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Date: September 17, 2019, 04:05:52 PM

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Reason why bitcoin is better than fiat: Reason why bitcoin is better than fiat : Nigerialog.com - Nigeria's Premier Online Forum

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Reason why bitcoin is better than fiat

By: Bitssa |Time : September 18, 2018, 09:22:59 AM

We at Bitssa.com believe that Cryptocurrency and fiat currency are the two sides of a coin. Fiat currencies are regulated and recognized by the Government of the day in most countries whereas Cryptocurrencies have become a global phenomenon due to their global presence and acceptance despite being decentralized, unregulated and unrecognized by many Governments in the world. Fiat currencies are stable and mostly they are subjected to artificial inflation in order to control economies whereas Bitcoins are a very volatile currency as its demand mostly runs on the hype created in the market. If we were to draw parallels between the Cryptocurrency market and its functioning with any other market then it is certainly the stock market. Cryptocurrency behaves like shares. The increase in the market price is only due to the demand created for that particular cryptocurrency. Every year, people send almost 500 billion dollars in the form of remittances from developing countries across the globe. This is the amount that can exceed FDI. With international fee varying from 5 to 10 percent for transferring 200 dollars, the number is quite a burden for normal people. Now, the emerging technologies have the potential to assist people in transferring the amount fast and cheap. Utilizing digital currency, even private users can transfer money directly whoever they want through smartphones, of course, with the only rest fee being those taken by the exchange platforms. While conventional money transfer companies had to have carry principal just in case of any delay in international money transactions, capital requirements are very much necessary for companies who use digital currencies.
Africa is one good example to show that the explosion of smartphone technology educated that even developing countries also eligible to lead when it comes to high-end technology. According to a source, more than 60 percent of commerce in Kenya is taking place through smartphone credits as a source of exchange. Everyone can store money and transfer credits to other users, but the only problem is that the fee is too high. Cashing out will cost nearly 20 percent even though the great embracement of the credits result in many customers spending the credits directly without having to pay large amounts in the form of fee.

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