Cryptocurrency, called crypto, in short, entered into this world in 2009 and earned a bad reputation for quite a long time. Bitcoin was designed without a specific objective, but underworld people sensed its anonymous nature and put this coin into the use for their benefits. Bitcoin’s nexus with the underworld for illegal activities tarnished the image of this coin as it happens that living in dishonourable society brings a lousy reputation. Bitcoin is not the same as most people know it. But there are a few fans of this crypto who don’t criticize Bitcoin for its reputation.
Why Bitcoin earned a bad reputation in the beginning
Bitcoin has the wrong people made no fault for its reputation as its adoption in the beginning. True crypto enthusiasts have adopted Bitcoin on its excellent use. Yes, crypto traders are overwhelmed with the performance of Bitcoin in the global trade markets that made more people become its fan. Bitcoin trade has boomed and will further boon in the future. Trading cryptocurrency is a new investment to make money online. You can do it on any trusted platform, you can sign up today. Trading will show that crypto has not corrupted, but a few genuine people are deriving benefits of this virtual money.
Bitcoin is as good as fiat money.
Fiat money is not entirely fulfilling people’s expectations. Many people have big dreams, but dreams are shatters by the continuous devaluation of fiat money. The present value of their wealth is much less than the value at its acquisition. Cash is liquid money, but the liquid has diluted and still ebbing. Fiat money is criticizing the government’s paper-thin promise. People who have recognized the Bitcoin’s potential say, “Bitcoin is as good as fiat,” and they are right in their statement. Bitcoin is liquid gold as it never devaluates like gold metal. The market value of gold has ever surged, and the same thing happens with Bitcoin.
Flaws in the fiat money
Many of you might not have discovered flaws in the fiat money, but this money is undoubtedly displeasing many people because of its drawbacks.
• Fiat currencies are considered stable money, but it is not always accurate as this money loses its value through a devaluation process. Economic recessions and inflationary trend ever witnessed in world economies justify devaluation of fiat money. Government control over fiat money fails to curb inflation. The governments also fail to fulfil a paper-thin promise.
• The power of the government to print unlimited currency also gives power to the government to steal resources from the fiat money users. The government can inflate the currency as a consequence, prices go up, the benefit of which goes to the government.
• The government can demonetize currency bills of any denomination, as it happened in India in the recent. A lot of money bills go waste like trash. It is a significant loss to the people as well as the government.
• Paper itself has no value; the value of paper bills can also drop to zero because of value-losing potential of this money.
These problems that are inherent to fiat money can never be averted. It is the primary reason why people want a change. Why are they looking for a change in the monetary system? A lot of wealth has already gone waste due to the policies of the government that will never think in favour of its people. In the fiat-money circulation, the government creates wealth, but its people lose the benefits of their savings. The government withdraws people's wealth by various means, and people have no way to save their money.
How cryptocurrency can correct the flaws
Cryptocurrency will fix all the flaws of the fiat money. Let’s see how cryptocurrency does it.
• Cryptocurrency is not viewed as stable money but has never devaluated; Bitcoin’s value mover up from zero to several thousand dollars. Crypto is somewhat more durable than fiat.
• Crypto has the permission of limited production under a protocol. For example, the volume of Bitcoin is restricted to twenty-one million. Its value is, thus, not affected by recession or inflation.
• Since cryptocurrency is a digital currency existing in the virtual environment, it cannot be demonetized.
• Bitcoin’s value can never go back to zero.
Crypto, when regulated, will never give a boost to corruption. It is clean money for genuine transactions.