Topic: Why Cryptocurrency is better than fiat currency? - page 6. (Read 1507 times)
Fiat currency in its present form isn't really ideal. It has many drawbacks. Cryptocurrencies are indeed the future of money but not the decentralised ones. I doubt countries are going to accept Bitcoin or any other decentralised crypto as a legal tender leaving a few. There are many reason to that but volatility is the main. Also, centralisation is required in monetary policies for running the country and its economy efficiently. Paper currency will see a new form as a digital currency which will be efficient for new age transactions.
If we follow the technological advances of the times, blockchain technology and digital currencies such as cryptocurrency is a good choice, but not the best, because cryptocurrency still has some weaknesses, especially for those who don't like transaction anonymity. I admit that freedom of cryptocurrency transactions is the best, if the government supports digital currency without negative regulations.
Yes, this technological advance makes all the limitations that can not be done manually by Fiat can be overcome properly. We can be free to send funds to anywhere in the world without restrictions, as long as there are no binding rules in the country. Moreover, cryptocurrency can be used simultaneously as an investment and trade commodity, this is very effective. However, fiat is also still effective in dealing with the other side of cryptocurrency, especially if there is no internet access, no matter how much cryptocurrency in your wallet still cannot be used. Is not it?
If we follow the technological advances of the times, blockchain technology and digital currencies such as cryptocurrency is a good choice, but not the best, because cryptocurrency still has some weaknesses, especially for those who don't like transaction anonymity. I admit that freedom of cryptocurrency transactions is the best, if the government supports digital currency without negative regulations.
Yes, this technological advance makes all the limitations that can not be done manually by Fiat can be overcome properly. We can be free to send funds to anywhere in the world without restrictions, as long as there are no binding rules in the country. Moreover, cryptocurrency can be used simultaneously as an investment and trade commodity, this is very effective. However, fiat is also still effective in dealing with the other side of cryptocurrency, especially if there is no internet access, no matter how much cryptocurrency in your wallet still cannot be used. Is not it? In my opinion, people use Cryptocurrencies because they're somewhat anonymous or pseudonymous, trustless, censorship resistant, much easier to store and exchange, no need for giant vaults, easy to move from one side of the world to another and easy for rich people to hide their assets, but not because it's decentralized.
Decentralization in itself isn't really a feature most people want, it's just a necessity for other desirable qualities such as the ones mentioned above. If a government issued Cryptocurrency had such features while still giving the government the control they want and need to function, it will be used too. In fact, there are already companies moving in that direction: USD Tether, TrueUSD and many others. To get them initially you need to fill out a KYC form and from there a government investigator could just go along the chain of transactions until they know who you are.
Decentralization in itself isn't really a feature most people want, it's just a necessity for other desirable qualities such as the ones mentioned above. If a government issued Cryptocurrency had such features while still giving the government the control they want and need to function, it will be used too. In fact, there are already companies moving in that direction: USD Tether, TrueUSD and many others. To get them initially you need to fill out a KYC form and from there a government investigator could just go along the chain of transactions until they know who you are.
I like that it is decentral and take the power away from the government. I hear what you are saying. I think you are right and most people will not care just as long as they can buy things with their money. It is very short-sighted. It is better than using a currency that the government will tax and waste that money.
"To get them initially you need to fill out a KYC form " This is ridiculous and will never happen. It is just too much manpower. It will take longer than voting and I don't see how it is going to help. What is the thinking behind this?
Remember that not all cryptocurrency that's has the security you said, but I can only vouch for Bitcoin and some other few to have the security you said. That be said; I see cryptocurrency far better than fiats in the following reasons: its anonymous transactions, it decentralization among other cryptocurrency, it supply which is limited to 21M coins and among all, it has no central authority like fiats. I love the cryptocurrency to fiats.
Above in all of that, cryptocurrency doesn't work without a fiat. I like cryptocurrency especially Bitcoin since it has a lot of use when in times you need it. It's more than just a digital money with an anonymity, you can also invest in it but the fast moving volatility is your number one problem if you wish to use it in trading.Until we live in the society with governments (centralized societies) - suppose it will never end - we will need fiat money and banks. Cryptocurrencies are very good for making fast and cheap transactions without borders, but again, nowadays, they do not mean anything if we do not have fiat money provided with gold or oil. Crypto, however, is the coolest way to earn, and people use this way.
I agree that the bitcoin is better than fiat currency because its value is experiencing deflation while in fiat currency experiencing inflation. But there are also disadvantages on using bitcoin in payment method like having a high fees and network traffic.
For investment traders, it will be good, the value of altcoin will fluctuate every day, creating profits for traders, margin, ... For fiat coins, there is no big fluctuation, The majority of fiat coins are used to store or flee market dumps.
If we follow the technological advances of the times, blockchain technology and digital currencies such as cryptocurrency is a good choice, but not the best, because cryptocurrency still has some weaknesses, especially for those who don't like transaction anonymity. I admit that freedom of cryptocurrency transactions is the best, if the government supports digital currency without negative regulations.
I think the reason why cryptocurrencies are better than Fiat is :-
1. Non governmental rule ie.. we don't need to actually be victims of the negative side effects of the government and the system , we could actually own our own money .
2. Its more secure even if the Bitcoins is not backed up , it's backed up world wide by different people thus you know we can be sure that it will suddenly go bankrupt .
3. It can be used as an alternative to fight the oppressive government , an example we all have seen already... It gives people the actual power .
4. It's volatility may help you make a lot of money if done right
5. It is employing people worldwide and these jobs are way better than the normal ones .
1. Non governmental rule ie.. we don't need to actually be victims of the negative side effects of the government and the system , we could actually own our own money .
