Fiat Money vs. Cryptocurrencies

[Wijayafajar06 274]

in my opinion fiat money and cryptocurrency have advantages and disadvantages it's just that cryptocurrency is still not official in some countries.

[suzuya 945]

As of now fiat money is still currently the most used currency in the world because there are still people that doesn't know about the existence of cryptocurrency. Also, some government doesn't support cryptocurrency and some of them bans it in their country.

[rchres 414]

On 10/13/2019 at 3:24 PM, Saoha said:

We cannot deny the advantages and popularity that cryptocurrencies are. However, it has not been accepted by many governments in other countries. Why? Because it affects currency. It will make the government unable to control domestic finance.

We can't deny the popularity of Cryptocurrency or Bitcoins. It's true that we can't control domestic finance or currency. Other countries not legalized Cryptocurrency or banned it, They unable to used Cryptocurrency in their countries. This the problem of Cryptocurrency market other countries not legalize Crypto.

[febriyana 934]

Cryptocurrency i think still alternative currency beside we use paypal, neteller, etc.

It have some advantages than other payment processor, like Bitcoin it is decentralized and transparent. So no one can't control the Bitcoin from the price until the system transaction. Bitcoin have blockchain where allow everyone to check any transaction in Bitcoin. Everyone can know who have big amount Bitcoin, when they transaction, etc.

For fiat i think will still used because that is main pair from cryptocurrency. Without fiat we can't get hard cash.

Edited December 15, 2019 by febriyana

[Satya31 865]

The matter is of support. I shall go for the cryptocurrency because there is no limit of it. You can transfer any amount but fait have many restrictions. Though nowadays the both transactions can be done by online so there is many good points for crypto. It is also very secure and safe. 

[guatazoo 7150]

7 hours ago, TubigWater said:

Yes fiat currency are still mosy use,  and all of us convert our bitcoin to fiat money, this is real and i think many people will agree also to me

If I'm being honest we convert our money to fiat because we have no choice, if there were more payment options for crypto we will not have to.

[fuer44 1083]

actually the two do not compete, instead they cooperate with each other. for those who want cash, crypto will be withdrawn to fiat. for those who want to use crypto transactions, then fiat is used to convert fiat to crypto. so both of them have no reason to compete.

[ssj1 18]

On 10/12/2019 at 10:42 PM, starwill said:

Fiat money and cryptocurrencies have in common the fact that they are not backed by physical merchandise - but that is the only thing they share. While fiat money is controlled by governments and central banks, cryptocurrencies are essentially decentralized, largely thanks to a digital accounting book (ledger) called Blockchain.

Another notable difference between these two monetary systems is the way in which the currency is issued. Bitcoin, like most cryptocurrencies, has a controlled and limited monetary mass - unlike fiat money that can basically be created from nowhere by banks, according to what they consider the economic needs of the nation.

As a digital form of money, cryptocurrencies do not have a physical counterpart or are limited by borders, which favors their ability to be used in international transactions. In addition, transactions are irreversible, and the particular nature of cryptocurrencies makes them more difficult to track than fiat money.

It should be noted that the cryptocurrency market is much smaller and, therefore, much more volatile than traditional markets - this is one of the reasons why cryptocurrencies have not yet been universally accepted, although as the economy "Crypto" grows and matures, volatility will probably decrease.

fait and crypto-currencies are foarm of money,fait money is a physical money and crypto-currency is a electronic money,i think crypto currencies good than fait money......

[Naga 1250]

On 11/1/2019 at 1:31 PM, Great Commander said:

Flat currency is mostly used method of transactions around the world and remain the best way for people for payments. On the other hand, bitcoin will usually get prone to hackers if they are implemented to different countries and can result a security breach. 

what security breach you talking about? bitcoin transaction are the most secured way to send money around the globe without needing a bank to confirm your transfer, i think fiat money will soon be not so used as crypto

[Naga 1250]

40 minutes ago, Jon said:

I think there is no any security breach in blockchain. I think he is referring to the hacking of exchanges. This is due to some of the exchange flaws, but no one can temper with bitcoin blockchain

Oh ok and thats correct because during those hacks I see people blaming the etheruem network for being weak and forget that eth wasn't hacked but the  exchange is.same with bitxoin it can't be hacked but it could be stolen from exchanges. 

[guatazoo 7150]

14 hours ago, fuer44 said:

actually the two do not compete, instead they cooperate with each other. for those who want cash, crypto will be withdrawn to fiat. for those who want to use crypto transactions, then fiat is used to convert fiat to crypto. so both of them have no reason to compete.

But in the future when there ha been more payment options with bitcoin, FIAT will be replaced. But then we will still need dollar to determine the price of Bitcoin.

Edited December 16, 2019 by guatazoo

[guatazoo 7150]

10 minutes ago, xpertt said:

But still no one discovered how to make bitcoin a stable currency so that we can use it as a payment method like a fiat money, I think that is one of the advantages pf a fiat money, its stability.

That why there will be an emergence for stable tokens which will be used specifically for payments.

[crypto1 62]

I think that fiat currencies are backed with Gold but crypto currencies are not backed by any physical thing. also as you are saying fiat currencies are backed by government and bank , they are more legitimate and successful in gaining trust of the people.

[Interface User 1070]

I think I will choose crypto currency because of its anonymity and privacy but yes crypto also have downside and I believe this both parties must be join to increase more income.

[Yancryptoz 11]

On 10/13/2019 at 12:42 PM, starwill said:

Fiat money and cryptocurrencies have in common the fact that they are not backed by physical merchandise - but that is the only thing they share. While fiat money is controlled by governments and central banks, cryptocurrencies are essentially decentralized, largely thanks to a digital accounting book (ledger) called Blockchain.

