TRADITIONAL MONEY (FIAT) VS CRYPTOCURRENCY (DIFFERENCES AND SIMILARITIES )

We shall start by establishing the main differences between traditional fiat money (Naira, Euros, Dollars, Pounds, etc.) and crypto (Bitcoin, Ethereum, etc.). The main difference would be that crypto is a decentralized and global digital currency, or, in other words, outside the control of the banks and not backed by a central government. As a result, cryptocurrency is immune to the old ways of government control and interference.

Otherwise, there is no fundamental difference. Both fiat currency and cryptocurrency can be called money or currency. Both, in their essence, are mediums of exchange that are used to store and transfer value. Cryptocurrency, as well as fiat currency, can be used to purchase goods and services. Both have their value governed by supply, demand, work, scarcity, and other economic factors. *(e-Zigurat.com).*

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