Why is crypto is better then fiat? - page 4.

sheenshane

legendary

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That is also what I'm afraid of if cryptocurrency will be embraced or gets global adoption it might also lead to global capitalism where the value. The price of Bitcoin or let say the entire crypto market can be manipulated by the big investors or whales. There are lots of advantages that a cryptocurrency have and if we will only focus on then we can conclude that cryptocurrency can be the solution for all fiats' shortcomings.

However, knowing who will gain control in crypto space when it is adopted globally we can not give assurance that no one will manipulate which can make things worst for a lot of people could possibly suffer if only a few can dictate the value and price of any cryptocurrency.

The cryptocurrency advantage then fiat,

Decentralized, no one control
Lower transaction fees
Transaction always secured
Easy to use and can be used anywhere

jossiel

hero member

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You are defining the manipulation and control with fiat correctly and compare it to crypto whales. Those two are different things and you're treating the whales as if they are the ones controlling wholly cryptocurrencies.

That's not different with the traditional market manipulators.

davis196

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Quote from: Dishant140 on May 25, 2020, 03:21:35 AM

Fiat is manipulated by governments/banks to control & have power. Whales heavily manipulate crypto. By switching to crypto, isn't it just handing the control & power from governments/banks to a small group of wealthy whales?

What do you mean by "handing the control"?The small group of wealthy whales might manipulate the cryptocurrency prices(it gets harder for them to do it),but they can't steal the coins in my wallet,unless my coins are deposited in some crypto exchange platform and I don't own the private keys.I have complete control over my coins.The price of my coins might go up and down,but I decide when to sell them.
The governments/banks can force you to pay taxes,they can create inflation and lower the value of your savings and they can block the money in your bank account.This is way worse,compared with a group of crypto whales. Grin

Sanugarid

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★Bitvest.io★ Play Plinko or Invest!

Quote from: avikz on May 25, 2020, 05:22:13 AM

Quote from: Dishant140 on May 25, 2020, 03:21:35 AM

Fiat is manipulated by governments/banks to control & have power. Whales heavily manipulate crypto. By switching to crypto, isn't it just handing the control & power from governments/banks to a small group of wealthy whales?

I would better be controlled by government than being controlled by anonymous elites. At least you will have a right to criticize someone if anything goes wrong.

Everyone should look at this! Neither is better, they have their own purpose it's just that we have been dealing with fiat for a long time with central body that regulates it. Just imagine if there is no financial structure that is being followed, it will be a chaotic environment for us if we only use crypto (bitcoin) that is decentralized and manipulated. If you know how the economy works, OP will get how things are calibrated.

Quote from: avikz on May 25, 2020, 05:22:13 AM

Neither crypto is better nor fiat. Both are two different things and one can't sustain without another. Try to think what will happen to bitcoin if you can't convert it to fiat! Both are needed for a sustainable ecosystem. We can't really suppress one for another!

I don't think that fiat can't sustain without crypto, it is just a one sided for crypto since it existed just 10 years ago and we have fiat for a century and that only means that fiat will sustain even without crypto.

thesmallgod

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While you have just enumerate one major narrative about crypto and fiat, you have not consider flexibility in term of usage globally, crypto offer the versatility to obtain product and services without have to provide many information about your details (Anonymity). A lot of people have been a victim of online hacking resulted in their identity being leaked online but through crypto, you can obtain a services anonymously.

BrewMaster

legendary

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There is trouble abrewing

lets start with your title: "crypto" or cryptocurrencies are NOT better than fiat. in fact a lot of them are a lot worse than fiat and it is not because of their manipulation but because of their lack of security and the fact that you can not trust the owners to not steal your money.

secondly only decentralized cryptocurrency, that is bitcoin, is better than fiat because it is decentralized and nobody can control it. the fact that some whales may manipulate the market from time to time and some newbies panic and sell or buy out of fear doesn't change that.

avikz

legendary

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Quote from: Dishant140 on May 25, 2020, 03:21:35 AM

Fiat is manipulated by governments/banks to control & have power. Whales heavily manipulate crypto. By switching to crypto, isn't it just handing the control & power from governments/banks to a small group of wealthy whales?

I would better be controlled by government than being controlled by anonymous elites. At least you will have a right to criticize someone if anything goes wrong.

Neither crypto is better nor fiat. Both are two different things and one can't sustain without another. Try to think what will happen to bitcoin if you can't convert it to fiat! Both are needed for a sustainable ecosystem. We can't really suppress one for another!