Another notable difference between these two monetary systems is the way in which the currency is issued. Bitcoin, like most cryptocurrencies, has a controlled and limited monetary mass - unlike fiat money that can basically be created from nowhere by banks, according to what they consider the economic needs of the nation.

As a digital form of money, cryptocurrencies do not have a physical counterpart or are limited by borders, which favors their ability to be used in international transactions. In addition, transactions are irreversible, and the particular nature of cryptocurrencies makes them more difficult to track than fiat money.

It should be noted that the cryptocurrency market is much smaller and, therefore, much more volatile than traditional markets - this is one of the reasons why cryptocurrencies have not yet been universally accepted, although as the economy "Crypto" grows and matures, volatility will probably decrease.

Cryptocurrency world is keep growing. But even if we say it as "currency" but i think crypto world is more accepted as investing tools. We want to buy crypto because we hope their value can grow and we can gain some profit. So as of now actually crypto is likely accepted as a commodities. Maybe to make it easier we treat crypto like what we treat gold, silver, etc.

[thiscomm 306]

8 hours ago, Beast said:

Both of them I need it, both crypto and fiat. Crypto in my country cannot be used as a means of payment, so far I have used fiat for various purposes, such as paying bills, buying food and others. Whereas I use crypto to invest and trade to get profits.

but wouldn't the benefits you get from crypto be withdraw into fiat money that you use in your daily life. meaning that you are indirectly already using crypto to fulfill your life. only you need to convert crypto into fiat money through an exchanger.

[Emma 611]

The person who have a lot of money, hold their money by fiat money. those who want to earn profit, want to be involved in crypto

[patitaycute 648]

Once cryptocurrency will legalize in the future I can say that flat money is more convenient now. The problem is that the government wants to centralized cryptocurrency to put a tax on it. The advantage of cryptocurrency for me was the value of it may increase in future years.

[fuer44 1083]

10 hours ago, guatazoo said:

But in the future when there ha been more payment options with bitcoin, FIAT will be replaced. But then we will still need dollar to determine the price of Bitcoin.

Edited 9 hours ago by guatazoo

well, other than as payment directly or offline, the dollar is a determinant of the value of crypto itself. just imagine if there is no estimate from the crypto, will crypto still be valuable? so, fiat will continue to be used and it is an important element for the country.

[alexisfuentes 2130]

Remember that çFiat fights against gold, precious metal, etc. also against the dollar fight each currency depends on the country. In others words there is a Fiat vs Fiat war, if your start there you begin to understand how difficult it is to put cryptocurrencies to fight face to face against any traditional currency of the most used, euros, dollars Yens, etc.

The real fight is theri approval by the governments so that it is allowed as an additional currency to make legal Exchanges.

[Naga 1250]

13 hours ago, jore1 said:

Cryptocurrencies and fiat money will always grow together. And I think cryptocurrencies will be equivalent to fiat in terms of both value and safety in the future.

well crypto will definitely be growing over time but when it comes to fiat i think pretty soon people will realize they are holding a paper that continuously losing value over time and they will turn to crypto instead.

[Naga 1250]

On 12/18/2019 at 5:24 AM, jore1 said:

yes it is the situation in my country every year i see it depreciates by the day it is no longer valid every year and that is ominous.

yea same thing is happening in my country because our politicians keep making the wrong decisions and we get punished for holding our fiat money while it lose value, which is why i always buy bitcoin the min i receive my salary.

[Naga 1250]

16 hours ago, jore1 said:

I convert my fiat to USD or use it for buying coins and I think I will do it in a few years until the situation gets better.

to me it doesnt matter if the situation gets better or worse i will always keep my money in bitcoin even  if the bitcoin price started to dump to 3k again, because you can always earn your losses back and even make more money.

[SuperCrypto 7193]

On 10/13/2019 at 7:42 AM, starwill said:

Fiat money and cryptocurrencies have in common the fact that they are not backed by physical merchandise - but that is the only thing they share. While fiat money is controlled by governments and central banks, cryptocurrencies are essentially decentralized, largely thanks to a digital accounting book (ledger) called Blockchain.

Another notable difference between these two monetary systems is the way in which the currency is issued. Bitcoin, like most cryptocurrencies, has a controlled and limited monetary mass - unlike fiat money that can basically be created from nowhere by banks, according to what they consider the economic needs of the nation.

As a digital form of money, cryptocurrencies do not have a physical counterpart or are limited by borders, which favors their ability to be used in international transactions. In addition, transactions are irreversible, and the particular nature of cryptocurrencies makes them more difficult to track than fiat money.

It should be noted that the cryptocurrency market is much smaller and, therefore, much more volatile than traditional markets - this is one of the reasons why cryptocurrencies have not yet been universally accepted, although as the economy "Crypto" grows and matures, volatility will probably decrease.

Countries still do not have clear regulations restricting, regulating, or banning digital currency. The decentralized and anonymous nature of bitcoin challenges many governments on how to allow legal use while preventing criminal transactions. Most countries are still analyzing ways to properly organize the digital currency.

[Iamstrong 563]

On 17.12.2019 at 15:59, Kabbo said:

We shouldn't compare the two currency because many people like both of the currency. Cryptocurrency has not become popular like fiat currency yet. So we should make more demands of bitcoin and cryptocurrency.

What can you suggest how to improve cryptocurrency and bitcoin? now this is one of the best systems, including in terms of anonymity, better than now, I think, it will be difficult to come up with.