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RE: What are cryptocurrencies? (Part 1/5 tutorial for beginners)

in #steemit6 years ago

So, obviously, the biggest advantage of cryptocurrencies to normal currencies is that cryptocurrencies are decentralized whilst normal currencies are centralized. This, therefore removes the bureaucracy of past. Most governments are trying very hard to suppress the emergence of cryptos because in their view they fund terrorism. But the advantages here seem to far outweigh their narrow-minded reasoning. Instead of focusing more on trying to fight cryptos, they are well advised to start finding means of incorporating them into their systems.

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You are right, but there is another huge upside: Cryptocurrencies are deflationary while fiat currencies are inflationary.This means that crypto will rise in value while fiat will decrease in value over time.

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