Altcoins Talks - Cryptocurrency Forum
Local => Nigerian Languages => Topic started by: Emmanuel1 on March 21, 2024, 07:11:20 PM
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Traditional currency includes naira,US dollars,euro and Japanese yen. Central Banks and government are the institutions that issues and regulate fait currencies.
The difference between traditional currency and cryptocurrency, it is base on their operational and accessibility models.
Traditional currency operates in centralized institutions like Banks which are governs by regulations.they are constrained geographically an operational wise.
While cryptocurrency is decentralize system,that operates without banking infrastructure, unlike traditional currency.
Let us discuss and know more about, traditional currency vs cryptocurrency
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Traditional currency includes naira,US dollars,euro and Japanese yen. Central Banks and government are the institutions that issues and regulate fait currencies.
The difference between traditional currency and cryptocurrency, it is base on their operational and accessibility models.
Traditional currency operates in centralized institutions like Banks which are governs by regulations.they are constrained geographically an operational wise.
While cryptocurrency is decentralize system,that operates without banking infrastructure, unlike traditional currency.
Let us discuss and know more about, traditional currency vs cryptocurrency
Well the difference is just decentralized, cryptocurrency is not tied to any form of central bank or government, but the traditional currency is been regulated by the governments. Cryptocurrency value is determine by the market demands and supply. While traditional currency is upheld by the government and control by central banks. Cryptocurrency are built on Blockchain technology which make it more secured and transparent.
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Central Banks and government are the institutions that issues and regulate fait currencies.
I guess this is typo. It is fiat and not fait
There is nothing much to discuss about than fiat are centralized and controlled by the central bank and the government of the nation that created the fiat.
But one important thing that has not been mentioned is that fiat are controlled by the central authorities in a way that the central authorities are depreciating the price and make those that hold it in long term to lose as a result of inflation which is common in almost all nations. Unlike coin like bitcoin which appreciates in price, value and adoption. But some cryptocurrencies are not worth holding because they are ponzis and some are just shitcoins.
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Well the difference is just decentralized, cryptocurrency is not tied to any form of central bank or government, but the traditional currency is been regulated by the governments.
Is this really true for all cryptocurrencies? If you're referring to Bitcoin I would have agreed with you but if you look at the crypto space you'll see that there are numerous crypto that has a central body (might not be related to government ) but still serves the same purpose I.e controlling the supply of that coin.
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The difference between them is that Crypto currencies are not centralized to a particular government and can be use international as means of easy, reliable, and fast transactions. While local currencies are controlled by a particular government and can be used in as means of transaction in only that particular country or region...
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Simple as that... Traditional currencies are centralized currencies with an authority regulatory commission which every countries do have their own Traditional currencies otherwise known as fiats.
While cryptocurrencies are decentralized digital currencies with no regulator of authorities.
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Simple as that... Traditional currencies are centralized currencies with an authority regulatory commission which every countries do have their own Traditional currencies otherwise known as fiats.
I do not think this is worth saying but let me just say it that there are some countries like El Salvador that do not have their own fiat. But most countries have their own fiat.
While cryptocurrencies are decentralized digital currencies with no regulator of authorities.
Only few cryptocurrencies are decentralized. Bitcoin and the carbon copy litecoin etc are decentralized. But most other coins, like the ones with PoS algorithms and the coins that their developers have influence on the project and projects with premined coins are not that decentralized but somehow centralized.
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The difference between them is that Crypto currencies are not centralized to a particular government and can be use international as means of easy, reliable, and fast transactions. While local currencies are controlled by a particular government and can be used in as means of transaction in only that particular country or region...
It's true, with the development of digital currency technology, at least all transactions that require expensive costs have been reduced to become cheaper and faster, cryptocurrency makes it easy for everyone in various countries to carry out transactions.
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We have discussed this in different forms in other forums. In a very simple way to explain it. Traditional currency is also known as fiat currency which is used by the people in that country and not for another country. But it can only be use in the international exchange market. And also it is use to buy goods and services in the physical world with hardcopy of the paper currency or others. But cryptocurrency is a digital currency in which it is only used in the internet and not with hardcopy. There is no print out of cryptocurrency. And finally cryptocurrency is volatile, not stable while traditional currency is stables with no value.
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I think I should just say it in this simple way; traditional currency is the fiat or money in the paper form which we use to buy things in our various countries. It is more or less a legal tender in our locality and approved by our government institution assigned for such task to allow her citizens a means of exchange for goods and services. You can not move or travel with it from one place to another when it is in big volume for security and safety reasons.
Whereas, cryptocurrency is a digital currency which can be used for exchange of goods and services as per vendors payment terms. Cryptocurrency is mobile i.e you can carry it to anywhere in the world without anybody knowing you have such on you. Safety is guaranteed as you alone have such knowledge of what you have on you and from anywhere in the world you can make transfer and payment without passing through any process just like the banks and co.
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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.
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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.
I understand your point. Fait has long been existing as a digital currency because it can be transferred electronically to various accounts as per transfer command.
My own point of explanation was just to get OP understand the difference between both as that is paper currency while Crypto is digital and can not be withdrawn like fiat. You can move about with fiat in paper form but can not do that with digital currencies. Although you can move about with digital but you can not hold it as cash at hand just like the fiat currency.
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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.
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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.
That should also be the network strength of the country and the orientation given to the citizens and the kind of economic policy in the country and Nigeria has failed in all these things so the using of Fiat currency as digital currency to pay goods and services is affecting many people. Well everything has starting point let see how things go be. As for now people no dey enjoy the thing because di of di cost of living.
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Traditional currency includes naira,US dollars,euro and Japanese yen. Central Banks and government are the institutions that issues and regulate fait currencies.
The difference between traditional currency and cryptocurrency, it is base on their operational and accessibility models.
Traditional currency operates in centralized institutions like Banks which are governs by regulations.they are constrained geographically an operational wise.
While cryptocurrency is decentralize system,that operates without banking infrastructure, unlike traditional currency.
Let us discuss and know more about, traditional currency vs cryptocurrency
Quite educating, I must say. However, I should probably add what I understand. Third-party involvement is what we've used to distinguish these two in some ways. Cryptocurrency happens to be a digital value using encryption technology, while traditional currencies are printed and made (paper and coin) using a specific design that suits the country where they are to be used. Though, we've began to see some countries switching to the digital form.
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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.
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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.
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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.
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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.
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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.
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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.