The Major Differences between BitCoin One and Fiat Money

Bitcoin One is a newly decentralized cryptocurrency running on blockchain based on Ehtereum ERC20 token.  The token was introduced in April 2018 and since then has been listed on different crypto exchange markets where you can trade the currency. Like any other cryptocurrencies, Bitcoin One aims at helping you gain benefits that the normal centralized banking systems have failed to offer. 

The difference between Bitcoin one and Fiat money

Below I will guide you into the major difference between Bitcoin One as a cryptocurrency and fiat money. 

As you know Fiat money refers to the currency that a government has declared as a legal tender. Fiat money can take the form of physical Euros, Pounds, Dollars, Francs, etc. It can also be represented electronically such as by using bank credit. The government through the central bank controls its demand and supply which affect the interest rates, and you can use it to pay taxes. The unique features of fiat money are as follows

• Issued by the government.

• It has an unlimited supply and can be produced more by the government according to needs.

• The physical way of exchange money.

• A form of coin or paper.

• It is centralized and controlled by the law and banks.

• Its value is determined by the market and regulation.

While

 Bitcoin One or any other cryptocurrency is not a legal tender, and that means it is not backed by the government. Bitcoin One as any other cryptocurrency is the decentralized and digital medium of exchange working based on cryptography. It is more like bank credit and is represented digitally, but there is no government or bank back up. This currency is controlled by a form of an algorithm which determines the supply and demand, and you cannot use it to pay your taxes. The major unique features of Bitcoin One are as follows:

• Created by computers.

• Limited supply and has a place of maximum.

• A digital way of money exchange.

• Presented by a private and public piece of code.

• Decentralized and not prohibited by any single entity or government.

• Its value is not determined by the supply and demand.

Similarities of Bitcoin One and fiat money 

There is no intrinsic variation between Bitcoin One as a cryptocurrency and fiat as both can be called money or currency. They are both used as mediums of exchange where both are used to store and transfer value. You can use both to purchase goods as well as services. Their value is based on supply, demand, scarcity, work and other economic factors. Also, the value of both is affected by the quality of the ecosystem surrounding them. You can trade both on exchanges. In reality, there are more alike and can be used to accomplish similar things.

Bitcoin One is a cryptocurrency and cryptocurrencies are the future money. They are more secure, they are fast, involve low-cost service fees, can reach billions of people because it can be easily accessed compared to fiat money. There is a good future for Bitcoin One, and you have a chance to hold the token now to be part of the better future.

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