Does cryptocurrency really exist? And what is the difference between a currency note and a bitcoin?

Does cryptocurrency really exist? And what is the difference between a currency note and a bitcoin?

The answer is something like this:

• Both the cryptocurrency and the fiat currency (ie dollar or Pakistani rupee) have no personal value or intrinsic value.

• Traditional currency is centralized or closed, meaning that the government or any responsible institution can run it at its own discretion, while cryptocurrency is decentralized which does not operate under the authority of any institution or government.

• The traditional currency can be printed by the institution at any time and in any number and the price falls in case of inflation. While cryptocurrency is limited in its own right, it cannot be created arbitrarily.

• All records of traditional currency and its transfer are permitted by the Central Bank, while fees, taxes and various types of compensation are also deducted during the transfer which prevents the buyer from reaching the seller. This is not the case with cryptocurrency, it is limited to the giver and the taker.

• Traditional currency is recorded in the bank's digital ledger which can be easily tracked and your wealth is at risk of ever freezing while in cryptocurrency your wealth is wholly owned by you.

• The physical form of a traditional currency is a paper note or a coin, while a cryptocurrency is simply a form of computer data. That is, it does not have a physical form.

• Counterfeiting is possible in traditional currency, while cryptocurrency can never be counterfeited.

• Traditional currency notes do not have a record of how many notes are circulating in the market, as a result there is always a risk that the value of the notes will fall while cryptocurrencies remain favorable even in times of high inflation. For example, the total number of bitcoins in the world is 21 million, they can never be more. Therefore, there is no risk that their value will be lost due to hyperinflation. Thus, there will always be uniformity or increase in purchasing power.