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.

[Dr.Bitcoin_Strange]

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.

[Sim_card]

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

[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.

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.

[Agbe]

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.

[Chilwell]

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.

[Agbe]

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

[Aanuoluwatofunmi]

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.

[Mia Chloe]

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.

[Axcel777]

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.