Fiat or Crypto; You Choose
Hello, and welcome to ML-blog. A page dedicated to providing the best and most exciting content possible. This week's #hivelearners weekly prompt has presented us with yet another opportunity, and in this edition "w6e2," I'll be discussing why I should prefer fiat money or cryptocurrency. As is customary, the theme of this edition is displayed below, as published by the community.
Week 06: Edition 02 ||Physical Money or Crypto||
Fiat & Crypto; What are they?
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Fiat money is government-issued legal tender that is not backed by physical commodities like gold and silver, but rather by the demand, supply, and stability of the issuing government. Fiat currencies are global currencies that are mostly in the form of paper. Fiat currencies include the naira, the dollar, the pound, and the euro, among many others. Trading fiat money gives central banks more control over the economy because they can control how much of it is printed, and this single action can lead to hyperinflation if too much is printed.
Crypto is a type of digital asset that is based on a network that is distributed across many servers. Cryptography is a security system that makes counterfeiting and double-spending nearly impossible. Almost all cryptocurrencies use blockchain technology to create a decentralized network. They are able to exist outside of the control of the government or central authorities due to their decentralized nature. Crypto has the advantage of cheaper and faster money transfers with a decentralized system that does not collapse at a single point of failure, just like everything else. Crypto, on the other hand, has the disadvantages of price volatility and high energy consumption for mining, as well as being easily used in criminal activities. a few examples of crypto include Bitcoin, of Ethereum, Solana, Litecoin, Hive, and others
Why choose one over another?
Having to choose between crypto and fiat currency is a difficult task. Transactions have been conducted in fiat throughout my life, which I have no objection to, but for the past few years, since the call for a cashless economy began, I rarely see myself handling physical cash, or fiat as it is known, unless it comes down to transacting with the local stores next door.
It hasn’t been long I tasted transacting in crypto but the little time I have, I feel like building my world around it. Although, my desires of crypto doesn’t make it the most suitable to use. For developed countries, crypto would be an easy to make choice but that isn’t convenient for developing countries. For this reason, even though I personally prefer crypto transactions, I’d go with fiat as my choice. Maybe, Just maybe, crypto will be preferred in the future.
My reasons are simple and straightforward, personally, crypto is my preference. After all, it is the future but for the time being, crypto isn’t sustainable for developing countries where virtually everything still runs in analogous mode other than digital. As a matter of fact, the e-naira introduced by my country’s government is yet to see the light of the day.
Second, most individuals are not yet well-versed in, or should I say, understand cryptography, and because cryptography necessitates a high level of security, such persons are vulnerable to fraud.
To summarize, fiat still has the upper hand for the time being, but the truth is that crypto is the way of the future.
Thanks for reading
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E-NAIRA I have heard of it and in my country there is also a similar one, its name is DINARAN.
How is that faring?
I don't know for sure, but recently there are those who say it's illegal, maybe because the founders often criticize the government.
slanted issues keep hitting DINARAN
Ours here, the e-naira was dead on arrival.
What caused it?
Wow, I love your view on this. Physical money is cool whereas crypto is cool too mostly for earning and converting to physical cash.
I just made a conversion a few minutes ago and it was great, the naira has lost value indeed, earning in crypto is an advantage to us though we can't transact with it directly until a conversion is made.
Thanks for sharing and ur Markdowns are great👍
We can't be choosing crypto in a country that placed it on bad. For now fiat leads the way until we get comfortable with crypto. Thanks for always reading.
Crypto would definitely keep us afloat, beating inflation and when our crypto earnings are converted, fiat is just sweet in hands.
Crypto first then fiat follows suit, Nigeria is not yet El Salvador and wouldn't be because of the men in power.
Just a good thing #5,000 never saw the light of the day, the country would have been drained dry although it's already dry.
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Just like you said, it's a good thing the #5000 didn't work out. Who knows, the country might have been sold
I agree and accept your views about accepting crypto currency in developing countries
It would take alot of education on the Crypto space and general acceptance for someone who has been used to holding physical cash
I think once everyone has a computer or phone, crypto will be a viable choice?
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Everyone having a computer or phone will really take a long time. If that is the benchmark then it's going to take a long time
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STOPTo support your work, I also upvoted your post!
A time will come when crypto will be used to purchase the most basic of items. We don't know when that time will come just yet, but that time will definitely come.
Thank you for sharing this with us.
Just like you said, that time will come but it will be a lot more difficult for developing countries. Theirs might take even longer time to happen, but we all hope to see that day come to pass. Thanks for reading
Again, parts of your post are apparently spun from other, uncredited sources. For example -
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