fiat and cryptocurrency

[Mbah Jenggot]

Which will you going to choose after the crypto currency invented and see how it worse, will still love to let fiat money exist or change it with crypto?

I think at the coming future crypto currency will replace fiat money. For Now, I prefer use fiat money.

[Power]

i will choose cryptocurrency to be the next system in our payment system. It is the best replacement for fiat money.

[mrphilippine]

Changing fiat currency is difficult and near to impossible but we can use crypto currency as a form of option on making exchanges and transaction in the market.

[nakmantu99]

Which will you going to choose after the crypto currency invented and see how it worse, will still love to let fiat money exist or change it with crypto?

For now, Fiat is still dominating. But Maybe at the coming future We will see crypto currency dominate.Lets see.

[mahadev]

Which will you going to choose after the crypto currency invented and see how it worse, will still love to let fiat money exist or change it with crypto?

I think crypto currency is the future currency, It will be dominate in the coming future. But For now, Fiat money is still dominating.

[Coffeeman]

Which will you going to choose after the crypto currency invented and see how it worse, will still love to let fiat money exist or change it with crypto?

As soon as I learned about the blockchain system and cryptocurrencies, I was very interested in it, it is progress in the global economy.
But at the moment, cryptocurrencies have not yet fully integrated into our daily lives, and their application causes difficulties.
Think on this forum you not will find moreover who will give preference Fiat money, but and in the same time all enjoy in cash money.
But we believe that this time will come when cryptocurrencies will take their full purpose.

[de_prof]

Which will you going to choose after the crypto currency invented and see how it worse, will still love to let fiat money exist or change it with crypto?

 


I like Both, Fiat and crypto currency. I think at the coming future crypto currency will replace fiat.

[jonathancool220]

FIAT must always be in your savings, because after all FIAT is needed for transactions in your country where you live.
cryptocurrency is a job object that you can replace when you have no profit and can find another job.

[idranus]

I prefer to use fiat money because in my country the crypto currency cannot be accepted by the government

[pelana vreo]

Crypto has a constantly changing value, unlike Fiat, Fiat has a very stable price. But Crypto is faster for transactions and security of your funds during online transactions. we need fiat for daily needs. What if one day there is no internet where you are on vacation, you need fiat at that time to buy the items you want.

[sugarchrisp]

Crypto currency is the future, I believe.  Fiat currency comes with an inherent debt attached to it, and the government basically controls how much that debt is.  There's nothing stopping them from printing more money and causing all existing money to become devalued.  This is not the case with cryptocurrency.  Once a project is started, you know exactly how many coins there will ever be.  No one can just decide "oh, let's mint another 100 million bitcoin."  This is an important difference between fiat and crypto.  Fiat currency definitely still has it's place, as governments need funds to build roads and schools and infrastructures like that, but their control is definitely being diminished through bitcoin and other cryptocurrencies. 

[sampoerna]

Even though crypto money is better the system, but I think everyone here can't get rid of fiat money. Every bitcoin transaction is always measured from the dollar value (fiat money). And to take advantage, we also have to exchange it for fiat money.

[dominoes]

I still love fiat exist during the time of crypto era. Fiat will help crypto into a massive engagement with the people because fiat is the first loved by the people.

[Ryanpogz]

I still love fiat exist during the time of crypto era. Fiat will help crypto into a massive engagement with the people because fiat is the first loved by the people.

The word “Fiat” comes from latin and in English was transformed into “faith”… “fiat money” means that the money is not worth anything in itsef physically, its only worth is that you “have faith” that you will be able to exchange it for something else in the future. In that context, cryptocurrencies are also technically “fiat currencies”.
To sum up differences between traditional- and crypto- fiat currencies (depends on actual implementation):
1/ Traditional currency is issued by some central body (a central bank), which has the authority to create or remove the currency from circulation. The risk is that the issuer is in the short term motivated to print more money, which dilutes the value of the currency for anybody who holds it. This is not the case for example with bitcoin, where the creation of new coins cannot be controlled by anybody individually, and is very predictable. But not all cryptocoins are created equal, some have centralized authority that can control them much like a central bank (but this would be a fringe minority).
2/ Cryptocurrencies exist only in digital form… classical currencies also have physical coins and banknotes. Digital records of classical currencies are maintained by specific institutions, such as banks. Records of crypto currencies are usually distributed across large peer-to-peer networks. This neccessitates a different approach to security and encryption… hence the name “crypto”.
The first point is actually the crux of the matter… the fact that supply of a currency cannot be manipulated, the transfers are not regulated and offer a high degree of anonymity, that cryptocurrencies defy governments and authorities - this is the major factor for people who actually want to use crypto for transactions.
Another side of the coin is that government collects taxes in its own currency (so you WILL have to have it, because the government will come and ask for taxes - there is no such driver in cryptocurrencies that would literally force you to obtain them), and the currency is also legislated to be “legal tender” - meanig that it can be legally used to extinguish any debt (if somebody owes you a car, and he has no car to give you, he can legally extinguish the debt by giving you money that is legal tender instead. Again, cryptocurrencies do not hold this special status of legal tender - you MIGHT agree to settle the debt by getting BTC instead of the car, but with money it can be done even if you don’t agree to the change). Legal tender status is another appeal of traditional money..

[Hisbullah]

Which will you going to choose after the crypto currency invented and see how it worse, will still love to let fiat money exist or change it with crypto?

I think Fiat money will exist for long year again. Because The banks and government keep the own currency.