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starwill

Fiat Money vs. Cryptocurrencies

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Yes I know we are all here because of crypto but crypto is still relying on Fiat and we still depending on the system to even take our profits, yes fiat has problems but its still there no matter what we do.

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There should be no comparison or rivalry, because both represent money, Bitcoin needs to have a value in USD, EUROS, among others, if this ends with what could be compared? Well maybe with gold.

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On 10/13/2019 at 1:22 PM, Retno said:

Both fiat and cryptocurrency can't be separated. Fiat controlled by government and central banks, this is why the price keep stable, even tend to be silent, not like crypto, which make us earn profit even we hold it, buta also lose them. 

Yes its true that Fiat currency is controlled by the government and is more stable then Crypto but like Crypto is manipulating by someone same Fiat is also manipulating by someone.


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6 hours ago, Bmw55 said:

If governments will apply regulations to cryptocurrencies then you can be sure the market will be even worse than it is now because people will have to pay taxes, they will not be able to trade big amounts of money and all of their accounts will be watched by the government

the worst possibility is like that, so how to manage all of this is indeed very difficult, I think, new financial system is needed to provide regulation to cryptocurrencies.


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5 hours ago, SatoshiNakamoto said:

It depends fiat money is centralised and crypto is decentralised. I would suggest that you own both. Each has its own good sides

It is true that both of them possessed goodness, they cannot be compared. It would be nice to walk side by side, Fiat is good for use in our daily lives. But cryptocurrency is very suitable as a digital asset for making money. By the the way I like your name is the same as the founder of bitcoin.

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Crypto markets are far more volatile and unstable than the traditional market of fiat currency. That why investment is more risky in crypto other than fiat. A fiat transaction can easily be tracked down by the governing authority but a bitcoin transaction is totally anonymous or pseudonymous, it cannot be traced or tracked. And the transaction is irreversible. 

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What I could say is Crypto will kill Fiat and the Govt may worry about it since These Govt rely on banks money and other things such as Taxes, etc. Crypto also make worries to people because of illegal activities and hacking.

The only thing at the moment is Crypto is a volatile and people still wants it to be volatile only for making profits.


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I think bitcoin and other cryptocurrency is better than fiat currency because it is more valuable and more precious, that is why bitcoin is getting more popular everyday that more people are investing and buying in bitcoin and other cryptocurrencies. Fiat currency also takes a long time before it starts to increase it's price, unlike bitcoin it always changes it's price that makes our money increase when bitcoin started to increase it's price.

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So the chances of threat and loot will also increase with it and to prevent such cases, your article is helpful, thanks again. It deserves sticky position.

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Fiat money is a type of currency that a government has declared to be legal tender. On the other hand, cryptocurrency is not legal tender and not backed by a government.

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Cryptocurrency is really good since it has a faster transaction than the fiat money. But we really can't just eliminate fiat money since that is our local money and the tax that we can get there will sustain the who community and the local goverment.

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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. 

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Cryptocurrency is now good so big that many government have no other option than to accept it i n their country so that they can control some financial management. 

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Because of volatility,  crypto markets are is much more unstable than the traditional market of fiat. A fiat transaction can easily be tracked down by the governing authority but a bitcoin transaction is totally anonymous or pseudonymous, it cannot be traced or tracked. And the transaction is irreversible.

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On 10/13/2019 at 11:12 AM, starwill said:

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.

I don't believe that is the reason why crypto is not universally accepted. I believe the real reason is, there is no way you can tax bitcoin or crypto, its basically peer to peer transfer, or device to device, with no way a middle man can get in. That is the main reason that bitcoin is not being accepted worldwide. 

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As time goes on, crypto currency volatility will be a history. The crypto is just developing and it needs time before it goes everywhere in the world. When the crypto is accepted, then the volatility might reduce as well.

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On 10/13/2019 at 1:42 PM, starwill said:

unlike fiat money that can basically be created from nowhere by banks, according to what they consider the economic needs of the nation.

Which in fact is a need and a burden to people. What you're talking about here is the concept of inflation. And the government does this for one sole purpose, and that is: to make people buy today and use their money instead of tomorrow, knowing that the purchasing power of their current funds would decrease.

 

Because in an economy with no inflation, the price would just increase, its purchasing power would increase and thus, people would hesitate to spend funds and instead just hoard, which could start disrupting the economy by halting trades of goods and services.


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When compared in terms of outside of current use.  Crypto curency is superior and has many advantages.  The only advantage of fiat at this time is as a recognized currency so it is still used as an exchange rate.

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Even if cryptocurrencies are popular , Fiat money will have the highest reliability and security, no matter what anyone tells you. 

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Wе сannot dеny notoriеty аnd the foсal fасtоrs thаt cryptoсurrenciеs are. In аny case, it hasn't beеn mentioned by meаns оf sеverа eхperts in оthеr соuntriеs. Why? Sinсе сash influenсes. It'll makе thе authorities incаpablе tо сontrol residеntiаl fund.

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Seriously crypto is now a potential substitute for fiat. But governments will always regulate the crypto in order for fiat to survive.

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Everything has his advantage, fiat currency cannot be replaced by cryptocurrencies in the future, no matter what happened, both of them have his own place to use, they are not the same in somethings 

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I think paper money is supported by physical goods, the central bank has gold reserves, so that it can control the economy in the world if the central bank does not have gold reserves, paper money is not worth it.
Very different from Crypto, Crypto has no physical goods, nobody can control Crypto, but Crypto has Blockchain technology that can replace FIAT money.

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As a supеriоr bоdy оf сoins, cryptocurrencies don't have a bodily partner or аrе restrаined by way of bоrders, whiсh favоrs their саpаbility tо bе appliеd in wоrldwidе eхchаngеs. In ехpаnsiоn, eхсhanges аrе irrevеrsible, and the particulаr nature оf сryptосurrеnсies mаkes them morе diffiсult tо musiс than fiаt cash.

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