Why crypto (bitcoin) is better than traditional money?

bct-user

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Quote from: Kimonoe on August 10, 2021, 11:55:19 PM

everything requires a process, of course we can't replace it completely or totally, maybe to be able to do that we at least have to go through 2 generations so that all can access crypto in the internet world. at least being an alternative means of payment is already a good achievement now

I don't know what you mean by not replace it totally. In my understanding replace means to remove something as a whole not partially. Grin

People already use Bitcoin as an alternative payment tool, but still allowed in some countries. Yes, it needs the process to spread Bitcoin as the payment alternative around the world. Maybe it will take more than 5 years again to see Bitcoin be used as a payment tool alternative in most countries in the world.

randegibran

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these two things cannot be separated from bitcoin itself because the bitcoin system which is a digital currency is very easy to carry everywhere when we want to travel or shop in a trading center, only today bitcoin has not received recognition for using cash as in traditional money, the findings if this will happen it is not impossible that many people will switch to the crypto world

Kasabus

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Quote from: verita1 on August 12, 2021, 06:13:11 PM

Bitcoin cryptocurrencies are important to me as a Venezuelan citizen, as you well know in my country hyperinflation reigns and for anyone it is a terrible situation because it represses the quality of life of those who suffer from it.
By investing in bitcoin and some cryptocurrencies I am relieving myself of the negative effects of inflation.
As it is true, cryptocurrencies are not accepted in many stores anywhere in the world, we are still minorities.
That is where we should focus and do our best to know how to live with bitcoin and crypto because its decentralized power works.

In some areas where Bitcoin is not yet accepted pushes them to convert it into their local currency, just like in our place that only a few that know Bitcoin, there is no way we could spend it. That is why I consider Bitcoin just purely an investment unlike in the other countries will they can enjoy using it to make a purchase in some grocery stores.
However, it did not make me bother, sometimes we have to go through this as the biggest challenge in crypto development as sooner or later it can be accepted in all corner that surrounds us.

verita1

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Bitcoin cryptocurrencies are important to me as a Venezuelan citizen, as you well know in my country hyperinflation reigns and for anyone it is a terrible situation because it represses the quality of life of those who suffer from it.
By investing in bitcoin and some cryptocurrencies I am relieving myself of the negative effects of inflation.
As it is true, cryptocurrencies are not accepted in many stores anywhere in the world, we are still minorities.
That is where we should focus and do our best to know how to live with bitcoin and crypto because its decentralized power works.

hazenyc

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Quote from: bct-user on August 11, 2021, 06:56:51 PM

Quote from: Kimonoe on August 10, 2021, 11:55:19 PM

everything requires a process, of course we can't replace it completely or totally, maybe to be able to do that we at least have to go through 2 generations so that all can access crypto in the internet world. at least being an alternative means of payment is already a good achievement now

I don't know what you mean by not replace it totally. In my understanding replace means to remove something as a whole not partially. Grin

People already use Bitcoin as an alternative payment tool, but still allowed in some countries. Yes, it needs the process to spread Bitcoin as the payment alternative around the world. Maybe it will take more than 5 years again to see Bitcoin be used as a payment tool alternative in most countries in the world.

Those using it for payments frequently is a very small minority. Hardly anyone would use Bitcoin as there is nothing that you can pay with Bitcoin for to still justify the extraordinarily high transaction costs. Only if you buy a house or a car it would make sense to use Bitcoin maybe. Apart from that it is a pain in the ass still to do shopping with Bitcoin specifically, other cryptocurrencies might work out better but there are hardly any cryptos that are widely accepted as a means of payment.

Irenerty

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The innovation of blockchain and cryptocurrency will bring revolutionary changes to the financial industry, will be able to effectively solve more problems in the market of traditional currencies, and truly provide the most creative and efficient market solutions to all participants Program.

Bitcoin's decentralization is not controlled by the central bank and the government, it is completely owned and managed by the user network. There is no authority other than those who use and maintain the network.
The number of bitcoins is fixed and limited and scarce. It will not be issued randomly like traditional currencies and can effectively alleviate the inflation problem.
Bitcoin is open and transparent. The detailed information of each transaction that occurs on the blockchain can be accessed by all users in the public ledger.

Nora Olin

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The inflation of the financial crisis was largely caused by excessive currency issuance. Bitcoin stays away from inflation. When a new currency is issued in any currency, it has already determined how much to issue. Just like Bitcoin, only 21 million Bitcoins can be mined, but no one can increase its number.
When traditional currencies are transferred between the two countries, there are many obstacles and restrictions that make the user experience very poor. Cryptocurrency allows users in different parts of the world to have fast and efficient transfers.

JillianTaft

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The security of cryptocurrency is very high. The current legal currency consumes a lot of costs in anti-counterfeiting and other links, and it is difficult for cryptocurrencies to counterfeit. Digital currency does not have a physical organization, just keeps accounts on the blockchain, and the cost is relatively low.
Encrypted currency ledger is open and transparent, and transactions are convenient. Because it is decentralized, no one can control it.

