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Why Digital Money Needs Fiat Currency

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January 28, 2018 | 

1846 Views | 

Joanna Newman | 

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As opposed to fiat currencies, which are backed by real, physical gold or cash, cryptocurrencies are not backed by any physical asset.

These new forms of currency make it possible to easily transfers funds between users and also, eliminates the need for an intermediary, such as a bank or Paypal.

Cryptocurrencies operate by using a decentralized system that spreads itself out across a network of its users. Therefore, the only way that the system can collapse is if all the computers that are part of the network were to go offline at the same time.

Even if fiat currencies are being phased out, it is important to remember that they have been an important part of the way we have managed out economic activity over the past several centuries. And, as experts like Tim Sawson agree, cryptocurrency will always need traditional money for reasons of stability and liquidity.

A Volatile and Unstable System


Bitcoin

price of $20,000 near the end of 2017







Youbit, a South Korean exchange

Long Live Fiat Currency





Fiat Currency Remains the Basis of Earnings






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