The use of Cryptocurrencies instead of Fiat - ft. SmartCash

in #smartcash7 years ago (edited)

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Why use Cryptocurrencies instead of Fiat?
ft. SmartCash

SmartCash is an up and coming Cryptocurrency which really has focused on p2p implementation for merchants.

In this article I will go through what makes SmartCash a widespread cryptocurrency for merchants and the pros and cons of SmartCash, aswell as explaining differences between Crypto and Fiat.

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Cryptocurrency vs. Fiat Currency

To begin with I will shortly explain how cryptocurrencies differentiate from fiat currencies.

Fiat currencies are bound to central banks and the governments and lets them control the supply.

On the contrary, cryptocurrencies are a form of digital currency which operate independantly of central banks.
The user is their own "bank".
This makes them global,flexibel and decentralized since they are not bound by regulations or banks.

The introduction of cryptocurrencies is especially interesting in countries facing hyperinflation since the cryptocurrency retains its value regardless of how the inflated fiat currency stands. This can be seen in countries like Venezuela, Zimbabwe, and Sudan which are currently facing hyperinflation. The use of cryptocurrency in countries like this is a perfect way to circumvent the crashing native currency. SmartCash has a few cooperations with companies in countries like that and it's an interesting development to follow.

Something crypto and fiat currencies do have in common is the fact that they can be used as a medium of exchange and store of value and SmartCash is perfectly suited for that.

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Pros & Cons

SmartCash Pros

  • SmartCash has no countries name on it and is decentralized.
  • No bank has control over the supply, every Smart is generated with the blockchain with set algorithms by Mining/SmartRewards/SmartNodes.
  • Transactions are saved in an open, transparent ledger. No Smarts can be cheated into the system, meaning SmartCash is FraudProof.
  • SmartRewards incentivizes long term holding and works as a price stabilization mechanism.
  • Transactions are incredibly quick and transactions fees are minimal (0.001 Smart, 0.00025$). InstantPay with the support of the already big SmartNode network will make transactions even faster.
  • SmartCard opens up new business models for 3rd party merchants by introducing a physical card for SmartCash to be traded with.
  • SmartCash has a voting system which resolves around the communities proposals to promote growth.
  • SmartCash is accessable to everyone, no matter location nor economical status.

SmartCash Cons

  • Cryptocurrencies as a whole, SmartCash included are a relatively new technology and isn't that widespread yet.
  • Since its decentralizated state, there are no regulations and no safety nets to fall back on. Everyone is bound to do their own research and act as their own bank. Mistakes are not as forgivable as in centralized systems.
  • Considering the threat of ruining business models such as use of Visa/MasterCard and usability replacing Fiat. Nobody knows the future regarding regulations against cryptocurrencies.
  • As of now, there are only a few places to purchase SmartCash. Note: More exchanges are coming soon and this con will dissapear.
  • It will take time for widespread implementation.

Overall. I see the future of Crypto and SmartCash very bright. A lot of things are coming up in 2018 (check the roadmap) and more and more implementation with merchants and more acceptance by the general population will promote the growth of SmartCash and crypto even more.

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If you would like to learn more about SmartCash please visit https://smartcash.cc/

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Σ$$$ Tipped @allemeister Σ15 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.221 USD per SMART. Current value of the tip is $3.31 USD. To find out more about SmartCash, please visit https://smartcash.cc.

Cheers mate :)!

SmartCash is indeed revolutionary, it promotes real freedom and true financial security.

Hopefully it succeeds as much as we believe in it :D! Big year ahead.

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I think it's still a long long way to go for cryptos to replace fiat. For me a more realistic scenario would be the co existence of both fiat and cryptocurrencies.

Yeah, overall that's very true. But there's plenty of good oportunities for crypto to be adopted where the fiat currency is weak and keeps going down.

Yep definitely!! Just saw a video on how to use a shift card by linking it with coinbase and paying with LTC or ETH. Don't know exactly what a shift card is, but it's a visa card and you can actually pay anywhere with that!! How friggin awesome is that :D