The battle between Fiat Currency and Cryptocurrency is a very tough and interesting one. While most people see Cryptocurrency as fraud and another smart Ponzi, crypto users and enthusiasts sees it otherwise. In the financial world the battle between Fiat and Cryptocurrency is a strong one.
On different occasions, Financial Giants have stood against cryptocurrency and its use. The likes of China, India and other countries also placed restriction on the use of cryptocurrency in their country.
While some are kicking against the use of cryptocurrency, others are are warmly embracing its use. for example, some top Education institution in United States have secretly been in support of Cryptocurrency. News also have it that some states in the United States are creating a way to allow cryptocurrency as means to pay taxes.
The ultimate question now is will Fiat Currency eventually give way for Cryptocurrency to take over the financial world. Well we have seen emails replace post office and we have seen Mobile Banking replace traditional means of banking. Point is change is inevitable.
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Fiat Currency And Cryptocurrency Head To Head Analysis
Below are some head to head analysis gathered by Mntrends between Cryptocurrency and Fiat.
1. There are more cryptocurrency investment platforms compare to fiat. In fact over the past few years cryptocurrency investment platforms have increased by over 200% while Fiat investment platforms have seen a decreased.
2. Increase numbers of users for cryptocurrency. Although fiat currency still have the highest number of users compare to crypto but cryptocurrency users have increased over the years.
3. Cryptocurrency is relatively useless without Fiat currency. This is still true as most cryptocurrency users have to convert their crypto to local cash (Fiat currency) before they can make use of it.
4. Fiat have a wider acceptability when compared to cryptocurrency. This is especially true as most Banks only accepts Fiat currency worldwide. For example, the Central Bank of Nigeria issued strict warning against the use of cryptocurrency.
5. Return of investment in cryptocurrency is relatively higher compare to that of Fiat.
6. Unlike Fiat currency, most people are still getting use to accepting Cryptocurrency and making use of it.
7. Cryptocurrency users are relatively richer than Fiat currency users. Records have it that even top richest men are into cryptocurrency. The likes of Bill Gates, Floyd MayWeather have spoken good of cryptocurrency.
It all still boils down to the ultimate question, will cryptocurrency eventually make the use of Fiat currency obsolete. We guess time will give a good answer to this question as the stage is still very fresh.
But what if there is a way for Fiat Currency and Cryptocurrency to Co-exist, is that even possible or one must go for the other to be completely accepted. What do you think about Fiat and Cryptocurrency.
Which one should stay and which one should go. Please feel free to use the comment section below to tell use what you think. Please also make use of the share buttons below to share our posts on Facebook and Twitter.