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Author Topic: How do we trust crytop than the traditional fiats  (Read 793 times)

Online Dr.Bitcoin_Strange

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Re: How do we trust crytop than the traditional fiats
« Reply #15 on: February 18, 2024, 08:26:09 AM »
Cryptocurrencies are much riskier than traditional fiat but Bitcoin has no inflationary effects but traditional currencies definitely have inflationary effects. Whereas the supply of Bitcoin is limited while the supply of traditional fiat is unlimited, inflation can occur at any time during traditional fiat when the supply can be increased at will. Moreover, the value of traditional fiat will decrease drastically over time due to inflation even when kept in the bank. But this risk does not exist in crypto currency.
Indeed, inflation has proven to be one of the biggest threat to the traditional fiat currency, while this is a disadvantage for fiat, it's one the greatest advantages of cryptocurrencies like Bitcoin. Since Bitcoin has a fixed supply, it has made it immune to inflation and can also act as a hedge against it.

Again, unlike the traditional fiat currency which can be easily devalued by the government or the central banks, cryptocurrency value is determined by the market and can't be subjected to any central authority. So crypto has proven extremely useful to people who seek for ways to protect their funds from government interference or inflation.

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Re: How do we trust crytop than the traditional fiats
« Reply #15 on: February 18, 2024, 08:26:09 AM »

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Offline bayu7adi

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Re: How do we trust crytop than the traditional fiats
« Reply #16 on: February 22, 2024, 01:01:26 AM »
Maybe because you've been hearing a lot about the downsides/disadvantages of cryptocurrency, you seem to be hesitant about this digital currency. It's true that some of the traits you mentioned are real, but if we focus too much on these shortcomings, we might get overly influenced and scared to give it a try.

Look at the bright side, with cryptocurrency, we can make transactions without going through KYC hassles. We can also send assets across borders without complex and costly administrative fees. Moreover, we can still maintain our privacy when using crypto, among other benefits.

Try to influence your mindset with some of the advantages of cryptocurrency, so you can see that innovation is created to improve something that already exists.

Offline Aanuoluwatofunmi

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Re: How do we trust crytop than the traditional fiats
« Reply #17 on: February 22, 2024, 01:22:40 PM »
There are many ways I've trusted cryptocurrency and bitcoin to be precise than the way i have with fiat, if we look at the reason behind what prompted Satoshi Nakamoto to sit and make an alternative digital currency to help the people have an alternative to the use of fiat because we have lost our trust and privacy in them, inflation also affect the network of our assets while in fiat than when we are holding in bitcoin.

Offline EluguHcman

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Re: How do we trust crytop than the traditional fiats
« Reply #18 on: February 24, 2024, 08:46:15 PM »
There's saying "The responsibility that comes with freedom". Many cryptocurrency offer you that freedom (only you can move your coin), which means you're expect to be responsible (e.g. double check you send to correct sender with correct amount). And FYI, most coin actually can be tracked with some effort.
Is it also revisable if there goes a misdirection of the transaction?
I have come across individuals done mistakes sending money to the wrong direction so the banks helps in reaching out to the receiver in request to re-send back the received fund and if by any way the receiver doesn't agree to send back the money then the bank would keep the receiver bank account on track for recovery of the fund without the account holders permits.
Although there would be a permission gadgets between the senders bank and the receivers bank before such process can be possible.
So is there a system like that?

Online Dr.Bitcoin_Strange

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Re: How do we trust crytop than the traditional fiats
« Reply #19 on: February 24, 2024, 09:42:20 PM »
because we have lost our trust and privacy in them, inflation also affect the network of our assets while in fiat than when we are holding in bitcoin.

Yes, you are right. Bitcoin was actually designed to give men back the privacy they have lost to Fiat traditional currencies, but right now the government, which is greatly against privacy, is fighting to bring Bitcoin to a centralized and open system where they can monitor it as they want, and as long as the Bitcoin network remains the way it is, not every Bitcoiner will allow their privacy out. That's why there are Bitcoin mixers to help mix your coin so as to make it not be very traceable if you want it like that. 

Like you said already, @Aanuoluwatofunmi, our fiat money keeps losing value and getting inflated, but Bitcoin is a very appreciative asset, which has really helped so many people to give great value to them because they invested their money in Bitcoin. 

Offline Stompix

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Re: How do we trust crytop than the traditional fiats
« Reply #20 on: February 25, 2024, 10:02:53 AM »
Is it also revisable if there goes a misdirection of the transaction?
I have come across individuals done mistakes sending money to the wrong direction so the banks helps in reaching out to the receiver in request to re-send back the received fund and if by any way the receiver doesn't agree to send back the money then the bank would keep the receiver bank account on track for recovery of the fund without the account holders permits.
So is there a system like that?

No!
You could get lucky and deposit by mistake to an address that belongs to an exchange or be able to reach the owner of that  address and convince him to send you back your coins but there is no authority or customer support to help you with that. All you can do is try to identify to whom you have sent those coins and force him to give them back though the lawful procedure, meaning suing him.

The best cryptocurrency to trust is no other than Bitcoin, all transactions are visible and the number of address who hold it is identifiable. Meaning you can determine if the coin has a risk of dumping the price or not base on this information. That's why I could really trust crypto than fiats.

You really take those spam whale alerts seriously? When was the last time something meaningful happened after one?
And this is the reason you trust crypto, because you can see balances, there are like 1001 other advantages and you've chosen those?
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Offline ABCbits

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Re: How do we trust crytop than the traditional fiats
« Reply #21 on: February 25, 2024, 10:15:19 AM »
There's saying "The responsibility that comes with freedom". Many cryptocurrency offer you that freedom (only you can move your coin), which means you're expect to be responsible (e.g. double check you send to correct sender with correct amount). And FYI, most coin actually can be tracked with some effort.
Is it also revisable if there goes a misdirection of the transaction?
I have come across individuals done mistakes sending money to the wrong direction so the banks helps in reaching out to the receiver in request to re-send back the received fund and if by any way the receiver doesn't agree to send back the money then the bank would keep the receiver bank account on track for recovery of the fund without the account holders permits.
Although there would be a permission gadgets between the senders bank and the receivers bank before such process can be possible.
So is there a system like that?

Non-centralized cryptocurrency or token doesn't offer such thing (reverse transaction or create new refund transaction without receiver consent), while few centralized cryptocurrency or token offer such thing. Although usually they either,
1. Don't bother help you when small amount of money is involved.
2. Ask for certain amount of fees.
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Re: How do we trust crytop than the traditional fiats
« Reply #21 on: February 25, 2024, 10:15:19 AM »


 

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