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.
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Cryptocurrency isn't regulated by any government. It isn't created "out of thin air" as fiat currency is. When it comes to bitcoin There will only ever be a finite amount of bitcoin, which controls it's value. Once all bitcoin is mined there will be 21 million in existence, that's it. No one can ever create more (as is done every year with fiat currency). When fiat currency is created by central banks they reduce the value of the existing currency in the market, which results in inflation of prices. This is why the price of every day things (that haven't changed in 50 years, like groceries or utilities) have gone up in price over time. There's a lot of other differences, but it's better for you to read up on them.
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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.
Not now anymore, transaction fee is very high and I don't think that this is the best time for anyone to use bitcoin for transactions. Only those that can afford the transaction fee should use bitcoin. Micro transactions should be paid with fiat. I don't always use bitcoin as an alternative means of payment, because I am used to USDT which is same with fiat USD to shop online, since it is accepted world wide
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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.
Not now anymore, transaction fee is very high and I don't think that this is the best time for anyone to use bitcoin for transactions. Only those that can afford the transaction fee should use bitcoin. Micro transactions should be paid with fiat. I don't always use bitcoin as an alternative means of payment, because I am used to USDT which is same with fiat USD to shop online, since it is accepted world wide
It is nice that you have other alternative means of transacting outside Bitcoin. As you can see this post or reply was made over a month and now and as at then, the Bitcoin transaction fee was low which warranted this reply but however, this current state varies from the previous so you can see how volatile the market could be sometimes. Using USDT is equivalent to using the fiat dollar Soni believe most online vendors would accept it for payment of services.
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It is nice that you have other alternative means of transacting outside Bitcoin. As you can see this post or reply was made over a month and now and as at then, the Bitcoin transaction fee was low which warranted this reply but however, this current state varies from the previous so you can see how volatile the market could be sometimes. Using USDT is equivalent to using the fiat dollar Soni believe most online vendors would accept it for payment of services.
This is not the first time I have discussed this with users of bitcoin and in most we discussed it on social media platforms and everyone tok the coin they like to use and I have always told them that I only use bitcoin for all my transactions because I like bitcoin and I will only use it. Last year even someone sent me USDT, I would convert it bitcoin and trade with bitcoin. And I start using USDT this year but I still use bitcoin more than USDT.
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Traditional currency, is what we also refer to as fiat currency, is a government-controlled monetary system regulated by central banks. Its transactions usually involve intermediaries, such as banks, before reaching the recipient.
In contrast, cryptocurrency operates on a decentralized system, free from government and central bank control. Transactions are facilitated through a peer-to-peer network, eliminating the need for intermediaries.
Cryptocurrency operate without depending on anything. While fiat currency are controlled by central banks. Fiat currency have physical not while cryptocurrency doesn't.
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What is known as traditional currency are also called Fiat currencies they are basically currency notes that are used by different countries and the thin that defines them is the kind of control that they are subjected to because fiat currencies are regulated and controlled by the central bank of country and that includes their printing while crypto currency are digital or virtual currencies that is decentralized meaning that they have no regulatory body that controls them
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Traditional currencies are fiat money, if you don't understand what fiat is, then a good example is our local currencies like USD, Pounds and Euro etc. crypto is entirely different from these, its only exist in a digital form, we can make exchange them with each other and they can all be used as an acceptable means of making payments, but when it comes to cryptocurrency, bitcoin is the most recognized of them all, then follow others, cryptocurrency is not controlled by the government or any institution the way the banks operates.
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Traditional currencies are fiat money, if you don't understand what fiat is, then a good example is our local currencies like USD, Pounds and Euro etc. crypto is entirely different from these, its only exist in a digital form, we can make exchange them with each other and they can all be used as an acceptable means of making payments.
I think one of the major differences between the both of them is volatility. Cryptocurrencies are usually way more volatile than traditional fiat currencies and that's because price is controlled by liquidity inflow and out flow.
Fiat basically are regulated fully by the government and depend totally on government decisions and the economic state of the country or region. I think one major problem with fiat is inflation that's why they are not volatile enough to be seen as investments.
