Why crypto (bitcoin) is better than traditional money? - page 7.

conected

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Quote from: maxreish on May 15, 2021, 10:05:33 AM

Fiat money vs bitcoin as ceyptocurrency has both advantage. When it comes to convenient way of sending transactions, no hassle or np third party involved then bitcoin as payment is good to use. But then not all have an internet connection, thus fiat money is an advantage as you wont be in need of any mobile phone and net.

Also, since cryptocurrency is an alternative payment method today, it can also be used as a store of value which can be use as a long term investment.

- Your definition of convenience surprised me quite a bit because bitcoin doesn't seem too convenient for transactions when transactional contracts are confidential and hard to undo, most of the time we will spend counting the confirmations in the transaction while traditional currency can be converted at a bank and quickly transferred to the required location, confirmation is extremely fast and easy. The most radical advantage is still the process of storing value, bitcoin and crypto have the special ability to increase passive assets

Fatunad

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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 ?

Crypto cant really replace fiat no matter what but it could exist as an alternative when it comes to payment system and here's the advantage of using up crypto compared to fiat.

•Anonymity
•Irreversible Transactions
•Decentralized

These are the qualities on why the community is been supporting or engaging with crypto because nothing beats out when you do have the full
control of your funds without government do involved.

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Quote from: Gaaara on May 15, 2021, 12:07:56 PM

Both fiat and bitcoin has its own advantages. Fiat can easily be used anytime and now that online wallets are relevant you don't need to pay in person, in the other hand bitcoin offers more versatility it is fast and can be transferred around the world within seconds and it is also transparent, the blockchain really eliminates some threat such as being replicated.

If its a daily transaction having fiat still is better, but in terms of saving and moving your money bitcoin is a lot better; if I were to ask I would rather compare Bitcoin or cryptocurrencies to banking since it would make more room for discussion.

True that. With all that has been said about Bitcoin/Fiat, I believe that both will continue to serve their purpose in human life. First pike you mentioned has its advantages still when you look at our every day transactions that we still can't do with Bitcoin but when we look at the wider picture of what Bitcoin offers, then we might say Bitcoin is better but both still have it's strength and weaknesses so really don't like comparing both.

BIT-BENDER

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Quote from: Gaaara on May 15, 2021, 12:07:56 PM

Both fiat and bitcoin has its own advantages. Fiat can easily be used anytime and now that online wallets are relevant you don't need to pay in person, in the other hand bitcoin offers more versatility it is fast and can be transferred around the world within seconds and it is also transparent, the blockchain really eliminates some threat such as being replicated.

If its a daily transaction having fiat still is better, but in terms of saving and moving your money bitcoin is a lot better; if I were to ask I would rather compare Bitcoin or cryptocurrencies to banking since it would make more room for discussion.

I think you are referring to the present days yes, all the bricks to a more crypto-currency world aren't laid, despite been wholely a Bitcoin-er -crypto- lover, I use more Fiat than crypto-currency, not that I love to but just that I am without choice in doing so, and to futher frustrate the whole thing there comes the crypto-currency ban.
I know and check the advantage crypto-currency has over Fiat and Intelligently conclude that it's much, anytime I spend time in the banking Hall to make Transaction or correct errors from them, I realise more how the world needs crypto-currency.

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Quote from: pooya87 on May 13, 2021, 10:24:39 PM

Now money can have limited supply, doesn't have to be inflationary

Quote from: mk4 on May 13, 2021, 10:57:04 PM

1. Bitcoin's supply cant be messed up

Quote from: tranthidung on May 14, 2021, 01:03:25 AM

Total supply is finite and can not be changed by anyone else. It is 21 million BTC

Quote from: ILuckyGuyI on May 14, 2021, 04:37:33 AM

Bitcoin's max supply is limited which makes it much more valuable than fiat money.

Quote from: Abiky on May 14, 2021, 09:30:03 PM

Bitcoin makes a good store of value with a limited supply of 21 million coins.

I see a lot of people bringing the Bitcoin's fixed supply as something “good” compared with the traditional money. While I'm a big hater of the way some governments inflate their currency and devalue people's money, I'm also not in agreement that using a deflationary currency is an advantage of the whole case. It's made in a way to be more valuable over time, but this is not how a currency should be like.

By knowing that my money will have a greater value in the future, makes me want to avoid spending it. So, by setting a fixed supply, you're instantly ruining the entire purpose of your currency. It won't be used as a medium of exchange, as it should be. Contrastingly, it'll be kept as a store of value asset and investment with the reasoning that it'll worth more in the future. On a healthy capitalization, money has to circulate.