2. Its more secure even if the Bitcoins is not backed up , it's backed up world wide by different people thus you know we can be sure that it will suddenly go bankrupt .
3. It can be used as an alternative to fight the oppressive government , an example we all have seen already... It gives people the actual power .
4. It's volatility may help you make a lot of money if done right
5. It is employing people worldwide and these jobs are way better than the normal ones .
1) Maybe in your country. But countries like India, there have been reports that cryptocurrency users are being harassed by the authority. Some politicians even suppressed that if an individual is caught trading, exchanging or doing business with cryptocurrency, you'll be arrested. And I'm glad policy didn't pass, but nevertheless another man has been arrested for doing business with cryptocurrency (reason: doesn't have permit/license). Currently, there are still no policies/restrictions for cryptocurrencies.
Source: by bryant.coleman
2) Bankrupt doesn't even make sense to cryptocurrency.
3) No, you definitely can not. It's a currency, not a political standing of some sort to gain "power".
4) For once you're right.
5) You could say that. Companies who regulates cryptocurrencies tend to employ people, indirectly that is. But earning cryptocurrency is not considered as a job.
I am personally glad with cryptocurrency because it's easy to carry anywhere, like carrying a credit card. Fiat money that requires a bag or suitcase if carrying in large amount. Not with cryptocurrency, we only need a smartphone or hardware wallet to carry anywhere.
Remember that not all cryptocurrency that's has the security you said, but I can only vouch for Bitcoin and some other few to have the security you said. That be said; I see cryptocurrency far better than fiats in the following reasons: its anonymous transactions, it decentralization among other cryptocurrency, it supply which is limited to 21M coins and among all, it has no central authority like fiats. I love the cryptocurrency to fiats.
Above in all of that, cryptocurrency doesn't work without a fiat. I like cryptocurrency especially Bitcoin since it has a lot of use when in times you need it. It's more than just a digital money with an anonymity, you can also invest in it but the fast moving volatility is your number one problem if you wish to use it in trading. 
In my opinion, people use Cryptocurrencies because they're somewhat anonymous or pseudonymous, trustless, censorship resistant, much easier to store and exchange, no need for giant vaults, easy to move from one side of the world to another and easy for rich people to hide their assets, but not because it's decentralized.
Decentralization in itself isn't really a feature most people want, it's just a necessity for other desirable qualities such as the ones mentioned above. If a government issued Cryptocurrency had such features while still giving the government the control they want and need to function, it will be used too. In fact, there are already companies moving in that direction: USD Tether, TrueUSD and many others. To get them initially you need to fill out a KYC form and from there a government investigator could just go along the chain of transactions until they know who you are.
Decentralization in itself isn't really a feature most people want, it's just a necessity for other desirable qualities such as the ones mentioned above. If a government issued Cryptocurrency had such features while still giving the government the control they want and need to function, it will be used too. In fact, there are already companies moving in that direction: USD Tether, TrueUSD and many others. To get them initially you need to fill out a KYC form and from there a government investigator could just go along the chain of transactions until they know who you are.
I think the reason why cryptocurrencies are better than Fiat is :-
1. Non governmental rule ie.. we don't need to actually be victims of the negative side effects of the government and the system , we could actually own our own money .
2. Its more secure even if the Bitcoins is not backed up , it's backed up world wide by different people thus you know we can be sure that it will suddenly go bankrupt .
3. It can be used as an alternative to fight the oppressive government , an example we all have seen already... It gives people the actual power .
4. It's volatility may help you make a lot of money if done right
5. It is employing people worldwide and these jobs are way better than the normal ones .
Etc...
There are many more...
1. Non governmental rule ie.. we don't need to actually be victims of the negative side effects of the government and the system , we could actually own our own money .
2. Its more secure even if the Bitcoins is not backed up , it's backed up world wide by different people thus you know we can be sure that it will suddenly go bankrupt .
3. It can be used as an alternative to fight the oppressive government , an example we all have seen already... It gives people the actual power .
4. It's volatility may help you make a lot of money if done right
5. It is employing people worldwide and these jobs are way better than the normal ones .
Etc...
There are many more...
At this moment when the vast majority of businesses are considering crypto, it now very easy to make low transaction with little or no fee using cryptocurrency. It is very safe and nobody can even suspect you hold such an huge amount of asset unless you tell them. Bank charges, transaction fee associated with fiat is completely eleminated or reduced to minimum. Now I purchase almost everything i need using crypto without hazzle especially crypto make it possible to buy material globally without restriction.
Remember that not all cryptocurrency that's has the security you said, but I can only vouch for Bitcoin and some other few to have the security you said. That be said; I see cryptocurrency far better than fiats in the following reasons: its anonymous transactions, it decentralization among other cryptocurrency, it supply which is limited to 21M coins and among all, it has no central authority like fiats. I love the cryptocurrency to fiats.
The best part is that it's decentralized. I have a control over my own money. No one is controlling the supply and hence, isn't manipulating it the way they want. I prefer staying in cryptos with decent volume. Crytpos have inbuilt deflation and thus, work as a store of value too. And most importantly it is backed by maths. With more awareness in coming time, the use cases will increase and hence, will lead to widespread adoption.
Cryptocurrency is better than fiat currency! to pay online! Not dependent on any organization, just internet! But the value of Cryptocurrency is not stable! Need more development!
For online payment? I think fiat still wins over online payment competition, cryptocurrency payment online is very limited compared to our fiat currency nowDo you even understand how cryptocurrency work? It is volatile which means cryptocurrencies will never have a stable value no more development needed.
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