The Difference Between Fiat Currency and Cryptocurrency! | 10% for @tron-fan-club
Hello All Tron Fan Club Member's Assalamualaikum
Hope everybody is doing well mentally and physically. You are also having a good time with your family. I'm fine Alhamdulillah. Today I will discuss with you about Fiat currency and cryptocurrency. I will try to distinguish between the two. I hope you like it.
When we trade cryptocurrencies or different coins on different external exchange sites. And then when we withdraw them, we see two options in our wallet or at the time of deposit, one is crypto and the other is fiat. A lot of times we get in trouble about crypto and fiat. Especially for those who are new to different external sites, these two currencies seem to be a lot of trouble. Anyway today I discussed this. And trying to differentiate things very easily. To help you understand, I shared a screenshot of my binance account.
screenshot taken from my binance wallet
What we actually use as currency is called fiat currency. Which has interchangeable and real existence. These stores are run by the government or the state. These are not just unique values. These types of currencies are managed by the central bank. This currency is printed by the central bank. Such as Bangladeshi currency or US dollar, European currency Euro, Russian currency ruble etc.
Cryptocurrency means we all know what a digital currency is. In reality there is no existence. It is not regulated by any central bank. Not even controlled by the government of any country. It is decentralized. So they have no control.It is based on blockchain technology. These can be transacted very quickly in any country with any person keeping their information confidential with security.
Some differences between fiat currency and cryptocurrency
| Fiat Currency | Cryptocurrency |
|---|---|
| These currencies are centralized and produced by the government through specific tenders. | It is decentralized. And based on blockchain technology. |
| This type of currency is mainly managed by the central bank. This requires a third party to the transaction. | It is decentralized so it has no controller. It can be transacted directly from one person to another. No third party is required here. |
| There are many such coins and they are printed for the need. | Cryptocurrency is limited. It is not easy to print if you want. |
| Such coins are exchangeable. | But cryptocurrency is digitally exchangeable |
Hopefully from the discussion of the way you understand the difference between fiat currency and cryptocurrency. When we go to withdraw from various external sites, we have to withdraw Fiat currency while withdrawing from the bank. However one is real currency and the other is digital currency. Thanks everyone.
Much Love And Best Wishes To All
I am Md. Kawsar Hasan. I am a Bangladeshi. I feel very comfortable to introduce myself as a Bangladeshi. An assistant teacher by profession. A writer intoxicated. So I feel very comfortable writing content on different topics. It’s great to know the unknown and learn something new. Love to travel.
Add Me On Facebook
Follow Me on Tweeter
tweet link
Well explained about Fiat currency and crypto currency...
Lots of information given by you..
Keep it up.
It was a good experience to read your post. I learned a lot.keep it up.
Reading your content was a pleasant experience. I gained a lot of knowledge. Keep up the good work.