Assface16678

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★Bitvest.io★ Play Plinko or Invest!

We have different aspects in terms of currency and one of these is the fiat vs cryptocurrency here are some of the reasons why base on my experience.

In cryptocurrency the market is volatile and we have a lot of coins like bitcoin and altcoins examples are ethereum, ripple, and stellar. The reason why people are using this crypto because of the secured transaction, transparent and have fewer transaction fees and no taxes which is good and more convenient for us.
In terms of market trading cryptocurrency is more volatile and also there are a lot of pairs you can choose and make a prediction on it to make more money.

If we are trying to say about fiat currency this is a currency that is regulated only came from their countries and it is more legal and there is a punishment if someone will break the law on it.
In terms of trading the fiat is not quite sensitive as the crypto so many people will still choosing the crypto for trades. The beauty of the fiat currency is you can use this for over the country whenever you want only thing you need is an exchange.

devindeysel

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Quote from: Dishant140 on May 25, 2020, 03:21:35 AM

Fiat is manipulated by governments/banks to control & have power. Whales heavily manipulate crypto. By switching to crypto, isn't it just handing the control & power from governments/banks to a small group of wealthy whales?

Based on your question
-I’l just go ahead and assume that you know little about how either the economy works or how crypto works, so I’ll try to give a kind answer to set you straight.

-First, stop saying “fiat” - it is national currency. “Fiat” is a dog whistle - code words that people use when trying to imply an agenda where they believe that national currency is somehow not real. Stop that now.

-National Currencies are manipulated because government try to manage their economy
Smoothing out the peaks and valleys of business cycles is important to bring stability. they are not manipulating to make people rich, they are manipulating for stability. You want this.

-As for crypto and whales Give up that dream crypto is all about speculation, making money on rapid changes in price. There probably aren’t that many people sitting on huge amounts of crypto that can manipulate the market.

crwth

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Try Gunbot for a month go to -> https://gunbot.ph

First of all, whales exist because they are either

A group of company that accumulate BTC
Early Adopters
Rich People

It's not handing control and power, it's trusting them to not crash the market or something similar to that. Whales cannot create Bitcoin out of thin air unlike the government. What they can do is manipulate prices in order to get more from smaller people who are trading Bitcoin. Either way, they have no influence on the current totality of Bitcoin and how many exists right now.

KrisAlex18

full member

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Both crypto and fiat are important, so I think that there is not better on both things but it will only differ on some perspective of the person, if a person is really used for online transactions or he is well known about cryptocurrency and performs some activities related with this then I think they would choose crypto as better than fiat currency because that is what they are mostly using but it differs for that person who is not really familiar with some online transactions or about the crypto world, if you are going to think that country who are not that too good about cryptocurrency or technology, I think they prefer to use and choose fiat as better than crypto.

Quote from: Alucard1 on May 25, 2020, 04:25:14 AM

I don't think so, both things have it's own purposes, so we don't need to compare them, cryptocurrency has been used for online transactions while fiat currency is for physical transactions or for our real-life system.

Well said, they shouldn't be compared because both things can be used for different things, it would go biased if you compare them because the person will only choose the currency he is mostly using.

mk4

legendary

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Paldo.io 🤖

I'm going to assume when you say crypto, you specifically meant bitcoin.

Regardless of public misconception, whales do NOT have total control over bitcoin. They can only do so much on controlling the price, and they don't have control over the protocol. It's not like the whales can just choose a certain price and bitcoin will magically be priced the way they want to. In contrast to the government and central banks, which has total control over the fiat currency, printing money at will and such. There's a huge difference there.

By time, as more and more people(and money) and get into bitcoin, whales will have less and less control.

Alucard1

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I don't think so, both things have it's own purposes, so we don't need to compare them, cryptocurrency has been used for online transactions while fiat currency is for physical transactions or for our real-life system.

Both things are important, if you want to be more exposed in the crypto world, then I think you are using cryptocurrency and you really need that because of some transactions, you may also use that for investing and trading in online exchanges.

What abuts those people who are not really familiar with cryptocurrency or with the use of the Internet, most of them are only using fiat currency which they are using for buying some of their needs and wants. Both things are important they are not meant for comparing.

Dishant140

newbie

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Fiat is manipulated by governments/banks to control & have power. Whales heavily manipulate crypto. By switching to crypto, isn't it just handing the control & power from governments/banks to a small group of wealthy whales?

Topic: Why is crypto is better then fiat? - page 4. (Read 599 times)