Simple reason why crypto is preferred over fiats - page 8.

Oceat

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Quote from: Gosgosking on October 14, 2021, 04:49:43 PM

Despite how cryptocurrency is growing and getting used to people , not everyone can abandon the bank for cryptocurrency savings as far as the government is concerned and bank is runed by the government it will still be useful to the society.

Well, not everyone is a fan of crypto currency and is knowledgeable enough to understand that's why most of them prefer fiat over crypto. I believe these two have their own distinction and won't be easily replace that's why these two must coexist.

Quote from: Hippocrypto on October 14, 2021, 06:13:37 PM

Most common reason I am about to see why people chooses crypto over fiat nowadays, was freedom over control and manipulation specially fiat bank system.
People think that way if they're knowledgeable about cryptocurrency, except for those who didn't have awareness about virtual currency. However, it will not solve the underlying problem of centralized currency because it was governed by regulations; that's why we always faced challenges of inflation.

Yes, that's right people are enjoying the freedom of making their own banks as to one has the ability to limit your usage of your own hard earned money. That's why most people preferred crypto over fiat but there are some people who like to use fiat over crypto it's because they are lacking of knowledge to understand what is cryptocurrency and that's why most people preferred fiat over crypto currency.

Hippocrypto

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Most common reason I am about to see why people chooses crypto over fiat nowadays, was freedom over control and manipulation specially fiat bank system.
People think that way if they're knowledgeable about cryptocurrency, except for those who didn't have awareness about virtual currency. However, it will not solve the underlying problem of centralized currency because it was governed by regulations; that's why we always faced challenges of inflation.

Gosgosking

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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.

Despite how cryptocurrency is growing and getting used to people , not everyone can abandon the bank for cryptocurrency savings as far as the government is concerned and bank is runed by the government it will still be useful to the society.

fiulpro

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Well I do think that you have to understand that cryptocurrencies like bitcoins provide financial freedom, which makes it possible for people to actually own what they have. The government system is a bit too complicated and they do not compromise, people are mostly used along the way due to corruption and this inturns makes it harder for them to escape their financial square.

Therefore for me I do think this is the most important part of cryptocurrencies like bitcoins. But unfortunately now a days as you will see we have whales and market manipulation as well, but in the end, this is something that we have to fight in the future.

You have a lot to learn about bitcoins and cryptocurrencies as well. Some things are slightly off the hook in the post but I hope you would research about it more.

Haunebu

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I can see that you are a hardcore supporter of BTC and cryptocurrencies op which is good, but don't spread misinformation without doing proper research. Most of your points are wrong honestly speaking.

Currently, FIAT is still way more popular than crypto. BTC won't always rise in value and there are fees associated with cryptocurrencies too. Also, stealing cryptocurrencies is completely possible(Search crypto hacks).

mk4

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Quote from: paxmao on October 14, 2021, 08:14:58 AM

Yep. Not only bitcoin is decentralised, there are some alts that fit the description. At the end of the day, decentralisation is not perfect, even in bitcoin you have a large number of mining operations that have quite an influence on what fork is going to be supported (if any).

I tend to believe much more in incentives rather than on a wider decentralisation, which is very clear and strong while the bitcoin project is in a growth phase. It may be quite different when it reaches a stable phase.

I disagree. Though decentralization is a spectrum, even Ethereum still has a core team that does most of the protocol development(Consensys), and other cryptocurrenct projects are far worse.

And don't even get me started to proof-of-stake.

dothebeats

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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

Not necessarily. There are also centralized cryptocurrencies out there such as XRP who fails to fall under this definition of 'blockchain' that you pertain to.

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

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 naira and no one will know about it

One way or another, someone will have to know about the millions that are missing on the cash flow of a company. Ever wonder how some 'documents' regarding such transactions are leaking every now and then?

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

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

So stealing with Cryptos is almost not possible

Stealing cryptos is pretty much possible with a lot of gullible people and a not-so-secure exchanges that are being exploited by hackers. Cryptographically, cryptos are pretty damn secure, but when you add the human element onto it, it becomes pretty much vulnerable, too.

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

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.

This may only be the reason why people are trying to close in to the crypto space in an accelerated pace. The rewards and the profits that they are getting from crypto is unmatched no matter which asset class you compare it to.

paxmao

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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.

Yep. Not only bitcoin is decentralised, there are some alts that fit the description. At the end of the day, decentralisation is not perfect, even in bitcoin you have a large number of mining operations that have quite an influence on what fork is going to be supported (if any).

I tend to believe much more in incentives rather than on a wider decentralisation, which is very clear and strong while the bitcoin project is in a growth phase. It may be quite different when it reaches a stable phase.

inashed

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The reason is simple, ALL (or 99% of) state economists believe (or say they believe) that making sure people can't save money is the right thing to do and they print enought money (and use it) to make sure price inflation WILL happen (this is called monetary inflation) or create a tax everyone with the money will NEED to pay (this is called demurrage).

Almost every single altcoin dont have both ideas, with few exceptions like freicoin that has demurrage or stablecoins that are stable based at a monetary inflation fiat coin and so will have the same problems at the fiat itself.

Tons of people hate the previous ideas and since crypto dont have it they go for crypto, they are ok with even losing their privacy to not use a coin with previous features.

so98nn

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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.

Oh yeah, I just started thinking more about this problem now. I was like, if everything is decentralised and no one controls it then "who runs it?"
That is a good discussion point. Unlike bitcoin which has public development sources that gives it somewhat decentralisation and I still think it is not 100% isnt it?

For the alts they literally manipulated by the developers and that is why we have huge amount of scam cases on going everyday. That's the prime reason why peeps keep talking about the projects where money was collected in ICO token sales, airdrops and later on the team was flee away with unattended tokens over the blockchain.

