Crypto vs FIAT: Advantages of Cryptocurrencies Over Fiat Currencies 

cryptocurrency vs fiat

The public has grown increasingly interested in cryptocurrency over the past few years. Everyone is interested in digital currencies. Bitcoin is no longer a strange word. Even those who haven’t started benefiting from the market, have an idea of what it is. Cryptocurrencies are emerging as alternative modes of exchange compared to cash and credit cards.

What are the Advantages of Cryptocurrencies Over Fiat Money?

1. Cryptocurrency Offers More Security

After a cryptocurrency trade is authorized, it’s irreversible unlike in charge-back transactions permitted by credit card companies. It protects the user from the kind of fraud that may occur between a buyer and a seller. Thanks to the distributed ledger and implementation of smart contracts, people can exchange valuables across continents with the click of a button without any risk of fraud. Only authorized individuals will have access to transactions that are made on a blockchain network. This doesn’t mean hackers can’t hack a cryptocurrency wallet. However, there are many safety measures users can employ to protect their cryptocurrencies that may not be applicable with fiat money.

SEE ALSO:   Ethereum Price Analysis: Ether to USD Trading Pair Continues to Gain Support

2. Cryptocurrency is More Accessible

Your traditional bank account can be frozen, but it is unlikely for your cryptocurrency account to be frozen as they are not bounded by most laws and regulations that give way for account freezing. Also, anyone with internet access can buy cryptocurrencies without the need for rigorous scrutiny by regulatory bodies. Those who do not have access to traditional means of exchange can get involved in the cryptocurrency industry.

3. Cryptocurrency Transactions Have Lower Transaction Fees

Processing transactions in traditional banks require processing fees just like on the cryptocurrency industry. However, the costs for cryptocurrency transactions are low and sometimes free for transactions that are exchangeable over the network.

SEE ALSO:   Ontology (ONT), EOS (EOS), and Qtum (QTUM): Your Top 3 Cryptocurrencies to Invest in this Month - June 2018 Price Predictions News

Every technology comes with advantages and disadvantages, and cryptocurrency is not an exception. You need to weigh the benefits to know if they are worth the disadvantages. As advantageous as cryptocurrencies are, there are still many people, especially in developing nations, who have no idea what cryptocurrency is.

loading...

Legal Disclaimer: The content of this website (smartereum.com) is intended to convey general information only. This website does not provide legal, investment, tax, etc advice. You should not treat any information on smartereum.com as a call to make any particular decision regarding cryptocurrency usage, legal matters, investments, taxes, cryptocurrency mining, exchange usage, wallet usage, initial coin offerings (ICO), etc. We strongly suggest seeking advice from your own financial, investment, tax, or legal adviser. Neither smartereum.com nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from smartereum.com.

SEE ALSO:   An investment in Wanchain (WAN) Could Pay Big In The Longterm. Here’s Why

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Get Smart About Crypto!


Promise we won’t spam you!

We Are Hiring

Click here if you would like to join one of the fastest growing blockchain news companies in the world!