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Bitcoin Vs Fiat Currency
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Most important differences between Bitcoin & Fiat money
- Control
- Corruption
- Centralisation
- Accessibility
- Limit
- Control
- Corruption
- Centralisation
- Accessibility
- Limit
1. Control
With fiat money, we have no control over our money as governments/institutions can freeze or close your account when they please.
However, with Bitcoin, owners have full control of their wallets and their money.
With fiat money, we have no control over our money as governments/institutions can freeze or close your account when they please.
However, with Bitcoin, owners have full control of their wallets and their money.
2. Corruption
Fiat money enables corruption as the ledgers are private and only visible to institutions meaning they can manipulate numbers if they want.
With Bitcoin, the ledgers are publicly available and numbers cannot be manipulated by anyone.
Fiat money enables corruption as the ledgers are private and only visible to institutions meaning they can manipulate numbers if they want.
With Bitcoin, the ledgers are publicly available and numbers cannot be manipulated by anyone.
3. Centralisation
Government has full control over the fiat money supply which can lead to mismanagement of money and could result in inflation.
Bitcoin is completely decentralized.
Government has full control over the fiat money supply which can lead to mismanagement of money and could result in inflation.
Bitcoin is completely decentralized.
4. Accessibility
Currently, only the individuals that are accepted in the bank system can hold fiat money accounts. There are a set of requirements you need to meet to be accepted.
With Bitcoin, anyone with access to a computer/phone can buy and hold Bitcoins.
Currently, only the individuals that are accepted in the bank system can hold fiat money accounts. There are a set of requirements you need to meet to be accepted.
With Bitcoin, anyone with access to a computer/phone can buy and hold Bitcoins.
5. Limit
Fiat money is not backed up by anything so there is an unlimited amount that can be printed.
However, there are only 21 million Bitcoins that can be mined.
Fiat money is not backed up by anything so there is an unlimited amount that can be printed.
However, there are only 21 million Bitcoins that can be mined.
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