On his Twitter feed, the CEO Of Binance, Changpeng Zhao, highlighted the characteristics of fiat <a href="https://www.cryptoknowmics.com/news/prevalence-of-money-laundering-between-banking-sector-and-the-crypto-industry">money</a> while stating it missed one fundamental property that differentiates it from cryptocurrency; freedom to invest and transact. The features the crypto entrepreneur listed are divisibility, limited supply, acceptability, uniformity, durability, and portability. 

Users who responded to the tweet agreed with CZ highlighting the benefits of cryptos such as Bitcoin and BNB over the fiat currency. 

https://twitter.com/cz_binance/status/1521757826678460416?s=19
<h3>Fiat Money And Cryptocurrency </h3>
Right from the inception of digital currency as a means of payment and exchange, there have been numerous concerns about how crypto is a greater choice than fiat currency. Even as the globe progresses towards a cashless future, very few people understand how different cryptos are from fiat money.

Fiat Money is a currency issued by a state and controlled by a central authority like the central bank. An actual product does not necessarily back such currencies. Instead, it is dependent on the performance of the economy. 

However, a cryptocurrency is digital or virtual money that may be used to trade. Because they are virtual transactions, they rely on encryption technology to process, protect, and validate them.
<h3>Advantage Of Crypto Over Fiat</h3>
In contrast to fiat currencies, cryptos are not regulated by a central authority, such as a government or a central bank. They are entered into a blockchain that cannot be edited or manipulated. 

Furthermore, due to the low transaction costs, cryptocurrencies have become a popular method of transmitting money across international boundaries. Also, cryptocurrency transactions allow for <a href="https://www.bitcoinmagazine.com/.amp/culture/monetary-properties-of-bitcoin">fast payment</a> compared to the conventional currency, which would take days before it is processed. This particular property has won several users over to the crypto community. 

Another feature that has made cryptocurrencies popular is that users do not have to reveal their identities to conduct transactions. However, recent regulation in certain states is fighting to remove the anonymity the crypto community has enjoyed over the years. This move is due to the increased rate of fraudulent activities in the industry.

Although the fiat currency is still in use, crypto is the future of the new digital economy, and numerous financial institutions have already started adding it to their portfolio.

CZ Highlights the Benefits of Cryptocurrency Over Fiat  

Users who responded to the tweet agreed with CZ highlighting the benefits of cryptos such as Bitcoin and BNB over the fiat currency. 

Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is  not writing, he  spends time with his lovely wife and kids.

CZ Highlights the Benefits of Cryptocurrency Over Fiat

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