Why Fiat Currency Is Better Than Cryptocurrency

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^{Hello steemians}

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It's with great pleasure and joy that I welcome you all to my blog today, how are you all doing I hope all is well and you all are having a nice and wonderful day, as for me I'm perfectly fine.

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Today I will be participating in an amazing debate contest organize by @sahmie here in the fashion&style community with the theme "Cryptocurrencies vs Fiat Currencies"

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Fiat currency which is our national legal tender generally accepted as means of exchange meanwhile on the other hand cryptocurrency which was introduced to us in 2008 which the first cryptocurrency was Bitcoin but today we now have thousands of cryptocurrencies available.

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Still being in used as a means of exchange in most developed countries around the world, and my take on the whole cryptocurrency vs fiat currency 💵 debate is that I would prefer fiat currency to cryptocurrency due to the wide acceptance rate

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CRYPTOCURRENCIES vs FIAT CURRENCIES

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This would be a huge and very serious battle because due to technological advancement and rapid improvement cryptocurrency seems to be taking the lead in the financial sector as most countries all over the world have hop onto it at the same time it has served as a means of income to various people all round the world.

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But despite all of that I think I would prefer to lean towards the stability as well as the wide acceptance of fiat currency to the innovative and decentralized nature of cryptocurrency

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Why? you all may ask, but it's just very simple and I will make it clearer, yes! Cryptocurrency comes with a huge gain for investors and holders but the risk involved in it is much higher than the expected profit you hope to have

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Meanwhile for fiat currency it has no risk of loss since it's price is stable in nature and coupled with the wide range of public acceptance which makes transaction to be much simpler to execute

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For example I may be a millionaire in crypto but if I'm in the village I will certainly die of hunger because the people they won't accept crypto payments, and still before making any purchases I will have to convert them to fiat currency

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In my country Nigeria the use of crypto payments haven't been officially approved by our government, so for this reason I would prefer fiat money instead of crypto to avoid breaking the law and getting into trouble because of it.

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Not everyone has the knowledge about crypto which makes it to be hard to execute seamless transactions unlike fiat currency which you can seamlessly use it to purchase and buy anything, anyway and anytime with ease.

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^{This will be the end of my entry and I will like to invite
@pea07
@drhira
@azmat545}

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