Kimonoe

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Quote from: molsewid on August 10, 2021, 10:30:18 PM

Quote from: Lanatsa on August 10, 2021, 06:51:21 PM

Its sad but this is the truth and not all would really be that open nor able to make use incase if there would be some full integration from paper fiat to digital if that's the case because
not all would really be reached on the scope on adoption and also people had already get used to fiat.

Its not bad to be that optimistic about bitcoin or crypto but minding about becoming a mainstream and tending to replace fiat is something that is impossible to happen..

Bitcoin could progress but it would really be just as good as an alternative and wont make it as a mainstream.

It is expected that if ever cryptocurrency became a legal tender in every country and utilizes digital transaction in each establishment or business transaction or even a simple person in his/her daily basis not all people could adopt it on their own. This platform cryptocurrency is really a big help but i think the existence of traditional money will still circulate in the economy. Why? Like for example in the third world country, not all people have gadgets or have a capable to buy their own and also this platform takes a lot of process or transaction that a person really should know about.

everything requires a process, of course we can't replace it completely or totally, maybe to be able to do that we at least have to go through 2 generations so that all can access crypto in the internet world. at least being an alternative means of payment is already a good achievement now

molsewid

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Quote from: Lanatsa on August 10, 2021, 06:51:21 PM

Its sad but this is the truth and not all would really be that open nor able to make use incase if there would be some full integration from paper fiat to digital if that's the case because
not all would really be reached on the scope on adoption and also people had already get used to fiat.

Its not bad to be that optimistic about bitcoin or crypto but minding about becoming a mainstream and tending to replace fiat is something that is impossible to happen..

Bitcoin could progress but it would really be just as good as an alternative and wont make it as a mainstream.

It is expected that if ever cryptocurrency became a legal tender in every country and utilizes digital transaction in each establishment or business transaction or even a simple person in his/her daily basis not all people could adopt it on their own. This platform cryptocurrency is really a big help but i think the existence of traditional money will still circulate in the economy. Why? Like for example in the third world country, not all people have gadgets or have a capable to buy their own and also this platform takes a lot of process or transaction that a person really should know about.

Lanatsa

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Quote from: spyderbilt on August 09, 2021, 02:23:43 AM

crypto or bitcoin is functional, in addition to payment it can also be used as a trade with a large profit.
while traditional money can even be traded but the profit is not as big as crypto. so I think it's clear crypto is better than traditional money

Do you only view it from profit amount on trading aspect? You cannot view it on this aspect only, also learn how the difference between crypto (bitcoin) and traditional money on payment tool aspect. In this matter, I think traditional money or fiat is still better because it is accepted in all countries in the world. It is also easier to use since it is physical, not in digital form. Not all places in the world can use digital currency.

Its sad but this is the truth and not all would really be that open nor able to make use incase if there would be some full integration from paper fiat to digital if that's the case because
not all would really be reached on the scope on adoption and also people had already get used to fiat.

Its not bad to be that optimistic about bitcoin or crypto but minding about becoming a mainstream and tending to replace fiat is something that is impossible to happen..

Bitcoin could progress but it would really be just as good as an alternative and wont make it as a mainstream.

hazenyc

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Quote from: Republikcoin.com on August 10, 2021, 03:08:05 PM

Quote from: spyderbilt on August 09, 2021, 02:23:43 AM

it's just different.
crypto or bitcoin is functional, in addition to payment it can also be used as a trade with a large profit.
while traditional money can even be traded but the profit is not as big as crypto. so I think it's clear crypto is better than traditional money

This is one of the properties of Bitcoin which has high volatility, where when Bitcoin is compared to FIAT, the price of Bitcoin will always be unstable,
From the nature of bitcoin, humans make the functions of these two elements different. FIAT is still used to transact globally, while Bitcoin is now more inclined to investment and speculation.
This completely does not guarantee the state of Bitcoin will be as you imagine, because the main purpose of Bitcoin was created to be the latest alternative payment that is more secure in p2p.

I think it is used to invest and speculate, yes, but it could also be a good tool to get large amounts of wealth from one country into another. As I am not a multimillionaire or billionaire, I don't know what it costs to transfer sums of money of that magnitude, but Bitcoin has proven over and over again that especially for larger amounts the fees are absolutely negligible for international transfers.

Republikcoin.com

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Quote from: spyderbilt on August 09, 2021, 02:23:43 AM

it's just different.
crypto or bitcoin is functional, in addition to payment it can also be used as a trade with a large profit.
while traditional money can even be traded but the profit is not as big as crypto. so I think it's clear crypto is better than traditional money

This is one of the properties of Bitcoin which has high volatility, where when Bitcoin is compared to FIAT, the price of Bitcoin will always be unstable,
From the nature of bitcoin, humans make the functions of these two elements different. FIAT is still used to transact globally, while Bitcoin is now more inclined to investment and speculation.
This completely does not guarantee the state of Bitcoin will be as you imagine, because the main purpose of Bitcoin was created to be the latest alternative payment that is more secure in p2p.

