One of the major issues with government regulated fiat is that at any moment they can seize it. Giving banks, government, heck anyone the power over your money to me is quite absurd. When banks and governments can shut down transfers due to insufficient funds, who do we trust then? One thing I love about cryptocurrencies is the sheer fact you have instant control of it all, no one can freeze your assets or transfers. That’s one perk of a decentralized currency, you have complete control and regulation of your money and where it goes. With centralized fiat you do not have this security, not to mention they can easily print more at a moments notice and run up the debt even higher that we the people are responsible for.
To shed light on this example take the recent problems China is currently facing: Banks halt cash transfers. The central bank has literally halted all cash transfers due to “system maintenance.” What would you do if you had no access to the money you worked so hard for? Needless to say this completely cripples any trust I ever had in any form of government regulated currency, and banks for that matter. China has a strong economy, not to mention their record breaking purchases of gold to back their currency. Who’s to say the United States isn’t next, considering our $17 trillion dollar debt. Which is one reason why governments want to control and regulate Bitcoin, greed and power.
One reason people are leery about investing in cryptocurrencies is their volatile nature, but the security, instant access and low fees attract many. The benefits of it are outstanding, being basically a world currency and can convert to any given currency in the blink of an eye. Making Bitcoin and other cryptocurrencies highly valuable and sought after. Over the course of time I definitely see people moving away from fiat, and slowly into cryptocurrencies as everything in this day and age is literally digital. Especially as more and more people lose trust in our government, and the banks that house our hard earned fiat.
Who will win the war?