Topic: Why Cryptocurrency is better than fiat currency? - page 10. (Read 1507 times)

There are two primary reasons.

1. No central authority to inflate the supply.
2. No intermediary. Transactions are like cash.

These two characteristics will eventually cause the obsolescence of Fiat currencies.

I don't see who better. Crypto and Fiat also have disadvantage.
Crypto is good if have decentralized. So no one can control it like adding more supply, deleting people address,  change balance, etc.
Different with Fiat, it have central bank.
The central banks can print or hold paper money as they may need, giving them greater control over money supply, interest rates, and liquidity.

Being a better currency over the other is dependent on several factors, most of which lies on the usage of the user. I agree on the part where cryptocurrencies are more secure and more efficient than fiat, although the other side of me believes that security is not really an important factor to other people and they prefer what they think is fast, trusted and works for them--which is why people will still choose and use fiat over crypto any day. In the next decades or so, people will still believe whatever the governments feed them, although cryptocurrencies are already a good start on changing that, and I hope it doesn't stop there.

At some point, this could be right but bitcoin's adoption is increasing day by day yet it is not enough compare to fiat. Not even a half of the population knew about cryptocurrency nor have knowledge about it so we still need a lot of time for crypto to be known by more people. And when you say top-notch security, but it still don't give enough security to everyone. It's still very risky.

You might think I'm not siding cryptocurrency, but my point is that no one is better. Both of them can function differently and together. It's just that people are still dependent on fiat, and if they're just open for new innovation like crypto, they'll discover what crypto can do even better compare to fiat.

Bitcoin is better than fiat to me for below these reasons -

* Easy to send & Recieve.
* Easy to hold.
* No Fees when holding.
* No need to give transaction explanation like we do when fiat transaction.
* Privacy.

Now tell me why you wouldn't use Bitcoin/Crypto instead of Fiat currency. As Crypto is obviously better than fiat.   

well i don't know about the word "better" but if you say more secure  and decentralized that i can relate with, crytpo is not in that stage yet when we can really say yes it is better than fiat, crypto is very volatile at this point something which fiat is not, and when you talk about acceptance that too is still very low compare to fiat that is widely accepted.

Why?  It is in the name.  "Fiat" is created at whim by some powerful organization and backed by the force of that group.  Hence the value can be inflated away at whim also.  You go to sleep with X value in your currency, by morning it is worth one-half X.   Bitcoin is not corruptible that way.

Bitcoin also is censorship resistant so it is much more difficult to stop you from using it.  Your credit card and bank account denominated in fiat can be frozen or stolen (seized) by the thugs in government (e.g. Cyprus, Venezuela, etc).  

Bitcoin is able to be transported across borders easily, unlike bars of gold or wads of cash which can (and probably will) be seized by the authorities.

And I will say that many of these benefits are NOT related to "cryptocurrencies", but bitcoin specific given the centralized nature of many of the other ones.

Note: Some of these factors doesn't apply to every single cryptocurrency out there, especially the "secure" part. Sure it applies with bitcoin, but definitely not with every single one. Especially with the lesser known projects, I'm going to bet that if developers tried to inspect the code of those projects, chances are, there's going to be vulnerabilities(ranging from mild to sort of the more 'deadly' vulnerabilities"). It'd be more accurate if you named this "Why bitcoin is better than fiat currency?"

They are really not becoming any more accepting. Yes, there surely is an increased acceptance of Bitcoin over the web but if we see in the real physical world not many stores have started using Crypto as a means of payment.
Well that being said, most of the people don't have the knowledge and the facility to create a private key wallet and send their transactions. Instead they try to use third party apps such as coinbase etc. which don't provide that much level of security practically. Maybe over the chain transactions are secure but they are too slow to be used in real world.
That being said this is turning out to become a demerit of cryptocurrency because most of the governments do not really like this idea of being cryptic therefore are regulating KYC norms which would destroy anonymity of bitcoin altogether.

Indeed I strongly believe that cryptocurrencies are the next evolution of your monetary system. It is just a matter of time. If I'd go more in depth with this topic, my long term vision is bitcoin to become the worldwide mainstream currency and eventually the currency of exchange in our galaxy. Maybe you think I watched too many SF movies, but Mars colonization and human-compatible ecosystem creation is closer than the majority of people would think.

I think in this modern age the question of “which currency should I own?” is something a lot of people that I know ask themselves when it comes to purchasing currency. There are a lot of choices to choose from such as US Dollars, Chinese RMB, Japanese Yen and many more, those are mainly fiat currencies.  However, all those currencies stated are all controlled by banks that regulate their value and are heavily affected by financial crashes such as the one in 2008. As a result sometime after the financial crash of 2008, Cryptocurrencies such as Bitcoin and Ethereum were created in order to have a currency that isn’t regulated by the banks and relies on how much trust we put into its value. Here are some reasons why Cryptocurrencies are better than fiat currency.

1. Cryptocurrencies are now becoming more accepted as a means of trade worldwide.
   A few years after the introduction of Cryptocurrencies such as Bitcoin, people around the world are starting to see Cryptocurrencies as a trustworthy means of transaction which means that you can go to most countries which basic Internet infrastructure and do business transactions using your Crypto Wallet whether a digital one or a physical one which means that you don’t need to call your bank in order to make your account accessible to when you go to other countries as Crypto Wallets are accepted anywhere where Cryptocurrency transactions are being made.

2. Cryptocurrencies have top-notch security and cannot be easily fooled
Cryptocurrencies use blockchain technology in order to make sure that there are no inconsistencies when it comes to transactions. If there are any inconsistencies with the transaction, the blockchain will reject the transaction and your money will still be in your Crypto Wallet.

3. Cryptocurrency transactions are secure transactions
As stated earlier, Cryptocurrencies have top-notch security using blockchain technology. They also keep all transactions on record anonymous as the only person who knows their Crypto Wallet Address is yourself and wherever you post your address link to.  You can keep generating new addresses if your previous Address is compromised.