Money is used as a legal tender, it represent the value of goods. The Evolution of money is in 5 stages:
Commodity Money
Metallic Money
Paper Money
Credit Money
Plastic Money
As we all know time moves fast and we get into different generations and things change, the Era of Commodity money came to an end till we got to paper money. Fiat ruled and its times will come to pass and we will all embrace the Cryptocurrency or its phase will not come to an end but it will be used less. Fiat may be spared for the sake of the old age, and those who do not have the privilege to use the internet. If we are to advise someone which form of money to adopt it will be wise to lay down the main difference, disadvantages, and advantages.
Fiat Money:
It is issued by the government
It has an unlimited supply and if produced in large quantities this may fuel the inflation rate
It is centralized which means it is controlled by the state and banks
Cryptocurrency:
Its supply is limited this can help in stabilizing the price
It is produced by computers
Supply and demand determine its value
It is not controlled by entities or government
From my own point of view Crypto is the future because u can transact any amount and send across boarder without limitations and in a few seconds. The only disadvantage is the value is not fixed its variable e.g u can buy $100 worth of bitcoins and maybe after a few days you will be shocked to see the values depreciates or appreciate.
Nice article. Very soon we will not be seeing fiat currencies anywhere again. The crypto currency will take over and rule the world