"Don't fight because crypto and fiat money both have their pros and cons."
It is well known that cryptocurrencies can provide various benefits, but there are some parties who believe that digital assets are also capable of threatening the traditional financial system and fiat money. Therefore, let's go through the explanation below.
Crypto offers several advantages over traditional financial systems, including offering faster and cheaper transactions, better privacy and security, including having direct control over one's own assets.
Along those lines, crypto has been found to be able to provide a useful alternative to traditional financial systems.
However, it should be noted that crypto also has some risks following digital assets operating outside the traditional financial system and not supported by the government.
Therefore, crypto invites greater volatility and uncertainty, where digital assets are more at risk of being exposed to fraud and hacking that can result in significant losses for investors.
However, crypto is seen as posing no threat to government-backed fiat currencies and has legal status as a medium of exchange while digital assets do not have the same level of support.
However, crypto is able to offer various alternatives to fiat money in certain situations such as countries with unstable currencies or high inflation rates.
Overall, an individual should not worry about whether crypto will defeat the traditional financial system and fiat money because it also has its own risks even though it offers some advantages.
