As an advocate for cryptocurrency, I often get questions like this:
‘Are you sure Bitcoin is safe?’, ‘Do you think bitcoin will go below XYZ?’.’Is bitcoin better than Fiat?’ and the ultimate of them all, ‘Will bitcoin replace fiat?’
So, here’s my answer:
Bitcoin will not replace fiat completely. We need both in circulation to earn profits/interests.
If there was no volatility in the value of fiat and bitcoin, no one would make profits.
For bitcoin to effectively be an asset of value, you need something to measure the value with. For example, If one bitcoin was one bitcoin, not say $10000 or $50000, how would you know it was worth that much?🤷🏽♀️
Anyway, I choose bitcoin over fiat because:
- Fiat can get torn.
- Fiat can go missing without any traceability.
- Fiat can get to a point of zero value (right now, Nigeria’s N5 and N10 notes are entering that zone due to inflation)
- Fiat is debt to your finances because inflation reduces its purchasing power and makes you need more(in this case, most people borrow)
So, while both fiat and bitcoin(cryptocurrency) would work together, you are on the safer side if you choose Bitcoin.
You can start investing in Cryptocurrencies today.
LinkedIn: Onyeka Ekwemozor
Twitter: OnyekaEkwemozor
