CRYPTO-CURRENCY VS FIAT CURRENCY

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Cryptocurrency is completely different from fiat currency with the fact that it is totally decentralized i.e. not under the control of the government. Fiat currency is the currency monitored by the government which has its value because people require it in order to pay taxes. The meaning is simply that if you’re using this money too much or not using it at all, both the situations can be troublesome to you.

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C R Y P T O C U R R E N C Y V S F I A T C U R R E N C Y R I L C O I N . I O

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C R Y P T O C U R R E N C Y Cryptocurrency is completely different from fiat currency with the fact that it is totally decentralized i.e. not under the control of the government. It gives a right to an individual to acquire right on his/her money. The technique used in production as well as distribution of cryptocurrency is also fully decentralized.

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F I A T C U R R E N C Y Fiat currency is the currency monitored by government which has its value because people require it in order to pay taxes. The meaning is simple that if you’re using this money too much or not using it at all both the situations can be troublesome to you. So one must have to take care that these situations don’t get generated in order to make every processing legalized.

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B A S I C D I F F E R E N C E S I N C R Y P T O F I A T C U R R E N C Y 1 . Fiat currency offers physical medium of exchange whereas cryptocurrency allows exchanging digitally. 2. Fiat currency is availed by government whereas cryptocurrency can be controlled by an individual and it is being produced by computers through mining process. 3. Fiat currency is completely under the control of government Cryptocurrency is fully decentralized i.e. without any involvement of central authorities.

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4 . F i a t c u r r e n c y c a n b e r e p r e s e n t e d a s c u r r e n c y n o t e s c o i n s a s w e l l a s b i l l s C r y p t o c u r r e n c y b e i n g a d i g i t a l c u r r e n c y c a n b e s e e n i n t h e f o r m o f c o d e 1 p r i v a t e 1 p u b l i c . 5 . V a l u e o f F i a t c u r r e n c y i s d e c i d e d b y t h e g o v e r n m e n t a c c o r d i n g t o m a r k e t c o n d i t i o n s V a l u e o f c r y p t o c u r r e n c y i s d e t e r m i n e d a c c o r d i n g t o t h e l e v e l o f s u p p l y a n d d e m a n d . 6 . F i a t c u r r e n c y c a n b e g e n e r a t e d b y t h e g o v e r n m e n t a c c o r d i n g t o m a r k e t r e q u i r e m e n t s b e c a u s e t h e r e i s n o t l i m i t d e c i d e d . B u t t h e c r e a t i o n o f c r y p t o - c u r r e n c y i s l i m i t e d t o c e r t a i n e x t e n t . 7 . E x a m p l e s o f F i a t c u r r e n c y a r e U S D U S D o l l a r a n d J P Y J a p a n e s e Y e n e t c . w h e r e a s e x a m p l e s o f c r y p t o c u r r e n c y a r e B T C B i t c o i n E T H E t h e r e u m a n d L T C L i t e c o i n e t c .

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8 . F i a t c u r r e n c y i s g e n e r a t e d b y e a c h c o u n t r y ’ s m i n t t h a t i s c o n t r o l l e d b y t h e g o v e r n m e n t o f t h e r e s p e c t i v e c o u n t r y . C r y p t o c u r r e n c y i s g e n e r a t e d b y u s i n g t h e c o m p u t e r i n w h i c h e x t r e m e l y d i f f i c u l t m a t h e m a t i c a l p u z z l e s a r e b e i n g s o l v e d a n d t h e r e w a r d f o r t h e r i g h t s o l u t i o n i s d i g i t a l c o i n s . 9 . O n e c a n a c q u i r e F i a t c u r r e n c y a s s a l a r y / w a g e b y p e r f o r m i n g s a l e s a s a r e s u l t o f i n v e s t m e n t a n d a s a r e w a r d f o r w i n n i n g l o t t e r y o r p r i z e m o n e y . C r y p t o c u r r e n c y c a n b e a c q u i r e d b y t h e p r o c e s s o f m i n i n g c r y p t o c u r r e n c y e x c h a n g e s o r v i a s a l e s . 1 0 . F i a t c u r r e n c y i s u s e d t o f u l f i l l a l m o s t a l l p u r p o s e s w i t h i n a c o u n t r y a n d s o m e p o w e r f u l c u r r e n c i e s l i k e U S D E u r o a n d Y e n a r e u s e d g l o b a l l y t o m a n a g e i n t e r n a t i o n a l c o n t r a c t s . C r y p t o c u r r e n c y c a n b e u s e d m a j o r l y f o r o n l i n e o p e r a t i o n s t o b u y o r s e l l a n y t h i n g k e e p i n g t h e i n t e r n e t a s t h e b a s e .

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1 1 . W h i l e u s i n g F i a t m o n e y u s e r s c a n g e t p a y m e n t s o f i n t e r e s t b u t n o i n t e r e s t s a r e a s s o c i a t e d w i t h c r y p t o c u r r e n c i e s b e c a u s e o f 0 i n v o l v e m e n t o f g o v e r n m e n t . 1 2 . U n l i k e F i a t m o n e y C r y p t o c u r r e n c y d o e s n ’ t g e t a f f e c t e d b y i n f l a t i o n o r a n y m a r k e t f l u c t u a t i o n s . I t s v a l u e d e p e n d s o n l y o n t h e d e m a n d s u p p l y i . e . c r e a t i o n i s k e p t l i m i t e d . 1 3 . I t i s p o s s i b l e t o c o u n t e r f e i t F i a t C u r r e n c y b e c a u s e i t i n v o l v e s t h i r d p a r t y i n t e r f e r e n c e . B u t t o c o u n t e r f e i t c r y p t o c u r r e n c y i s n e x t t o i m p o s s i b l e a s i t i s b e i n g s e c u r e d b y c r y p t o g r a p h i c c o d e .

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c r y p t o c u r r e n c i e s a r e a l l r e a d y t o c h a n g e t h e w a y p e o p l e t h i n k o f m o n e y . I t h a s a l r e a d y r e v o l u t i o n i z e d m i n d s e t o f p e o p l e . T h e m a j o r p o p u l a t i o n h a s a l r e a d y s t a r t e d b e l i e v i n g i n i t b e c a u s e o f e x c e s s i v e s e c u r i t y e a s e a n d f u t u r e p o s s i b i l i t i e s . T h o u g h B i t c o i n i s b e i n g u s e d m o r e t h a n a n y o t h e r c r y p t o c u r r e n c y s l o w l y p e o p l e a r e i n v e s t i n g i n o t h e r o n e s t o o .

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T H A N K Y O U w w w . r i l c o i n . i o w w w . f a c e b o o k . c o m / r i l c o i n w w w . t w i t t e r . c o m / r i l c o i n Stay with us for next article

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