Abiky

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Quote from: Tahsin Kabir Kollol on August 09, 2021, 12:52:10 AM

For those who have invested in and used cryptocurrency and bitcoin, it is very clear why bitcoin and other cryptocurrencies are better than traditional money. One thing that can be noticed more in the case of traditional money is that inflation is almost constant because the capacity of this conventional currency is declining to result in purchasing power. Inflation causes the value of money to fall, while the value of cryptocurrencies continues to rise, increasing people's ability to invest in them. On the other hand, in the case of traditional money, it is not possible to protect the privacy of personal assets, which can be protected through cryptocurrencies, especially Bitcoin.

Crypto may be better than Fiat, but it still has a big drawback. And that is lack of mainstream adoption, and high instability. You cannot use crypto as money just like you would with Fiat. As long as these drawbacks exist, Fiat will remain as the dominant force of the world's economy. I wouldn't worry about this since crypto was never meant to replace Fiat. Satoshi only created Bitcoin to serve as an alternative financial system people can recur in times of need. Fiat will never disappear because banks and governments patronize it.

Which currency to choose, will depend on your specific needs. Not everyone will find Bitcoin attractive for daily payments. The same can be said about Fiat. What matters is financial freedom. As long as people have financial freedom, there should be nothing to worry about. Just my opinion

spyderbilt

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it's just different.
crypto or bitcoin is functional, in addition to payment it can also be used as a trade with a large profit.
while traditional money can even be traded but the profit is not as big as crypto. so I think it's clear crypto is better than traditional money

kotajikikox

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Quote from: Elsaveronicha on August 08, 2021, 10:56:27 PM

First, today is the age of technology. Faster and safer bitcoin transactions.

Dont stay on this permanently because you did not consider the congestion and the High fees for each transaction on those season.

Quote

This is what makes people love bitcoin.

but those are the reason also sometimes for people hating bitcoin .

Quote

Then the supply of bitcoin is very limited, in contrast to fiat money where the supply continues to grow every year. So the price will continue to rise due to large demand and limited supply.

and also this is the reason why some manipulator can take advantage of the situation as the stocks are very limited.

and this will getting harder in years to come.

Tahsin Kabir Kollol

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For those who have invested in and used cryptocurrency and bitcoin, it is very clear why bitcoin and other cryptocurrencies are better than traditional money. One thing that can be noticed more in the case of traditional money is that inflation is almost constant because the capacity of this conventional currency is declining to result in purchasing power. Inflation causes the value of money to fall, while the value of cryptocurrencies continues to rise, increasing people's ability to invest in them. On the other hand, in the case of traditional money, it is not possible to protect the privacy of personal assets, which can be protected through cryptocurrencies, especially Bitcoin.

xSkylarx

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Quote from: lumierre on August 09, 2021, 12:13:10 AM

Quote from: Barry Mantle on May 13, 2021, 10:14:40 PM

I know about crypto and everything in general but I am having difficulty to understand one thing about it. Why crypto or bitcoin is better than money ?

I mean I know the block chain technology is revolutionary and it has many benefits, it is being used by all crypto. Money is used to buy goods and services and there are very less businesses accepting crypto and still the prices are rocket High.

This Crypto trend looks more like share market company evaluation rather a legitimate currency. Moreover all government have there own currency, goverment cannot let that sink and can ban these. Can someone explain to me the value of Crypto as a currency when compared to real money ?

I don’t think that it is correct to compare crypto to fiat money. Of course, initially, crypto was created to replace fiat money and provide people with privacy in terms of transaction of their money and unregualation from the government. But now it is too early to compare ordinary money to Bitcoin.
Nevertheless, I, of course, can name several advantages of crypto. You can transfer your money wherever you want and nobody can forbid you, even abroad.

Agree and also bitcoin was made not for these reason its because the fees before and how transparent it be since you could see that actual movement of your bitcoin and also it is really fast. Though there are many advantages to crypto now, I cannot replace fiat because it is well-established and has been used for a long time, but it would be ideal if we could add another payment method, such as accepting crypto in payment.

lumierre

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Quote from: Barry Mantle on May 13, 2021, 10:14:40 PM

I know about crypto and everything in general but I am having difficulty to understand one thing about it. Why crypto or bitcoin is better than money ?

I mean I know the block chain technology is revolutionary and it has many benefits, it is being used by all crypto. Money is used to buy goods and services and there are very less businesses accepting crypto and still the prices are rocket High.

This Crypto trend looks more like share market company evaluation rather a legitimate currency. Moreover all government have there own currency, goverment cannot let that sink and can ban these. Can someone explain to me the value of Crypto as a currency when compared to real money ?

I don’t think that it is correct to compare crypto to fiat money. Of course, initially, crypto was created to replace fiat money and provide people with privacy in terms of transaction of their money and unregualation from the government. But now it is too early to compare ordinary money to Bitcoin.
Nevertheless, I, of course, can name several advantages of crypto. You can transfer your money wherever you want and nobody can forbid you, even abroad.

Elsaveronicha

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First, today is the age of technology. Faster and safer bitcoin transactions. This is what makes people love bitcoin. Then the supply of bitcoin is very limited, in contrast to fiat money where the supply continues to grow every year. So the price will continue to rise due to large demand and limited supply.

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