In the cyberworld, there are two existing types of currencies: fiat and cryptos. Fiat has been long termly used as a commodity both in the real world and the internet. The latter, known as cryptos, is the emerging type of commodity that challenges the former one. Hence, the cryptos that were deemed “harmless” before by the government because they are “JUST virtual money” now endangers the stability of the fiat currency for one significant reason—it solves the problem of fiduciary currencies by granting the holders the full authority and control over their virtual money.
Fiat vs Cryptos: Its Pros and Cons
One of the business entities that has been captivated by the benefits of cryptos in their system is the online gaming houses. Some solely adapt the cryptos like BitCoin, which is the first and most common virtual currency today, as the basic mode of transaction while the others used both types. Below are the pros and cons of fiat and cryptos that are used by people as the basis in utilizing them.
| Pros | Cons | |
| Cryptos | Decentralized | High volatility |
| Less to zero transaction fees since it can be done online. | Potential for large losses due to its high volatility rate. | |
| Transparency is made possible due to the peer-to-peer network review. | ||
| Confidentiality secures the anonymity of each crypto holder. Hence, the government cannot tax them. | ||
| Robust security protects the users’ cryptos from third-party interception. | ||
| Fast and secure transaction because it requires no middleman to carry the deal. | ||
| High return potentiality since its value can skyrocket to thousands of dollars quickly. | ||
| Diversification means cryptocurrencies can be plowed into different crypto assets. | ||
| Fiat | Regulated by the government | Long duration of transactions since it involves a lot of paper works and middleman for transferring and converting the money. |
| Has an established value | High transaction fees are imposed by the banks or any money-wiring service providers. | |
| Can change the interest rates and credit limits | Can be used to get away with crimes | |
| Convenient storing without the use of internet | Fluctuating exchange rate | |
| Ease in investing | Non-resistant to inflation | |
| Prone to counterfeiting | ||
| No backing with something tangible | ||
| Prone to taxes every time you earned it. |
Conclusion
If we based it on the numbers of pros and cons, the cryptocurrency has the upper hand over the fiat currency. If it is applied in online betting sites like viggoslots casino, cryptos like BitoCoins can give the users the advantages due to its user-centric features which are unavailable for fiat currency that is government-centric.