However, to access these more established cryptocurrencies using
the more traditional fiat currencies, interfaces provided by payment gateways must be applied.
Not exact matches
Analysts believe that investors are gradually beginning to pay
more attention to these assets since they are unrelated to a country's economy — unlike
fiat currencies and other
traditional forms of money exchange, which are extremely vulnerable to internal and external economic shocks — leading to the popularity of cryptos such as bitcoin and a few others.
To take profits, a client must sell their BTC, Litecoin, etc. convert it to a
traditional fiat currencies like USD or EUR and withdraw into a
more traditional financial institution like a bank or Paypal, Neteller, etc..
In
traditional fiat currency systems, government simply prints
more money when they need to.
Sputnik: Are cryptocurrencies working on the blockchain any
more vulnerable to hacking than
traditional fiat currencies?
What many fail to realize is that crypto, when integrated properly, can be utilized as a hedge against
currency inflation / volatility, is safer and faster than the Visa, MasterCard, and Amex, and that these
currencies can be traded by the owner to generate
more profits (a relatively cumbersome process with
traditional fiat currencies).
Depending on how you work the math, performing a transfer in bitcoin can be
more the using a
fiat currency and using the
traditional banking system.
While some asset classes like
traditional commodities and
fiat currencies are
more stable, it's the high risk / high return nature of cryptocurrency investing that has fuelled the explosion in its popularity in recent months.
As cryptocurrency becomes
more accepted in society, the need for digital
currency to operate alongside the
traditional fiat is becoming undeniable.
Is it fair to apply a tax system designed for
fiat currencies, salaries and
traditional assets which can be
more easily tracked, identified and far
more easily recouped if stolen?
One of Bitcoin's greatest value propositions is its known «set in stone» monetary policy and, unlike
traditional government issued
fiat currencies, no person or organisation can debase the value of bitcoin by printing
more money.
Many people are beginning to choose Bitcoin over
traditional fiat currencies because they are globally accessible and the value of the Bitcoin is on the rise, so it'll be interesting to see if this mobile app that has become available is likely to see Windows Phone users become
more attracted to this form of
currency.