what is the difference between cryptocurrency and traditional currency?

[Cryptsafe]

Whereas, cryptocurrency is a digital currency which can be used for exchange of goods and services as per vendors payment terms.

Fiat can also be a digital currency. Even fiat has been existing electronically before the invention of bitcoin in 2009. When defining cryptocurrencies, two things are important. The first is blockchain as cryptocurrencies are making use of blockchain technology. The second is decentralization. Although, many coins and tokens are centralized, but not centralized like how fiat are made by central authorities.

That's right, as you said, several countries already accept fiat payments in digital form, but they all have an exchange ratio of 1:1 so fiat in digital form is only used to make it easier for users if they want to carry out trade transactions directly using fiat.

No doubt about it. Most countries would prefer to use the national digital currency when it comes to online payment than crypto because the government believe it is stable, regulated and controlled unlike Crypto which has no government regulations.
Another reason being that the ratio between the two currencies are equivalent to the dollar exchange rate and it has a legal backings which makes it valid and acceptable as a digital legal tender.

[Agbe]

Whereas, cryptocurrency is a digital currency which can be used for exchange of goods and services as per vendors payment terms.

Fiat can also be a digital currency. Even fiat has been existing electronically before the invention of bitcoin in 2009. When defining cryptocurrencies, two things are important. The first is blockchain as cryptocurrencies are making use of blockchain technology. The second is decentralization. Although, many coins and tokens are centralized, but not centralized like how fiat are made by central authorities.

That's right, as you said, several countries already accept fiat payments in digital form, but they all have an exchange ratio of 1:1 so fiat in digital form is only used to make it easier for users if they want to carry out trade transactions directly using fiat.

No doubt about it. Most countries would prefer to use the national digital currency when it comes to online payment than crypto because the government believe it is stable, regulated and controlled unlike Crypto which has no government regulations.
Another reason being that the ratio between the two currencies are equivalent to the dollar exchange rate and it has a legal backings which makes it valid and acceptable as a digital legal tender.

Exactly and as Charles -Tim said fiat can also be use as an online payment which we have been using so there is no big deal on that. If the shop or company accepts Bitcoin payment online and you have the bitcoin to pay for the goods then you pay but we have to consider the transaction fee compared to local.or fiat currency online payment. Fiat is free but you have to pay for the transaction fee in crypto. And the countries that accepting bitcoin for online payment are just few though it is an individual payment method. In my location I have only seen one shop accepting bitcoin.

[Cryptsafe]

Whereas, cryptocurrency is a digital currency which can be used for exchange of goods and services as per vendors payment terms.

Fiat can also be a digital currency. Even fiat has been existing electronically before the invention of bitcoin in 2009. When defining cryptocurrencies, two things are important. The first is blockchain as cryptocurrencies are making use of blockchain technology. The second is decentralization. Although, many coins and tokens are centralized, but not centralized like how fiat are made by central authorities.

That's right, as you said, several countries already accept fiat payments in digital form, but they all have an exchange ratio of 1:1 so fiat in digital form is only used to make it easier for users if they want to carry out trade transactions directly using fiat.

No doubt about it. Most countries would prefer to use the national digital currency when it comes to online payment than crypto because the government believe it is stable, regulated and controlled unlike Crypto which has no government regulations.
Another reason being that the ratio between the two currencies are equivalent to the dollar exchange rate and it has a legal backings which makes it valid and acceptable as a digital legal tender.

Exactly and as Charles -Tim said fiat can also be use as an online payment which we have been using so there is no big deal on that. If the shop or company accepts Bitcoin payment online and you have the bitcoin to pay for the goods then you pay but we have to consider the transaction fee compared to local.or fiat currency online payment. Fiat is free but you have to pay for the transaction fee in crypto. And the countries that accepting bitcoin for online payment are just few though it is an individual payment method. In my location I have only seen one shop accepting bitcoin.

How is it possible now that vendors would demand or accept BTC for services and expect their customers to pay for it looking at the current state of BTC transaction fee and coupled with the fact that their is always a delay in transaction confirmation. I do not think anybody would likely do that now and moreover, the BTC transaction fee is a but much higher if it is to be converted into some currency equivalent.
I know of some guys that accepts Bitcoin but currently, they were telling me that since this transaction fee issues started, some of their customers do not pay in Bitcoin but rather, they would prefer to pay in the local currency and him too do not pay his vendor who accepts Bitcoin because of the transaction fee and you can see that this case is vice versa, nobody wants to lose.

