibited as a means of payment.

livingfree

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Quote from: Fatunad on October 16, 2021, 06:21:04 AM

Quote from: livingfree on October 16, 2021, 04:24:50 AM

Quote from: cheezcarls on October 15, 2021, 07:48:43 AM

I never saved much of my money in the bank because I know anytime they could freeze it. Although crypto and fiat money are having different purposes, I would still prefer cryptocurrency to save most of my money. Plus it gives us full control of our wealth rather than letting someone having the custody of our own assets.

It's okay to store your money in the bank if the purpose is just to save. There's nothing to worry that they'll freeze your money anytime if you're not engaged with illegal activities.

Usually court orders bank accounts if the owners of it have been dealt with illegal activities and it's proven by them.

AMLA and other things would be attached into it which isnt really surprising and its one of cons when you do deal up with fiat but when it comes to security then nothing beats out fiat with that on which you could somewhat
having that kind of assurance when it comes to reverting transactions or make out some recoveries or something like that which you cant really do with crypto but at the same time.Irreversible transactions is one of the
best things on where some people do matter the most and of course its anonymous and transparent where you could see anything on blockchain on the time where transactions do happen.
They do serve out different markets though and its always a good option to have.

You don't have to deal with them if you're just usually depositing from the smallest and not to go with the daily cap that the banks has set to trigger them to question your funds.

This is usual for those people that don't want an headache dealing with them and answering questions where might your fund came from.

You have to set amounts per deposit not reaching the cap if you're about to store money on your bank account.

Topic: Simple reason why crypto is preferred over fiats - page 6. (Read 915 times)