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With the friction in the banking system between individuals, businesses and countries still a crippling factor in the world economy, cryptocurrencies and specifically blockchain technology will unlock many barriers that hold back financial prosperity for the many and the few.

Trade your fiat currency for crypto today by signing up for your free account with coinpass.com

Fiat Currency 101: What is Fiat?

Fiat currencies are the hard cash in your wallet and the digits on your phone or computer screen when you logon to your bank account.

Fiat currencies have existed for 100’s of years and each country on earth has its own fiat currency issued by the government.

Fiat currency’s role as a money supply to ensure economic prosperity and facilitate trade between parties quicker and cheaper than with gold or silver. Throughout history many different approaches to using gold or silver to “back” fiat currency partially succeeded but mostly failed. Every fiat currency in history has either collapsed financially, failed to war, economic sanctions or lost more than 95% of their buying power.

If you had £1 in 1970, the buying power of that same £1 in 2020 is the equivalent of £0.07. More than 99% of the GBP buying power has eroded to inflation.

How cryptocurrency compete with fiat currencies?

1) Cryptocurrencies like bitcoin have a fixed supply and cannot be adjusted. The conversion rate between goods and services find a natural balance between supply and demand and market activity.

2) Cryptocurrencies are transparent and all transactions, values, sources and destinations can be tracked in real-time.

3) True Peer-to-Peer transactions are possible as no bank, government or 3rd party are involved in a transaction, only the blockchain network where the network is completely decentralized.

4) Global reach for any currency transaction is possible with anyone with a wallet address on a mobile device, laptop or even piece of paper.

Learn more about Fiat currencies such as GBP & EUR at our coinpass academy

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Disclaimer

Trading cryptoassets (“Cryptocurrencies”) involves significant risk and can result in substantial losses of the customer invested capital. Customers should not invest more than they can afford to lose and should ensure that they fully understand the risks involved. Customers should therefore carefully consider whether trading or holding cryptoassets is suitable in light of their own financial situation and attitude to risk.

Investments in cryptoassets are not covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme.

Coinpass do not make any representations or recommendations regarding the advisability or otherwise of trading in cryptoassets or any particular transaction.

Coinpass Limited is a company registered in England & Wales Company number: 11164834. Registered address: Andrew James House, Bridge Road, Ashford, Kent TN23 1BB.