Simple reason why crypto is preferred over fiats - page 7.

Fatunad

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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.

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.

livingfree

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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.

Mauser

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In general I agree with you on the advantages of crypto currencies, but there are still some issues which can be a big problem with cryptos compared to fiat money. The problem with volality is usually not so big for investors because like you said in general cryptos are rising and long term we make a profit from the volality. But short term this volality can be a problem. If we only get money in cryptos at fixed times, like our salary once every month. But our expenses are everyday, then big price changes can turn into a loss for us. Not all stores accept cryptos yet, for example when buying groceries we still have to convert our cryptos back to fiat money. Bigger short term price fluctuations can result in a loss for the consumer. That is why it is so important that more stores and companies will accept crypto currencies on the future.

LUCKMCFLY

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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.

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Quote from: palle11 on October 15, 2021, 12:22:14 PM

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.

You can be right about the cryptocurrency regarding the freedom it gives and prevention of third party access but banks don't just close or frozen your account , they act that based on circumstances surrounding your bank account if it is used for illegal transactions and all of that. However no doubt that cryptocurrency is advantageous to increase volume of the unit of coin you have but there are times it will drop also.

Banks are secured so our money will also be safe and secured from stealing. But that was just before wherein no records of reported accusations on banks having their client's money started to be zero value. Now that crypto has been more known and established, its security is even way more better than fiat. There may be reported hacks but its just very seldom. So most smart people nowadays prefer to keep their money in crypto because they are the one who will control and manage it. Unlike banks, wherein our money has been put into their custody and when the time comes that there are accusations on stealing, they always tell their clients that they have no access on our personal accounts so they should not be blame in the first place.

hatshepsut93

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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

Governments would never store their budgets in crypto. Crypto wallets can be hacked and after that there's zero chance to return your money. Have you ever heard about hackers stealing a country's budget? That never happened, because these centralized systems have lots of transaction validation done by humans when an amount is large enough.

So if a corrupt political will want to steal money with crypto, he will just say "oops, hackers stole a few million, you guys know how it is, no one is safe from crypto hackers".

Also a lot of embezzlement happens through various schemes that simultaneously launder money, like ordering something for higher than market prices and then pocketing the difference. Crypto doesn't help here.

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Quote from: adzino on October 15, 2021, 03:44:14 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

Using blockchain doesn't mean it makes the network decentralized. There are centralized coins/project that utilizes blockchain technology. Centralization/Decentralization depends on how the network has been formed/structured.

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

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

There are privacy coins that helps to keep you totally anonymous. And you can still steal with cryptos. Lots of people are getting scammed everyday (for stupid reason), and they can't do anything to recover their coins.

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

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.

You forgot to mention that your $10 today can become $5 within few days (or hours)...

Exactly. Your money won't only just go up and increase its amount, it has also chances to go on a lower value and make you a loser in just a blink of an eye. So crypto has also its lapses somehow. It might gain more popularity these days but admit it, fiat is always ahead of that when it comes to popularity and its usage.

However, since digital technologies have been more usable these days, so it may also be applied in digital currencies. But making crypto or bitcoin as a global currency over fiat might be a very tough process before it gets realized.

GeorgeJohn

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Op, from your perspective you think cryptocurrency is more preferable than bitcoin, i can you are emphasising this you about cryptocurrency, but people who don't know about cryptocurrency is thousands across the societies from my own observation, because it's very obvious that many people still values or prefer Fiat than cryptocurrency, because fiat currency is been in existence and it has been ancient currency and in which it can't be abandoned in any country, so i know vividly that you are emphasising on the security aspect of fiat and cryptocurrency, op, i can't assure you the one that have a potential security.

Mahanton

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Quote from: palle11 on October 15, 2021, 12:22:14 PM

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.

You can be right about the cryptocurrency regarding the freedom it gives and prevention of third party access but banks don't just close or frozen your account , they act that based on circumstances surrounding your bank account if it is used for illegal transactions and all of that. However no doubt that cryptocurrency is advantageous to increase volume of the unit of coin you have but there are times it will drop also.

Centralization would really have its pro's too despite on being criticized for it to be closely monitoring or does oppose privacy which you could eventually make out some revert transactions if something is really wrong
and also frauds and scams would be easily detected out since those transactions could really be traced upon but somehow there are people who doesnt really like to be monitored or simply having that
kind of freedom which we can only deal off with crypto and thats whats the reason on why we are really that flourishing or the demand and recognition is really high because
of these aspects.