[Agbe]

How is it possible now that vendors would demand or accept BTC for services and expect their customers to pay for it looking at the current state of BTC transaction fee and coupled with the fact that their is always a delay in transaction confirmation. I do not think anybody would likely do that now and moreover, the BTC transaction fee is a but much higher if it is to be converted into some currency equivalent.
I know of some guys that accepts Bitcoin but currently, they were telling me that since this transaction fee issues started, some of their customers do not pay in Bitcoin but rather, they would prefer to pay in the local currency and him too do not pay his vendor who accepts Bitcoin because of the transaction fee and you can see that this case is vice versa, nobody wants to lose.

For now the transaction fee is low and shops can accept bitcoin as a payment method if they want to but because of the state of the Nation, I don't advise anyone or shop who dey sell things to accept bitcoin in their businesses. However bitcoin transaction fee is not something one can rely because it volatile like bitcoin itself. But one can take the advantage of the low fee to accept bitcoin. And merely looking at it, it is better to use fiat currency because with it you no dey pay any transaction fee. Either cash or transfer. And I have seen some boys paying with bitcoin to buy things.

[MRY]

How is it possible now that vendors would demand or accept BTC for services and expect their customers to pay for it looking at the current state of BTC transaction fee and coupled with the fact that their is always a delay in transaction confirmation. I do not think anybody would likely do that now and moreover, the BTC transaction fee is a but much higher if it is to be converted into some currency equivalent.
I know of some guys that accepts Bitcoin but currently, they were telling me that since this transaction fee issues started, some of their customers do not pay in Bitcoin but rather, they would prefer to pay in the local currency and him too do not pay his vendor who accepts Bitcoin because of the transaction fee and you can see that this case is vice versa, nobody wants to lose.

For now the transaction fee is low and shops can accept bitcoin as a payment method if they want to but because of the state of the Nation, I don't advise anyone or shop who dey sell things to accept bitcoin in their businesses. However bitcoin transaction fee is not something one can rely because it volatile like bitcoin itself. But one can take the advantage of the low fee to accept bitcoin. And merely looking at it, it is better to use fiat currency because with it you no dey pay any transaction fee. Either cash or transfer. And I have seen some boys paying with bitcoin to buy things.

It's true, currently bitcoin is still not accepted in many countries, in fact only a few countries accept bitcoin as a legal form of payment, using bitcoin as a transaction tool also has a very high risk because unstable price movements will cause the value to change. accepted by the seller will be different and this is a very high risk.

[Cryptsafe]

How is it possible now that vendors would demand or accept BTC for services and expect their customers to pay for it looking at the current state of BTC transaction fee and coupled with the fact that their is always a delay in transaction confirmation. I do not think anybody would likely do that now and moreover, the BTC transaction fee is a but much higher if it is to be converted into some currency equivalent.
I know of some guys that accepts Bitcoin but currently, they were telling me that since this transaction fee issues started, some of their customers do not pay in Bitcoin but rather, they would prefer to pay in the local currency and him too do not pay his vendor who accepts Bitcoin because of the transaction fee and you can see that this case is vice versa, nobody wants to lose.

For now the transaction fee is low and shops can accept bitcoin as a payment method if they want to but because of the state of the Nation, I don't advise anyone or shop who dey sell things to accept bitcoin in their businesses. However bitcoin transaction fee is not something one can rely because it volatile like bitcoin itself. But one can take the advantage of the low fee to accept bitcoin. And merely looking at it, it is better to use fiat currency because with it you no dey pay any transaction fee. Either cash or transfer. And I have seen some boys paying with bitcoin to buy things.

You are very correct. Currently Bitcoin transaction fee is low and one can now transact or make payment in Bitcoin which I think would confirm very fast. I know some vendors do accept Bitcoin now and as a matter of fact, they already resumed accepting Bitcoin again as the fee is low and back to normal. But it is very advisable to be careful now that the clamp down is getting hot on Crypto transactions. If possible  do with fiat for now till the tension is calm because anything that would make the bank or government agencies discover that you accept Bitcoin, you and you business would definitely face prosecution and you and they would fall hard on that person caught.