blessingc
Active member
Do you think the world will be a better without fiat currency because of crypto?
Fiat currency otherwise known as paper money is a government note issued as a legal tender for the exchange of goods and services. Bank notes gives proficiency in transactions.
Before the fiat was introduced, transactions weren't easy because of the stress of carrying good, coins and other currencies to distance places and carrying much coins in the pocket gives much stress. But fiat currencies are not so, it ensures smooth and fair transactions. It gave us the best on how trade should be, but as the world kept advancing, emerging technologies came up. In 2009 the first decentralized cryptocurrency Bitcoin came up to the limelight and it brought the world's attention to crypto currently as time went on Ethereum and altcoins was also introduced. These digital currencies gave a boost to the world economy. And currently most countries has adopted crypto as their legal tender even during crisis and war cryptocurrency is a way out. It also gives individuals the opportunity to save money in crypto and it multiplies massively but with banks it is not so.
Currently in most part of the world the use of fiat currency is on the downward trajectory. But can we succeed without fiat (paper money)? for example, if you are a Bitcoin holder and Bitcoin is operating strictly on peer to peer exchange and the environment you are living in doesn't have Merchants what would be the fate of Bitcon investors or for example I see a woman hawking groundnut along the street and I feel like purchasing the groundnuts for immediate consumption, being that the lady doesn't know anything about crypto then I will be stranded. But if cryptocurrency works conjointly with fiat currency transactions with be conveniently carried out all over the world.
With my little little opinion I think it is better for fiat currency and cryptocurrency to work mutually.
Fiat currency otherwise known as paper money is a government note issued as a legal tender for the exchange of goods and services. Bank notes gives proficiency in transactions.
Before the fiat was introduced, transactions weren't easy because of the stress of carrying good, coins and other currencies to distance places and carrying much coins in the pocket gives much stress. But fiat currencies are not so, it ensures smooth and fair transactions. It gave us the best on how trade should be, but as the world kept advancing, emerging technologies came up. In 2009 the first decentralized cryptocurrency Bitcoin came up to the limelight and it brought the world's attention to crypto currently as time went on Ethereum and altcoins was also introduced. These digital currencies gave a boost to the world economy. And currently most countries has adopted crypto as their legal tender even during crisis and war cryptocurrency is a way out. It also gives individuals the opportunity to save money in crypto and it multiplies massively but with banks it is not so.
Currently in most part of the world the use of fiat currency is on the downward trajectory. But can we succeed without fiat (paper money)? for example, if you are a Bitcoin holder and Bitcoin is operating strictly on peer to peer exchange and the environment you are living in doesn't have Merchants what would be the fate of Bitcon investors or for example I see a woman hawking groundnut along the street and I feel like purchasing the groundnuts for immediate consumption, being that the lady doesn't know anything about crypto then I will be stranded. But if cryptocurrency works conjointly with fiat currency transactions with be conveniently carried out all over the world.
With my little little opinion I think it is better for fiat currency and cryptocurrency to work mutually.
