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Cryptocurrency vs Fiat Money, which is better?
The word “cryptocurrency” was derived from the greek word “kryptos” which means hidden, secrete, and “currency”. In simple terms, a cryptocurrency is a type of currency that takes a digital form, has no central control and little governmental influence. Fiat money on the other hand which is the widely used traditional currency, a government issued currency and most commonly accepted legal tender in many countries but has no intrinsic value thereby making it value heavily dependent on faith in the government. Currencies in general whether cryptocurrencies or fiat money have alternatives so therefore in this essay we will focus on bitcoin and us dollars. At this point you might be wondering or asking yourself questions like what is bitcoin, how does it work, when and who introduced it, are there chances that this currency is here to revolutionize the financial industry?
While the creator of bitcoin remains anonymous, he goes by the pseudonym ‘Satoshi Nakamoto’. Satoshi created bitcoin as part of an effort to curb the centralization and control on digital currencies by the banking industry and governmental agencies. Bitcoin is unique in so many ways when compared to a fiat currency, and one we can’t overlook is the technology in which it was built on, it is called the blockchain. Blockchain is a structure of networks that keep records in distributed databases, in simple terms it doesn’t keep all records of transactions in one place but rather communicates with other servers to store and retrieve information thus giving it the notion that it is decentralized.
Bitcoin is one of many digital currencies, before bitcoin there’ve been others, some examples are liberty reserve, perfect money (both centralized). But what makes bitcoin better than other digital currencies and our traditional fiat money you may ask. Bitcoin has a finite supply. as at 2008 when bitcoin was first introduced there were a total of 21,000,000 bitcoin that could be mine or extracted just as gold has to be extracted from goldmines, bitcoins are mined by solving complex algorithms via mathematical computational methods. There are currently 18,630,000 in circulation although it has been predicted by experts that it is unlikely that all 21,000,000 bitcoins will be mined before the year 2140.
Bitcoin is widely used as a medium of exchange online and offline, for an item specifically a currency to be used as a medium of exchange there has to be a mutual illusion of value. While bitcoin is highly volatile meaning the rates and value fluctuates the currency is virtually immune to inflations unlike fiat currencies, bitcoin at the time of its inception was pegged at the rate of $0.0008 to $0.08 per bitcoin in July 2010 but saw a drastic increase in value of $12 to $15 by 17th-19th of august 2012 but declined over the next few days to $7 per bitcoin, as at April 2021 it reached an all-time high of $65,000 but declined by almost 50 percent in the following weeks.
There are some misconceptions that the anonymity of bitcoin attracts the attention of malicious users which makes it highly unlikely to be accepted as legal tender by governments around the world and then there are some concerns that bitcoins are susceptible to eternal loss since all transactions are can’t be reversed. In actuality while bitcoin offers anonymity to it users, transactions are displayed publicly on the blockchain network which implies that the origin of a particular bitcoin can be traced. While bitcoin’s susceptibility of eternal loss is a topic still open for a debate it is the duty for the user to store their seed phrase offline, imagine a scenario where you wrote down your atm card details and pin on a piece of paper so you don’t have to reach for your atm card wherever you try to make a purchase online, it is likely that someone else might have access to it and use it without your consent.
In summary it is not a secret that we are in a computer age where humanity likely heading towards a future of artificial intelligence possibilities, with the blockchain technology in which bitcoin was built on it has proven to be the most idealist currency for the future. With PayPal’s implementation of bitcoin on its platform as an official means of payment, it is realistic to say that bitcoin is here to stay and is already revolutionizing the financial industry.
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Go crypto

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