Quote

Why crypto (bitcoin) is better than traditional money?

I wouldn't say that you can compare those two. They both satisfy different needs. Traditional money is needed, otherwise there is no state and hence, no society, while Bitcoin provides financial freedom. I don't know about you, but I want these two to co-exist.

Gaaara

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Both fiat and bitcoin has its own advantages. Fiat can easily be used anytime and now that online wallets are relevant you don't need to pay in person, in the other hand bitcoin offers more versatility it is fast and can be transferred around the world within seconds and it is also transparent, the blockchain really eliminates some threat such as being replicated.

If its a daily transaction having fiat still is better, but in terms of saving and moving your money bitcoin is a lot better; if I were to ask I would rather compare Bitcoin or cryptocurrencies to banking since it would make more room for discussion.

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Quote from: pooya87 on May 13, 2021, 10:24:39 PM

Bitcoin on the other hand introduced a unique concept to the meaning of "money". A concept that always had unlimited supply, was controlled and printed by the government and was centralized suddenly got expanded. Now money can have limited supply, doesn't have to be inflationary, can be decentralized and censorship resistant, can be safe and fast.
I don't like comparing things in black and white so I won't say if bitcoin is better than fiat or not. Bitcoin is a good currency, it does what it was designed to do and that's the important thing.

While Bitcoin can be considered money, I think it's important to remember that it's probably not how most people see or use it nowadays. Some trade Bitcoin, others use it as a store of value, and probably a minority of people actually treat it as money and spend it on goods and services directly. Moreover, while I'd like to see the future where Bitcoin is more adopted as money, it's also important to note that it has disadvantages in comparison with fiat that present serious obstacles to it being used for everyday purchases. I'm talking about high fees and slow transactions. So while in theory it's all great, in practice, Bitcoin isn't very efficient for everyday money usage.

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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 ?

The point on blockchain system its transparent . everywhere can access it anytime anywhere any device and no authority can control it. international transcation its popular and bitcoin can be option for that or some people might be hold it just take interest from any project. crypto popular in digital economy because its usefull and easier .

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You can use bitcoin as a mean of payment system over the world without without you having to exchange it for money fiat. I mean, as long as the merchant accepting bitcoin as a payment system then you just easily send your bitcoin to the marchant to buy the stuff. It will be different when you use money fiat, you have to change your money fiat against the currency where the merchant is used and it will takes a long time.

Also, bitcoin can be used as a sending money tool comparing when you will send money you have to change against the destination currency. Another advantage is bitcoin is created to resolve the inflanstory problem, comparing to money fiat that reluctant to meet inflanation depend on the economic country situation.

ubercool

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First of all, if you could search the forum, you'll find your answers from all the previous threads here discussing the same thing.

To the point, traditional money doesn't have a limit. Governments can print whenever they feel need.
Where as Bitcoin is limited to 21 million for life.

Anonylz

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Better in the sense that, btc (cryptocurrency) has limited supply as already stated unlike fiat that has infinity supply,
anonymous which is a major part of btc and reason why many prefer it than fiat since by using btc you are some how anonymous from the praying eyes of the government,
decentralization which means no central authority in control of the system, no single individual or bodies in control, it is open to all, which can not be said with fiat.
And then you have the ease and convenience to transact between parties without any middle man, when you observe closely, you will see why btc is a more better option.

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Quote from: maxreish on May 15, 2021, 10:05:33 AM

Fiat money vs bitcoin as ceyptocurrency has both advantage. When it comes to convenient way of sending transactions, no hassle or np third party involved then bitcoin as payment is good to use. But then not all have an internet connection, thus fiat money is an advantage as you wont be in need of any mobile phone and net.

Also, since cryptocurrency is an alternative payment method today, it can also be used as a store of value which can be use as a long term investment.

This advantage is very interested by investors, because investing in crypto has better potential with a faster change in value. But the choice of cryptocurrency must also be right, such as choosing bitcoin as the main coin which is used as a short-term or long-term investment.

Cryptocurrency is used as an alternative payment and will continue to coexist with fiat. Bitcoin is no better and Fiat is not better either. Both have their own advantages and disadvantages.