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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

Using blockchain doesn't mean it makes the network decentralized. There are centralized coins/project that utilizes blockchain technology. Centralization/Decentralization depends on how the network has been formed/structured.

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

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

There are privacy coins that helps to keep you totally anonymous. And you can still steal with cryptos. Lots of people are getting scammed everyday (for stupid reason), and they can't do anything to recover their coins.

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

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.

You forgot to mention that your $10 today can become $5 within few days (or hours)...

Finestream

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Quote from: palle11 on October 15, 2021, 12:22:14 PM

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.

You can be right about the cryptocurrency regarding the freedom it gives and prevention of third party access but banks don't just close or frozen your account , they act that based on circumstances surrounding your bank account if it is used for illegal transactions and all of that. However no doubt that cryptocurrency is advantageous to increase volume of the unit of coin you have but there are times it will drop also.

Cryptocurrency particularly bitcoin will always have an advantage towards fiat so it will be a good idea if you keep your money into bitcoin than keeping it in banks where its rate of growing is very small. But if you really intend not just for its own interest but also to make profits, then bitcoin investment will always be good with it. Although its not yet considered as a medium of exchange in a lot of countries, but i know it will get there soon.

However, putting your money in the bank does not mean its totally secured, anytime it will be robbed and worst it can be done straight directly in the banks like more of an inside job. Now with bitcoin, its too impossible because stealing your bitcoin will never happen because there is a strong security behind its blockchain technology.

palle11

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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.

You can be right about the cryptocurrency regarding the freedom it gives and prevention of third party access but banks don't just close or frozen your account , they act that based on circumstances surrounding your bank account if it is used for illegal transactions and all of that. However no doubt that cryptocurrency is advantageous to increase volume of the unit of coin you have but there are times it will drop also.

geegaw

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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.

Indeed, the banking regime is pretty bad and my most recent experience is not a freeze, it's simply common system failures but as a result, activities such as depositing and withdrawing money were halted, it took a few days to be refunded and the loss was not small, a complete report of errors as well as apologies were never posted, helpless but objections are futile. Crypto gives us more standard management possibilities, fiat has quite a few factors to depend on and the production cycle is not comparable to crypto, true crypto cycle will be higher in value while fiat will go backwards

so98nn

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I dont think that anyone can monitor the funds that are being transferred to and received from! I mean yes, you can literally type any garbage address which would be valid one most of the time by just changing few letters in random address. That much transparency is there. However, you don't know exactly who the user is?

There is no way to find the trail which goes way close to the parent user and thus identity can not be explored.

Obviously there needs to be some precautions for higher anonymity! For ex, you can use mixer services and the hell no one ever gonna find to whom those funds belong.

dark1234

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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

cheezcarls

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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.

Leviathan.007

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Talking about bitcoin and fiat, I don't think if anything is preferred over the other thing because both of them are useful in their own place and if you know what do you want to do. Fiat will give some benefits and make your life easier whenever you are going to transfer only a few bucks or if you don't have an internet connection or access to your crypto wallet, in the other hand crypto will make your transactions borderless and make your transactions easier and more untraceable whenever you want to have more privacy and untraceable transactions. So I believe nothing is going to be preferred over the other thing.

Darker45

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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

There are more than a handful blockchains in the crypto world, one more controlled than the other.

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

The meaning of decentralization is not that "money sent or received from or to an account can be seen or monitored by everyone or anyone." That's the meaning of transparency. Bitcoin has a public ledger so it is accessible to anybody.

Decentralization in Bitcoin simply means it has neither a central authority nor a central server. Its ledger is distributed.

Quote

So stealing with Cryptos is almost not possible

Very possible. It has happened in the past countless of times and will happen in the future. However, the point of failure is not in the network itself; it is somewhere else. You do not steal Bitcoin from the network, you steal it from wallets.

crwth

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Adapting to this kind of technology and application of the financial system is crucial, IMO. This is to prevent unlawful acts such as what you have described. It's not just with private companies but with the public officials that should have the well-being of the people and not themselves. With blockchain technology, I think it's going to be better once it has become like that and they should sign a message with their address and then we can monitor anything that goes in and out of their account.

The transparency thing with financial stuff would always be a problem and with cryptocurrency, this problem could diminish.

Kyraishi

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You have to be careful here.

There are certain cryptos out there that are precisely fiats, but reincarnated and hiding in a different form.

The classic example of this is the CBDCs - they are essentially fiats using blockchain technology, but that technology is used to increase tracking and control for the government rather than anything else.

Topic: Simple reason why crypto is preferred over fiats - page 7. (Read 915 times)