Advantages of Cryptocurrency Over Fiat

[Shaf]

The bull market of cryptocurrencies brought a lot of attention, both negative and positive especially to Bitcoin. While cryptocurrency has it's disadvantages, even critics do agree that it has some advantages over traditional currencies, or as they are well known, fiat currencies.

One of the major advantages that attracts people all the time is that cryptocurrency, Bitcoin in particular is decentralized. This means that no single body anywhere dictates it activity. While details about it's transactions are public, the details of it's users are as private as we have ever gotten.

Another advantage is that it has low fees, or even no fees when compared to fiat.
Its also possible to make transborder transactions without all.the long paperwork that fiat requires, and that cam be done in minutes or a few hours.

There is also no limit for withdrawals and deposits, which can be a real pain when you need to get money across to someone fast.

You can also transact anytime you want, wherever you are in the world. This is really one thing that people find frustrating when transacting with fiat.

 

[cmoneyspinner]

At the moment there are not places where I shop or bills that I pay that can be paid using crypto. I need fiat. That's why I sometimes sell crypto to others who will buy my coins. I also use a platform like Coinbase that allows me to convert my crypto to USD. The only advantage of crypto over fiat is that some sites pay interest on your cryptocurrency and those interest rates are higher than what the bank pays you on your fiat.

 

[Suba]

Before I discuss crypto's advantages over fiat money, it would be nice for us to first understand the characteristics of cryptocurrency, namely Digital, Peer-to-peer, Global, Encrypted, Decentralized. So it will be easier and faster for us to receive and send crypto than fiat money, Crypto can be used as an investment, especially buying when prices are low and selling when prices are high, whereas if you save fiat money its value will decrease due to the influence of inflation. Crypto cannot be counterfeited but you will often find counterfeit fiat money.

 

[DominionAJ]

The advantage of cryptocurrency over fiat lies in your investment, most especially during bull run there are more advantages to holding crypto currency than holding fiat.

 

[ImamShaheb]

The advantage of cryptocurrency over fiat lies in your investment, most especially during bull run there are more advantages to holding crypto currency than holding fiat.

But most of the money is made on Bear market...
That's the time when we should accumulate potential gems & bull market is the time when you enjoy the profit*


Just giving an example~

 

[DominionAJ]

But most of the money is made on Bear market...
That's the time when we should accumulate potential gems & bull market is the time when you enjoy the profit*


Just giving an example~

View attachment 59174

Exactly my point here, I mean when you buy cryptocurrency during the bear market and hold, it will be of a very good advantage during the bull market than having fiat because you will make a lot of profit.

So always learn to buy during the bear market so you can make more profit during the bull market.

 

[Zeddicus]

Before I discuss crypto's advantages over fiat money, it would be nice for us to first understand the characteristics of cryptocurrency, namely Digital, Peer-to-peer, Global, Encrypted, Decentralized. So it will be easier and faster for us to receive and send crypto than fiat money, Crypto can be used as an investment, especially buying when prices are low and selling when prices are high, whereas if you save fiat money its value will decrease due to the influence of inflation. Crypto cannot be counterfeited but you will often find counterfeit fiat money.

Yeah. I'm an investor who have invested in some cryptos on reputable exchanges like Binance & Bitget and I do found that to be true to some extent.

 

[ImamShaheb]

Exactly my point here, I mean when you buy cryptocurrency during the bear market and hold, it will be of a very good advantage during the bull market than having fiat because you will make a lot of profit.

So always learn to buy during the bear market so you can make more profit during the bull market.

Analysis also works! Imagine someone is DCAing this gem in this bear market~

 

[lamturna8g]

I completely agree with the points made in this article. The decentralization of cryptocurrencies, in particular, is a game-changer. It's empowering to have control over your own financial assets without relying on centralized authorities.

 

[hanturanuh]

While low fees and fast cross-border transactions are indeed attractive features, I've heard concerns about the environmental impact of cryptocurrencies, especially Bitcoin. How do you think this issue fits into the overall discussion of crypto advantages and disadvantages?

 

[mantruanh]

Another advantage worth mentioning is the potential for financial inclusion. Cryptocurrencies have the potential to provide access to financial services for the unbanked and underbanked populations around the world, which is a significant step towards a more inclusive global economy.

 

[muariufoa]

While the privacy aspect is appealing, there have also been concerns about cryptocurrencies being used for illicit activities due to the anonymity they offer. How do you think these concerns can be addressed while still preserving the privacy benefits?

 

[xabadikaaa]

It's refreshing to see an article that acknowledges the benefits of cryptocurrencies. They have certainly disrupted the financial industry and offered more efficient and accessible ways to handle finances. However, it's crucial to remember that, like any technology, they also come with their own set of challenges.

 

[DominionAJ]

Analysis also works! Imagine someone is DCAing this gem in this bear market~ View attachment 59197

Yea analysis works as well. Even while in the bear market you can still keep making your cool money without any hindrance.

 

[ImamShaheb]

While low fees and fast cross-border transactions are indeed attractive features, I've heard concerns about the environmental impact of cryptocurrencies, especially Bitcoin. How do you think this issue fits into the overall discussion of crypto advantages and disadvantages?

If we're talking about environment,
How is the current economic system supports our environment? Current one more threatening compared to crypto!

 

[ImamShaheb]

While the privacy aspect is appealing, there have also been concerns about cryptocurrencies being used for illicit activities due to the anonymity they offer. How do you think these concerns can be addressed while still preserving the privacy benefits?

Culprits can never escape,industries doesn't matter. Previously we've seen how the whole crypto space stepped forward to prevent some malicious steps of hackers, even big players of the industry(Bitget/Nance/Kucoin..) took serious steps faster. Without revealing the culprit's indentity a lot of lost money has been retrieved previously.!