Fiat Money vs. Cryptocurrencies

[Rezort 846]

To my mind, people still need fiat money because they just got used to them and quite a long time needs to pass before we actually can replace it with cryptocurrencies fully.

[AmjadBydn 0]

Really amazing topic ! I think we have to read this all of us ( newbies and old members ) because with this topic we can know the difference between Fiat money and cryptocurrencies ! 

[Michael0606 861]

Of course cryptocurrencies compared to the Fiat currency, is much better since it is not controlled by the world's monetary and banking system, with high taxes, income statements or inflation that both cause problems in the economy of independent entrepreneurs and investors.

[Zues 1069]

On 5/4/2020 at 10:18 PM, Kapil Koirala said:

The main difference is that fiats are stable and crypto currencies are very unstable. Fiats are used as means of payment in every country where crypto coins haven't been accepted it but are likely to get accepted in future.

I think that cryptocurrency have so much advantages than fiat currency and I think that if you compare and contrast it cryptocurrencies will remain victorious because it has so much disting and unique features with it

[Omar Ommeish 4872]

Because cryptocurrencies are decentralized, neither banks nor governments can control them, and for this reason many countries have prohibited the use of cryptocurrencies.

[Zalaks007 543]

I think both of them play a different role in a society thus they may looks similar but they both have their own advantages and disadvantages. But if a war should come between fiat and crypto now, I think fiat will definitely over power crypto because most country has banned it and also it isn't strong enough yet.

[Jeet Narayan 1940]

I guess both Fiat and digital currency is important and both have disadvantage and advantage. Crypto advantage is we can use it for trading and earn more money but Fiat currency we can do trading with high profit. I choose digital currency rather than Fiat money.

[Rahul11 292]

On 10/13/2019 at 11:42 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.

Our current payment system fiat currency. And crypto are online currency. In this time bitcoin use on many countries and shopping sites. Mostly I like crypto than fiat because of global accesable.

[TimopheyKa 3900]

Each coin has its own pros and cons! I believe that they are both very good, because I can use Fiat anywhere, and bitcoin or other cryptocurrency-only on the Internet, and nowhere else! That's the whole point. But cryptocurrency allows you to perform a lot of actions on the Internet, as well as earn money from it!

[ETheHedgehog 3104]

On 10/13/2019 at 8:42 AM, starwill said:

they are not backed by physical merchandise

i'm not completely with you on this, crypto currencies are (mostly) not backed by anything, but fiat money is backed by the amount of gold the country has in the World Gold Reserve

[BTC Future 3946]

On 5/4/2020 at 5:18 PM, Kapil Koirala said:

The main difference is that fiats are stable and crypto currencies are very unstable. Fiats are used as means of payment in every country where crypto coins haven't been accepted it but are likely to get accepted in future.

In the long run, fiat currencies are really unstable and basically lose their value over time. Every 25 years they lose 90% of their value due to money printing and inflation. For the short term they can be considered fine to hold, but it is not wise to just hold money in the bank for 25 years. 

[Trader21 1199]

On 5/17/2020 at 10:44 AM, Rezort said:

To my mind, people still need fiat money because they just got used to them and quite a long time needs to pass before we actually can replace it with cryptocurrencies fully.

That is absolutely right, people still need fiat money, that is why this world is not so popular yet as expected. Maybe it will take a bit long time people to adopt this world. 

[koussai999 1986]

Indeed, cryptocurrencies are characterized by instability in the price and they are changing very quickly and I think this is one of the reasons that makes it difficult to rely on in building an integrated financial system of cryptocurrencies

[MrGox 880]

On 3/9/2020 at 6:30 PM, Sabbir Ahmed1212 said:

Sorry, I have no idea about Fiat Money vs Cryptocurrency .I'll get to know you in the future.  I want to gain knowledge about this.

Fiat money is what you use in your life, like if you want to make shopping,  buy something. Any way fiat money is like Euro, dollar. It is centralized. But about cryptocurrency it is just with it, we make trading and invest, like BTC, ETH etc.

[tonboy 7]

I think, fiat site does not pay as soon as I work but it does pay when I work on cryptocurrency. Working at the crypto currency is easy rather than the fiat site.

[Strygwyr 317]

On 11/1/2019 at 7:31 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. 

These days, I do not think that fiats are still the best way for payments. 

Unlike cryptocurrencies, most specially bitcoin, fiats need to be regulated and have a central body, which in fact, we can consider as slower. Cryptos are much faster, and it is worldwide. 

 

No, bitcoin is not prone on hackers, the prone on hackers are the wallet. But we have layers of securities on wallets in order to protect them. Fiats also are more prone to hackers.

Banks are also prone from hackers.Plus your funds can be controlled by the government. Your account can also be frozen.

[Dorjoy12 8962]

Nice Information you have shared but i prefer crypto currency than fiat money becuase of some reason.. Like if you use fiat money to safe in bank then be sure you need to give money to Govt which is one kind of lose.. But if you use crypto currency in Daily life then i can see no difficulty you will feel in your daily life as the govt cant Control on crypto currency                  

[Ndayebo8 0]

I don't think fiat currency can be replaced by cryptocurrencies even in the future, no matter what happened, both of them have its own place to use, they are not the same in somethings 

[Moaz 7239]

This is true, I mentioned several differences between cryptocurrencies and fiat, but I think the most important one is that fiat currencies are  controlled by banks and therefore less volatile than decentralized cryptocurrencies

[Yomose 3704]

On 8/15/2020 at 7:39 PM, Basicity said:

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.

 

 

There is nothing bad about cryptocurrencies, the governments have not just getting things rightly. But only few countries didn't wake up from their slumber because many countries now are accepting cryptocurrencies. It does not harm but can help economy. 

[Honny143 13612]

On 8/3/2020 at 8:16 PM, Ndayebo8 said:

I don't think fiat currency can be replaced by cryptocurrencies even in the future, no matter what happened, both of them have its own place to use, they are not the same in somethings 

Even I'm also not thinking crypto currency  replace fiat currency now are in future, because crypto works in online and worldwide everyone not made online transactions, in this point of view we need fiat currency in real world, both currencies stay with us for long time.

[Solex 2262]

Fiat has a fixed value and cryptocurrency is volatile for that we cannot deny the merit of Cryptocurrency over Fiat because Cryptocurrency can give you good profit if you hold for long but Fiat always remain at it fixed value since that is the case then I think we will all accept it that crypto is more important than Fiat if you want to earn more.

[Ndayebo8 0]

1 hour ago, Honny143 said:

Even I'm also not thinking crypto currency  replace fiat currency now are in future, because crypto works in online and worldwide everyone not made online transactions, in this point of view we need fiat currency in real world, both currencies stay with us for long time.

If cryptocurrencies will turn into fiat that will cause a big problem to the world of cryptocurrency because fiat us a stable currency so it is not a good idea for the digital to be exchanged into fiat.

[nemaymjes 14]

A study by Deutsche Bank, Germany's largest financial institution, found that cryptocurrencies would replace Fiat by 2000. Financial institutions regulate Fiat transfer nodes for final transfers and remittances.

[Tunuu 2235]

All coins are very important to us because we can use both of them in our lives. We can use fiat currencies in physical life and we can use cryptocurrencies to generate more income by investing.