On his Twitter feed, the CEO Of Binance, Changpeng Zhao, highlighted the characteristics of fiat money 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. The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. Think they missed freedom to transaction and invest, but pretty close. pic.twitter.com/Wt1lh95BKC — CZ 🔶 Binance (@cz_binance) May 4, 2022 Fiat Money And Cryptocurrency 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...
