old vs new: FIAT vs BTC


A friend of mine owed me some money but forgot to pay me back (not intentionally)

I have the same once in a while as well, life just gets in the way and you kinda focus on other stuff.

So I contacted him and gave a small but friendly reminder.

Now the cool thing is that he has a little bit of crypto which was just sitting there. He was able to send me half of what he owed in BTC and the other half should be coming my way on my bank account through a regular wire transfer. Now we live in the same country but use different banks. As such I have no idea when this FIAT will arrive.

This was another reminder for me on the novelty of crypto and (r)evolution of money

BTC

  • Done in 30 minutes and irreversible
  • 24/7

FIAT

  • Somewhere next week (hopefully)
  • Do not need to ask the bank permission to wire my money to someone else
  • Closed on the weekends (even though its an electronic payment these days)

In terms of differences is the fact that FIAT existed for centuries as opposed to being something that has been around for less than a decade in the way that Bitcoin and cryptocurrencies have.
The human race is far more familiar with FIAT then with Digital currencies and people do tend to be afraid of change.

But think about this. In 10 years there will be a whole new generation of young adults out there that have always know Crypto and find nothing strange about owning virtual goods through NFTs
For now the barriers are hight but the ongoing development is making the entry easier and easier.

evolution of monder money (sourced from pixabay.com)

  • My great grand parents used only Cash
  • My grandparents were afraid of creditcards and refused to use them, Cash is king with normal bank cards as a backup.
  • My Parents use creditcards without thinking and have a lot less cash on hand
  • We are almost cashless and have taken on crypto
  • my Children will be Fiatless and pure crypto

Its just the way things evolve. The old must give way to the new and the people that stick to the old and are not open to change will be left behind.

Are you going to be left behind??


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15.11.2019 14:21
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