So yea, this is gonna be the very first post ever made on this blog. We will look into what makes crypto better than fiat but also what makes fiat better. I am aware that not everyone will look at it the same way and you have your right to your own opinion.
So what makes crypto ready to replace fiat, but at the same time not? I hope this post would help you understand both the good and bad sides of crypto as payment and the form of money compared to fiat.
Pro’s and con’s
Crypto in a whole is the perfect way to transfer money across the globe with very little fee’s included compared to if you used a bank to transfer money to a different country then the fees could be x100 the amount crypto would cost you depending on where in the world you transfer to.
When it comes to time, well depending on much, if you transfer using money transfer like Western Union it’s about instant, but if you compare to banks to other country’s then crypto is much faster even if it is bitcoin that can take hours to confirm.
Paying for goods or getting paid for your service also has its pros and cons, people can’t chargeback for what they paid for since there is no middleman to do that for the customer, but that said being a customer can be hard since the shop can scam you and you can’t do anything about it and you do not have any security on what you buy since you do not have a middleman to help you get your money back in that case, I mean we do have services like copayments which I see as the crypto answer to PayPal.
Unless you use a cloud wallet like coinpayments or coinbase you are fucked if your device gets lost or broken and you do not have private keys or recovery words somewhere else so that said always make sure to have a backup of that offline or on a USB, never in the cloud.
Investing fiat into crypto could give you a good return but could also lose you a lot since the price of crypto can go anywhere at any point of time and before you notice it you can have lost over $1000 from your investment price but you could also end up earning that amount instead, but where fiat is more stable when it comes to price between all the different kind of fiat’s there is out there.