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RE: It's bitter but truth is truth. Cryptos can never replace fiats.

in Project HOPE2 years ago

Thank you for your post and your thoughts, but as you know every thing has two sides:
Governments typically have a monopoly on the issuance of currency within their borders, and they take steps to ensure the stability and credibility of the currency they issue. They may also regulate the use of other forms of currency, such as cryptocurrencies, to prevent competition with their own fiat money. It is true that cryptocurrencies are decentralized and not issued or controlled by a central authority, which can make them more volatile and subject to fraud or other types of abuse. However, it is also worth noting that cryptocurrencies have the potential to offer certain benefits, such as increased speed and efficiency in financial transactions, as well as greater financial inclusion for those who may not have access to traditional financial services.

It is also true that both fiat money and cryptocurrencies can be subject to fraud and manipulation. With fiat money, there have been instances of counterfeiting, money laundering, and other types of financial crimes. Similarly, cryptocurrencies can be vulnerable to fraud, such as through phishing attacks, hacking, or other types of illicit activities. Additionally, cryptocurrencies are susceptible to accidental loss if the owner loses access to their private keys.

And regarding FIAT money it is possible for someone to lose their fiat money as a result of fraud or counterfeiting. For example, if someone receives counterfeit notes as payment for goods or services, they will not be able to use those notes as legitimate currency, and they will lose the value of the transaction. This type of fraud can occur with any type of fiat currency, including the US dollar, which is one of the most widely used and traded currencies in the world. It is important for individuals to be vigilant when accepting fiat money as payment, and to familiarize themselves with the security features of the currencies they use in order to detect counterfeits. Additionally, governments and law enforcement agencies work to combat counterfeiting and other forms of financial crime in order to protect the integrity and value of the currency.

To be clear counterfeiting has been a problem for as long as currency has existed, and governments and law enforcement agencies have been working to combat it for a similarly long period of time. The methods and technologies used to prevent counterfeiting have evolved over time, and today, most fiat currencies have a variety of security features designed to make counterfeiting difficult. Despite these efforts, counterfeiting does still occur, and it remains a problem that authorities continue to work to address.
It is difficult to completely eliminate counterfeiting, as there will always be those who try to produce and circulate fake currency for their own gain.

However, BITCOIN for instance should be able to solve this problem the rest of all the cryptos can´t and that´s what we actually see and learn ;)

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Thank you so much dear for your valuable thoughts.

However, it is also worth noting that cryptocurrencies have the potential to offer certain benefits, such as increased speed and efficiency in financial transactions, as well as greater financial inclusion for those who may not have access to traditional financial services.

Government can overcome to these problem by simply issuing their own blockchain based currency. It has started in India and other countries are also doing it.

Oh, yes for sure you´re right with the CDBC´s they can overcome that, but one must not play the game like they like to, one can operate an aditional crypto (I prefer BTC) account /wallet and have still personal freedom to spent their wealth for what ever they get with BTC (or similar) in peer to peer transactions so the state does not have the chance to mess with it. That´s kind of a deal with another person in cash just with crypto -without greedy bankers, and information seeking state organizations.

Think of it its your money/crypto not the one from a government or a bank, so you need to have the right to choose what ever you like to do with it (maybe as long as it is legal) without getting headache because of worries that big brother Gov is seeking to have access to your financials.

They also won´t tell you what they do with their own money, right? So why you should do ?

Yes, you are right. However, they still have more chances than crypto lovers as they have authority.

 2 years ago 

Amazing comment buddy

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