LogitechMouse

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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

Yes and No.
If you put your cryptos in an online wallet or any wallet that you don't have private keys on it then technically it is owned by the company where you put your cryptos and they have a control on it. On the other hand if you have your keys on it then you have full control of it.

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

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

You can monitor it yes since it is on the Blockchain like you said but if something bad happens (scammed or get hacked), can you track it? Unless there isn't any tracks that they left then even though you can monitor it, it will be hard.

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

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 naira and no one will know about it

I agree with this so fck the banks Cheesy

. Just kidding.

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

So stealing with Cryptos is almost not possible

Bitconnect, Centra and other ICO's out there. Other projects that ended up a rug pull. New projects that the main goal is to steal money from investors. What do you call that then? Isn't it stealing using cryptos??

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

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'm a supporter of Bitcoin and possible cryptos in general but saying this? I don't think that it will happen. Whatever you will say, there will still be people who will use banks. There are some bank users that don't know that they are being cheated. We might see some who prefer to use cryptos for saving but there will be some who will use banks for saving because either they don't know cryptos in general or they are just comfortable with banks Cheesy

.

Kakmakr

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The real reason why people prefer to use Crypto currencies are not just because it is a decentralized "authority" ...but rather because it gives them the freedom to control their own wealth. A person have full control over their wealth, if they have full control over their private keys.

Crypto currencies also offer people some anonymity, so they will prefer Crypto over Fiat... because they do not want "unwanted" eyes on their private finances. (Why should a government employee have to know, what you are spending your money on?)

Bitcoin transactions are also much cheaper and faster, when you do international remittance. (Using the Bitcoin Lightning Network) Wink

davis196

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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

Yeah,but you have to keep your Bitcoins in your hardware wallet and keep your private keys.
Not your keys,not your coins.Keeping your coins in a crypto exchange or online wallet is the same as keeping money in the bank.

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So stealing with Cryptos is almost not possible

Yeah,right.Totally possible,if your exchange or wallet account gets hacked or you get scammed.

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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

You should learn to distinguish Bitcoin from the different kinds of altcoins/tokens/shitcoins.
Scarcity is the main reason why Bitcoin will increase it's value.Inflation/money printing/currency devaluation is the other reason.This means that money becomes less valuable compared to BTC.

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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 don't want to agree with this "black vs.white" or "good vs.bad" type of thinking.
Banks aren't always cheating and the crypto companies aren't always legit and honest with their customers.

kryptqnick

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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.

hannahB4

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Sincerely for me why I still prefer Crypto to fiat is the bank regulation and charges for example 2019, I wanted to tie my funds with the bank and I asked for any treasury bill I could do with #500,000 I was told I could only do for a million, I asked for fixed deposit interest rate it doesn't worth me fixing the money but imagine buying Bitcoin as at then with this amount by now I know for sure would have double the money 4 times while the bank interest rate accumulated may just be the same amount saved.

arwin100

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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 naira and no one will know about it

In the Crypto space, such is not possible because any kobo 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.

Nope that's not the case since fiat still the most used compare to bitcoin, if we look at the global usage we can say that bitcoin users is not much big compare to the people who use bitcoin and maybe we can only say that its because we are using it day by day but the whole situation is not actually close to overtaking the fiat.

And also take the disadvantages of crypto where many people lose their money because of many reasons and for sure we will be realistic for giving assumption towards crypto since its incomparable with fiat as of the moment.

Jawhead999

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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

XRP is one example of cryptos, does it mean it's decentralized? No, it's centralized.
There's 2 blockchain type, public and private. Private blockchain only can be viewed by limited person.

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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 naira and no one will know about it

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

So stealing with Cryptos is almost not possible

Not possible? So what's about those Bitcoin related hacker, robbery, money laundering articles that you can easily google them? Even all people can trace the address, that doesn't mean they know who're you and your identity. They only know if you ever submit KYC in CEX.

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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.

That's so called saving money is pretty much similar with ponzi scheme or shitcoin staking.

michellee

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But ordinary people who do not search for bitcoin will still depend on their banks, no matter if their banks can not be like crypto because they do nothing about crypto. Even if the crypto booming in their country, that will not stop people from using their banks. Only people aware and concerned with their money will try to find out more about bitcoin and will move their funds into bitcoin because of security reasons.

We can see what happen around us while crypto this year seems to attract the attention of many people from many countries. Regular people will not think about bitcoin too much because that is out of their expectations and they do not want to learn a new thing.

Ucy

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Ofcourse. It's basically close to how public banks should operate. They structure public things as if they are privately-run that it becomes difficult for all member of the public to participate and benefit from its supposed Transparency. Public institutions should be very Transparent and Open to the public to be part of.
I'm always worried to see people who should be encouraging that kind of Setting (true crypto setting) fighting against true cryptocurrency. It is as if they are fighting to protect the corrupt and opaque system. They should be encouraging their governments to reform and adopt the cryptocurrency setting, not necessarily replace it with typical cryptocurrency or have their own citizens totally abandon their institutions and join the crypto space. I think they should be encouraging reform to make public institutions transparent, decentralized, participatory, secure etc. If you don't do this, the bad system could have power over you or foreign proxies could be ruling over you through your "leaders" or public servants.

lovesmayfamilis

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OP, what cryptocurrency, other than Bitcoin, has chances of regular growth?
Are you in a rush to write this post? Isn't Bitcoin tracked? Without knowledge of the security of handling bitcoins, there is also a threat of a large loss or theft of bitcoin. There are a lot of amendments.
Try to think and reevaluate your post.

Topic: Simple reason why crypto is preferred over fiats - page 8. (Read 915 times)