Topic: Why crypto (bitcoin) is better than traditional money? - page 6. (Read 1439 times)

True they can both coexist peacefully. Traditional money made for useful purposes. Before when there is no money existing people realized to create cash/bill. Based on my research before people are trading when buying things. For example I have mango but I like more apple. For me to get apple I will ask the people who have an apple to exchange my mango an apple. Then people realized to create cash/bill to represent it as a money that can use for buying. So it will be easily to carry around and buy want we want. And bitcoin use to transact easily in digital world. They both have advantage. We can have both without giving up one.

Crypto, not Bitcoin.

Majority of scams happen through fiat and the banks do nothing to prevent them or restore the amounts stolen. Centralization is a quality that favours the authorities at the detriment of the public.

On serving different purposes, Fiat has a far reaching adoption rate and is readily available and easily spent through arious means; cash, digital, cards, tokens, mobile transfers, etc. This makes it more efficient than Bitcoin for daily expenses. I expect Bitcoin to grow in scalability in the coming years, but probably not to the level of fiat.

When viewed from the point of view of its function as a currency on the internet, it is clear that Bitcoin is more reliable for transactions and payment gateways. We can send and receive Bitcoin anywhere instantly and it's possible to track transactions because of the help of Blockchain.

And when viewed from the function of currency in the real world, coins and paper are the best choices at the moment. Whether you accept it or not, USD is more popular than cryptocurrency for now (May 2021) globally and internationally. Owned by many people, makes their existence stronger and safer to own and more comfortable when used to buy a bottle of Coke at the convenience store.

I like bitcoin because it's decentralization and deflation concept. When it's price become more stable then it can be better than traditional money in term of  store of value. Inflation makes traditional money bad while bitcoin (if it's spread evenly ) with it deflation has almost similar concept as gold which is every year both are not experience inflation so we can buy commodity with the same price as before although bitcoin seems experience different thing, because of big deflation it only need less number of btc to buy the same amount of commodity. I think that's why bitcoin is better than traditional money.

That's right, bitcoin and fiat can't lose any of them, Bitcoin is a sign of progress from fiat, however, we still need fiat to make stable fair trades. Bitcoin is technologically beneficial, however, in terms of security when losing both of them where fiat is more reliable. We can consult the bank.

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I still see one drawback of cryptocurrency. What if someone forgets to back up their wallet access, then loses access to the wallet? they will lose as much assets as they have in cryptocurrency. I know, if crypto technology is much superior, but fiat is a crypto friend that can not be separated from both.

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Cryptocurrency is made much more modern than money technologically, In addition, anyone can not master it technologically, Walupun drawback is due to the decentralized nature of bitcoin if we lose the wallet then we will not be able to open, there is no consultation if you do carelessness. The rest of bitcoin is very good at benefiting from its technology.

What's your take on goverment involvement for money? Lets leave money system in general like law, basic pay etc are needed as far as I can think. We without any controlling body will go berserk. Just thinking haven't thought this through rn.

No one is claiming that Bitcoin is perfect. You also can leverage Bitcoins strengths (many) as a currency to your advantage and not give up the benefits of stable fiat currencies. You aren't forced to choose between either and can use both.

But before we can use bitcoin for free, we need approval from our government and as we see that not all government give their permission or approval for bitcoin to be used by their people. It needs more time for the government to approve bitcoin so people will not have trouble in the future. Yes, bitcoin offers anonymity to people because they do not have to tell others about their bitcoin and people can keep that as their secret. I think bitcoin is not trying to replace the existence of fiat instead will work to cooperate with fiat to help people in the financial.

Thanks , you have explained these point beautifully. My concerns are that there are still debatable things like : The price is so volatile, with normal money it is controlled, the inflation is year wise not hour wise. To the masses this crypto thing will attract or not I am not sure, 1st complex to understand, complex numbers (in points - difficult transactions) , The price is so volatile that it is better for gamble rather than trade now. When do you think it all will be sorted

Limited supply of 21 million coins. One in five US dollars were printed in 2020, don't know the numbers for current year. But point is that governments can print as many money as they want since leaving the gold standard behind. So inflation is a huge problem. Prices of almost everything but especially houses are rising but the wages aren't. With bitcoin you have the first deflationary currency.

If you voluntarily want your money to loose value, you are free to hold it in something inflationary. Also, the 'you need money printing else the economy dies' is a fallacy with zero proof

You would go to the bank and get your gold and try to buy a cofee with it ?

There's other Crypto of fiat for that.

BTC is a savings account for wealth. It has around 100% of interest per year. Find something like it that could be accessible to anyone with a phone... No gold or stocks is even close

I think there are times that crypto is better than traditional money but it doesn't mean that it is totally better than it because there are also times that traditional money is way better than it.
Bitcoin is better when sending money to another country because it is faster and sometimes cheaper.
Traditional money is better when paying because it doesn't need confirmation and transaction fee.
So it would be determined by how you would use it to know which is better.

Wrong, you can send fiat anywhere too with apps like Paypal, Venmo, CashApp and many other. Anonymity is debatable because criminals that are dodging the law uses fiat to cover their tracks and they can still get their needs without the worry of people tracking their purchases. The reason I think that bitcoin is better than fiat is because it is superior, it can be a currency to purchase or an investment to make more money.

After the introduction of Bitcoin, the preferences of the investors are gradually shifting towards the cryptocurrency.

there is some reasons why bitcoin is better than traditional money.
1. It Is A Decentralized Currency :- its users have the complete freedom to transfer the money.
2. Better Investment Option - Investors are getting smarter while they invest their money in bitcoins.
3. Bitcoin Is Not Restricted to Borders- The value of bitcoin remains constant regardless of the country. As a result, Bitcoin's value is the same all around the world.
4. Bitcoin Is Theft Resistance- The bitcoin wallet is where the bitcoin's private keys are kept, and only the owner has access to it. It is, without a doubt, the safest currency one can have in terms of security. As a result, bitcoin has a greater acceptability rate than other currencies around the world.


In comparison to other currencies, the bitcoin exchange and its applications are extremely simple. Bitcoin does not have many of the flaws that traditional currencies possess. Many investors are now looking to invest in bitcoins because of the currency's flexibility and potential for rapid growth in the near future. With bitcoin's increasing popularity, it may soon become the global currency.With bitcoin's increasing popularity, it may soon become the world's global currency in the next years.

Indeed. If that can happen in all countries, I think people will have more chances to have a better life in the future because they can try to make money from bitcoin and not just from what they already did. Besides being traded, bitcoin can be an investment for people to have to work to earn bitcoin while they can sell their bitcoin to make money. We hope that the government can legalize bitcoin sooner or later so people will not worry about using bitcoin.

I won’t say those repetitive things about bitcoin which we are reading from before the forum was created. (Anonymous, limited, bla bla).

Personally speaking bitcoin is a word that has replaced my brains sweet spot now and all I see is powerful way of investments, earning opportunities and security of my future.

Considering bitcoin is here to last long (no govt won’t let it down) it’s best asset-cum-currency to hold. Happy stuff that’s all!

The most radical advantage is also that you can take any amount with you in quite a magical manner. No need to go through cumbersome bank transfers where you have to explain anything, like why do you send money from this country to that country or whatever.