Why The Crypto Currency, When Every Country Is Having It's Own Fiat Currency?

[A K Rao]

Every country in the World is having its own fiat currency and having its own mint or getting the currency printed out from some reliable mints from other countries.

Everyone is happy with the currency of their country and that can be traded with the US dollar and it is listed in the forex also. Internationally, almost every countries Fiat currency can be traded or exchanged with US dollars, Euros, and even with Pounds, which mean they are readily accepted by one and all nations.

Now, my question is despite having such comfortable fiat currency which is widely accepted Worldwide, what is the necessity of introducing crypto currency? Why this total new currency is becoming so popular in masses though people hardly have detailed knowledge about this currency?

It is heard that a lot of energy is needed to mine the crypto currencies. I am really confused to know what is making the people to spend so much of energy and money to replace the already existing Fiat currency of different countries in the World?

 

[Chibson]

Alright I got your question. Cryptocurrency generally is decentralized and no one is in charge of it and I can personally tell you that since I started using cryptocurrency I have not had any issue of payment and not receiving payment. Bitcoin was introduced in 2008 by satoshi. And since then cryptocurrency generally has grown and is mass adoption of the new currency. Now, the main reason crypto was introduced was to give people power over their finances.

 

[sincerem]

Both of them have different purposes, but similar too, cos we use them to pay for goods and services. Crypto is mainly for digital transactions, while Fiat is mainly used for physical transactions. Crypto have eased the burden of receiving funds online, without Cryptocurrency majority of us wouldn't have been able to get their reward online for the job or tasks they do.

 

[Lens1000]

People often misconstrued money for cryptocurrency

 

[Lens1000]

There is a misconception around the fiat currency and cryptocurrency. The two are different and the cryptocurrency can not replace the fiat currency because it doesn't have the attributes of a real money . The cryptocurrency does not have the purchasing power that money has and it will be very difficult to replace each other

 

[Alexandoy]

My take on crypto currency is a commodity that can be traded. Maybe the name is a pretender against the fiat money but I don't think so. The crypto coin is more of a similarity with the stocks which is an industry with the stock market. Now we have the crypto exchange centers which can be considered an industry already.

 

[Yugocean]

My take is also same as @Alexandoy 's.
Actually cryptocurrency does not exists, it is just blockchain based extremely complex mathematical codes; it is people's choice to accept it in a way they like.
Don't worry about mining energy, even fiat money is not printed without producing pollution and wasting lots of energy.

 

[A K Rao]

Both of them have different purposes, but similar too, cos we use them to pay for goods and services. Crypto is mainly for digital transactions, while Fiat is mainly used for physical transactions. Crypto have eased the burden of receiving funds online, without Cryptocurrency majority of us wouldn't have been able to get their reward online for the job or tasks they do.

In India the crypto currency is not a legal entity and we are only permitted to use the fiat currency. This currency is being used to take the needs of the people fulfilled when they want to use this currency physically and the same is conveniently be used to transfer digitally as well. In fact today in our country the fiat currency is being used on digital platform even in rural parts of the country.

 

[A K Rao]

My take on crypto currency is a commodity that can be traded. Maybe the name is a pretender against the fiat money but I don't think so. The crypto coin is more of a similarity with the stocks which is an industry with the stock market. Now we have the crypto exchange centers which can be considered an industry already.

Yes, now-a-days people are using cryptocurrency like the shares in the stock market and trade them. But my point here is that the shares are having some face value and even in the event of worst situation people are likely to get some money out of them, which is not seen in the crypto currency. If the crypto currency vanishes all of a sudden from the market which is quite possible people invested in them will be losing the entire amount.

 

[A K Rao]

My take is also same as @Alexandoy 's.
Actually cryptocurrency does not exists, it is just blockchain based extremely complex mathematical codes; it is people's choice to accept it in a way they like.
Don't worry about mining energy, even fiat money is not printed without producing pollution and wasting lots of energy.

I am really feeling sorry for the people who simply mug up certain things and reproduce them like parrots on the site without understanding them. Could you kindly elaborate when you say that Mining is a "blockchain based extremely complex mathematical codes"? For me everything is a bouncer! Why people can't explain them in simple language? That means either they don't know about the thing themselves or they are investing in cryptocurrency by taking a huge risk.

 

[sincerem]

In India the crypto currency is not a legal entity and we are only permitted to use the fiat currency. This currency is being used to take the needs of the people fulfilled when they want to use this currency physically and the same is conveniently be used to transfer digitally as well. In fact today in our country the fiat currency is being used on digital platform even in rural parts of the country.

Through the posts I've read around the net, I've come to know that Indian lawmakers especially the government, the RBI isn't in support of crypto they have tried every means they can in order to get Cryptocurrency banned. Now it is facing uncertainty even when supreme court verdict stands, still its hanging on the fringes. Its not a legal tender there, only the future will determine if crypto is here to stay.

 

[Yugocean]

Could you kindly elaborate when you say that Mining is a "blockchain based extremely complex mathematical codes"? For me everything is a bouncer! Why people can't explain them in simple language?

Sorry, but that is not so simple to say or make anyone understand, this is because of technical words which cannot be explained via definition and context.
I can simply inform that Cryptocurrency does not exists physically, (you cannot touch, smell or see it) it is just complex codes based in blockchain, even transaction is done in blockchain.​

 

[Josemendez]

Every country in the World is having its own fiat currency and having its own mint or getting the currency printed out from some reliable mints from other countries.

Everyone is happy with the currency of their country and that can be traded with the US dollar and it is listed in the forex also. Internationally, almost every countries Fiat currency can be traded or exchanged with US dollars, Euros, and even with Pounds, which mean they are readily accepted by one and all nations.

Now, my question is despite having such comfortable fiat currency which is widely accepted Worldwide, what is the necessity of introducing crypto currency? Why this total new currency is becoming so popular in masses though people hardly have detailed knowledge about this currency?

It is heard that a lot of energy is needed to mine the crypto currencies. I am really confused to know what is making the people to spend so much of energy and money to replace the already existing Fiat currency of different countries in the World?

Cryptocurrency was Introduced in other to give to the world a digital currency that is decentralized , a currency that can be available to every person in the internet irrespective of your country. A currency that is annoymous which the government can not control. The owner of the coin have full control over his fund.