Can bitcoin solve the problems encountered in fiat currency?

[Potuse]

Bitcoin has been talked to be a digital assets or currency that can solve the major problems that is in the fiat currency . The issue of double-spending is one of the ways that the bitcoin could help in solving some basic problems in the fiat currency.

 

[Planbizzle]

Cryptocurrencies like bitcoin may have the ability to allow real-time, precise financial transactions that conventional fiat money might not be able to. A transparent and secure ledger of all activities is provided by the blockchain technology used in cryptocurrencies like bitcoin, which can also aid in preventing double spending.

 

[Riberet19]

There are some problems that Bitcoin could solve, as you say the problem of double spending, or cross-border transactions, also the excessive inflation that fiat currency has and its devaluation (but Bitcoin could create great deflation too) could also help with the problem of embezzlement and corruption, with everyone being able to access Bitcoin's public ledger, we could know where the money is going from institutions, banks and others.

 

[akinlolu99]

BTC can solve problem encountered by Fiat currency BTC has a way of affecting every currency one way or the other bead USD or YEN currency.

 

[Nomad]

One of the major issues with fiat currency is inflation, fiat currency frequently loses value. Can bitcoin solve this problem.? Certainly not. Bitcoin will even make conditions worse as bitcoin is more volatile than fiat currency.

 

[Heatman]

I am not sure if Bitcoin will certainly solve all the problems and challenges that we face in making use of Fiat currencies. I believe that there are some aspect of the problem faced with Fiat currencies that can be solved by Bitcoin especially when it comes to transaction purposes which making use of Fiat currencies have its limitation and difficulties.