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Traditional currencies are fiat money, if you don't understand what fiat is, then a good example is our local currencies like USD, Pounds and Euro etc. crypto is entirely different from these, its only exist in a digital form, we can make exchange them with each other and they can all be used as an acceptable means of making payments, but when it comes to cryptocurrency, bitcoin is the most recognized of them all, then follow others, cryptocurrency is not controlled by the government or any institution the way the banks operates.
Fiat money also known as Fiat Currency entails USD, Pound, and Euro refers to money created by a government and regulated by the central bank. However, cryptocurrencies are computers-based assets utilised through dedicated networks without any involvement of banks or other financial structures. Bitcoin and the other cryptocurrencies are classified as such due to their distinct features, starting with the former since it is the first and the most primary due to its highly developed environment. Cryptocurrencies are also fast and universal means of exchanging them, and can cover the purchase on platforms that accept this type of payment. However, such as market fluctuation and the changes of regulations these two are among the issues that must be expected before the wide application of such algorithms.
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Traditional currencies are fiat money, if you don't understand what fiat is, then a good example is our local currencies like USD, Pounds and Euro etc. crypto is entirely different from these, its only exist in a digital form, we can make exchange them with each other and they can all be used as an acceptable means of making payments.
I think one of the major differences between the both of them is volatility. Cryptocurrencies are usually way more volatile than traditional fiat currencies and that's because price is controlled by liquidity inflow and out flow.
Fiat basically are regulated fully by the government and depend totally on government decisions and the economic state of the country or region. I think one major problem with fiat is inflation that's why they are not volatile enough to be seen as investments.
Fiat cannot be volatile because it wasn't created so. But you can use fiat as an investment or asset but not a store of value because an asset can depreciate or appreciate overtime.
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Fiat cannot be volatile because it wasn't created so. But you can use fiat as an investment or asset but not a store of value because an asset can depreciate or appreciate overtime.
Well in my opinion your statement is meant to be relative. This is basically because there are a couple of fiat currencies out there that are unstable and this is as a result of the nature of the economy of that particular country using that currency. The problem with so fiat is most inflation infact it's not just some it's basically a general problem.
The difference between most of them is that based on economic stability some fiat currencies get hit harder by inflation when relatively compared to others.
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Fiat cannot be volatile because it wasn't created so. But you can use fiat as an investment or asset but not a store of value because an asset can depreciate or appreciate overtime.
Well in my opinion your statement is meant to be relative. This is basically because there are a couple of fiat currencies out there that are unstable and this is as a result of the nature of the economy of that particular country using that currency. The problem with so fiat is most inflation infact it's not just some it's basically a general problem.
The difference between most of them is that based on economic stability some fiat currencies get hit harder by inflation when relatively compared to others.
Exactly, take for example our Naira is highly affected by inflation compared to the US dollar. Perhaps, this liesin the hands of the government to stop importing almost everything that we are using in this country but rather create an atmosphere to support production of these products in our country. That will limit the high level of inflation because it's locally made and will also provide jobs for people.
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Fiat cannot be volatile because it wasn't created so. But you can use fiat as an investment or asset but not a store of value because an asset can depreciate or appreciate overtime.
Well in my opinion your statement is meant to be relative. This is basically because there are a couple of fiat currencies out there that are unstable and this is as a result of the nature of the economy of that particular country using that currency. The problem with so fiat is most inflation infact it's not just some it's basically a general problem.
The difference between most of them is that based on economic stability some fiat currencies get hit harder by inflation when relatively compared to others.
Exactly, take for example our Naira is highly affected by inflation compared to the US dollar. Perhaps, this liesin the hands of the government to stop importing almost everything that we are using in this country but rather create an atmosphere to support production of these products in our country. That will limit the high level of inflation because it's locally made and will also provide jobs for people.
one thing that you need to know too is that even though am not supporting our government for not creating the right environment for our local manufacturing industry where we can produce things on our own and reduce the high inflation that we are having due to importation, there is also influence from external factors to our government so to some extent our government is in a fixed Conner because our colonial masters still has a strong grip on our government in terms of policy formulation and implementation which is key to the development of any country
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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
Traditional currency is much more stable than cryptocurrency this is because traditional currency operates in a centralized system as opposed to cryptocurrency which is highly decentralized. Cryptocurrency is also has no intrinsic value, the value it has is given by the users of that token, traditional currency however has intrinsical value which is backed up by the government as a legal tender.