Why Cryptocurrency is better than fiat currency?

[darexgeorgieviya04]

I think in this modern age the question of “which currency should I own?” is something a lot of people that I know ask themselves when it comes to purchasing currency. There are a lot of choices to choose from such as US Dollars, Chinese RMB, Japanese Yen and many more, those are mainly fiat currencies. However, all those currencies stated are all controlled by banks that regulate their value and are heavily affected by financial crashes such as the one in 2008. As a result sometime after the financial crash of 2008, Cryptocurrencies such as Bitcoin and Ethereum were created in order to have a currency that isn’t regulated by the banks and relies on how much trust we put into its value. Here are some reasons why Cryptocurrencies are better than fiat currency.

1. Cryptocurrencies are now becoming more accepted as a means of trade worldwide.
A few years after the introduction of Cryptocurrencies such as Bitcoin, people around the world are starting to see Cryptocurrencies as a trustworthy means of transaction which means that you can go to most countries which basic Internet infrastructure and do business transactions using your Crypto Wallet whether a digital one or a physical one which means that you don’t need to call your bank in order to make your account accessible to when you go to other countries as Crypto Wallets are accepted anywhere where Cryptocurrency transactions are being made.

2. Cryptocurrencies have top-notch security and cannot be easily fooled
Cryptocurrencies use blockchain technology in order to make sure that there are no inconsistencies when it comes to transactions. If there are any inconsistencies with the transaction, the blockchain will reject the transaction and your money will still be in your Crypto Wallet.

3. Cryptocurrency transactions are secure transactions
As stated earlier, Cryptocurrencies have top-notch security using blockchain technology. They also keep all transactions on record anonymous as the only person who knows their Crypto Wallet Address is yourself and wherever you post your address link to. You can keep generating new addresses if your previous Address is compromised.

[Alexthedefender04]

Indeed I strongly believe that cryptocurrencies are the next evolution of your monetary system. It is just a matter of time. If I'd go more in depth with this topic, my long term vision is bitcoin to become the worldwide mainstream currency and eventually the currency of exchange in our galaxy. Maybe you think I watched too many SF movies, but Mars colonization and human-compatible ecosystem creation is closer than the majority of people would think.

[sashavich04]

Note: Some of these factors doesn't apply to every single cryptocurrency out there, especially the "secure" part. Sure it applies with bitcoin, but definitely not with every single one. Especially with the lesser known projects, I'm going to bet that if developers tried to inspect the code of those projects, chances are, there's going to be vulnerabilities(ranging from mild to sort of the more 'deadly' vulnerabilities"). It'd be more accurate if you named this "Why bitcoin is better than fiat currency?"

[Aya]

Note: Some of these factors doesn't apply to every single cryptocurrency out there, especially the "secure" part. Sure it applies with bitcoin, but definitely not with every single one. Especially with the lesser known projects, I'm going to bet that if developers tried to inspect the code of those projects, chances are, there's going to be vulnerabilities(ranging from mild to sort of the more 'deadly' vulnerabilities"). It'd be more accurate if you named this "Why bitcoin is better than fiat currency?"

I agree with what you are saying. Although Bitcoin has a lot of advantages, fiat currency still has its own edge over cryptocurrency. And indeed, not every digital coin has a strong security system.

[darexgeorgieviya04]

I agree with your opinions about this important subject. Cryptocurrencies have new generation technologies. They have stronger security systems compared to fiat money. Cryptocurrencies (especially Bitcoin) are used more often for trading every day.

[PALM]

well i don't know about the word "better" but if you say more secure and decentralized that i can relate with, crytpo is not in that stage yet when we can really say yes it is better than fiat, crypto is very volatile at this point something which fiat is not, and when you talk about acceptance that too is still very low compare to fiat that is widely accepted.

[sashavich04]

As of the moment, nothing's better between the two. Fiat and crypto have their own unique identity, stability, advantages, and disadvantages that depend on an individual's personal or current preference. Both are useful in their own way. Since crypto is still not widely accepted worldwide, there are limits to its usage. So for those who are experiencing it will still depend on using fiat money. Crypto will only be better than fiat currency when the time comes that it will be acknowledged by many. And we need to wait for years before it can finally happen.

[Trader_Rob]

For me, they are both good in their own ways. They have their own restrictions and perks. It really just depends on how the currency is being used. Locally, fiat is a lot better, but online, Bitcoin is definitely more convenient.