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The freedom crypto offers its user is none to compare with, with the elimination of third-party systems and the freedom the blockchain technology offers. Bitcoin gives us financial independence.

maxreish

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Fiat money vs bitcoin as ceyptocurrency has both advantage. When it comes to convenient way of sending transactions, no hassle or np third party involved then bitcoin as payment is good to use. But then not all have an internet connection, thus fiat money is an advantage as you wont be in need of any mobile phone and net.

Also, since cryptocurrency is an alternative payment method today, it can also be used as a store of value which can be use as a long term investment.

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Quote from: goldade on May 15, 2021, 05:03:55 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 ?

Firstly, there is a distinction between bitcoin and crypto. Although, bitcoin is a cryptocurrency, it is different from the many other cryptocurrencies that we have that don't have actual value.
Bitcoin has real value and can be compared to the fiat or traditional currency. I'm sure you know all the benefits bitcoin has over fiat currencies so I won't highlight them here. One thing however that you should know is that bitcoin can be used as an investment asset. Just by simply buying and hodling for some time, you can make quite a lot of money.
Secondly, bitcoin is now being accepted as a currency by some companies. Now there are a lot of stuffs you can buy with bitcoin. You should know that the major advantage bitcoin has over fiat currency is that it provides anonymity and saves one from high transaction fees

What is the real value that you are talking about? Value is a derivative of peoples' collective attribution. Bitcoin has value because we currently believe Bitcoin might fill a certain gap that we want to be filled in our economy or even social system. Also it is not that everyone gives it value for ideological or rational reasons, but just want to become rich quick. Real value is a philosophical term that could go back to intrinsic value and that is a widely discussed topic and especially in the context of Bitcoin a complex one that may never come to an end.

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Bitcoin is not fully better than traditional money. Because it has too much volatility and it is the same for the rest of the cryptocurrencies also. But Bitcoin has much more value than fiat as there is not an unlimited supply of Bitcoin. On the other hand, governments continue to print fiat money and that causes its value to drop down more.

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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 ?

Firstly, there is a distinction between bitcoin and crypto. Although, bitcoin is a cryptocurrency, it is different from the many other cryptocurrencies that we have that don't have actual value.
Bitcoin has real value and can be compared to the fiat or traditional currency. I'm sure you know all the benefits bitcoin has over fiat currencies so I won't highlight them here. One thing however that you should know is that bitcoin can be used as an investment asset. Just by simply buying and hodling for some time, you can make quite a lot of money.
Secondly, bitcoin is now being accepted as a currency by some companies. Now there are a lot of stuffs you can buy with bitcoin. You should know that the major advantage bitcoin has over fiat currency is that it provides anonymity and saves one from high transaction fees

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Bitcoin is like a big Lottery,

the best strategy is to put money in it and hodl BTC.

FIAT: The Best example is the Ferrari 250 GTO Berlinetta,
This car was produced for only 18.000,- USD back in 1963.
Today this car cost's about 62.000.000,- USD.
See what money inflation and growth did over the years + the rarity of this car.

Bitcoin: Let's say you bought 10 BTC 2015 for 5.000,- USD and hodling it until now,
Today you could afford a Porsche 911 Turbo for 5 BTC net worth 243.788,- €.
That's because Bitcoin is rare, people put money in it and miners investing in infrastructure to guarantee secure.

See, it's a good lottery, where everyone in the ecosystem benefits.

ethereumhunter

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Bitcoin and traditional money will have advantages and disadvantages, and we do not have to compare each other. Bitcoin and fiat money can help our life become better than before and if bitcoin and fiat money can work together, we will have better finances. We can use fiat money in our real and online life while we can have new ways to have a new investment besides previous investment. It is better if we can use the advantages of bitcoin and traditional money for our life.

davis196

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Is Bitcoin better than traditional money?Yes and no.
Yes,because Bitcoin is a way better store of value,compared with fiat money.
No,because Bitcoin is very volatile and almost nobody uses it to buy goods and services.
Perhaps the flaws of Bitcoin will be removed in the near future.

Quote from: gabriela1999 on May 14, 2021, 11:13:44 PM

Bitcoin is better than traditional money because it is anonymous and decentralized. But this will not think that in the future Bitcoin or Crypto will replace Fiat. I think both will grow in parallel. We still need traditional money to use for daily needs and Bitcoin not everyone knows how to use and store them.

Bitcoin is NOT anonymous(unless you use a good BTC mixer).Bitcoin is pseudonymous-All the transactions are transparent and can be tracked on the blockchain,but we don't always know who the BTC wallet owners actually are.

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