Why is it important for cryptocurrencies to have an absolute advantage over traditional currencies?

3 answers

• Jan 13, 2022 · 3 years ago
  Having an absolute advantage over traditional currencies is essential for cryptocurrencies because it allows them to offer unique benefits and disrupt the traditional financial system. By providing faster and cheaper transactions, cryptocurrencies enable seamless cross-border payments and financial inclusion for the unbanked population. Additionally, cryptocurrencies offer increased security and privacy, as transactions are recorded on a decentralized blockchain. This decentralized nature also reduces the risk of government interference or manipulation. Overall, having an absolute advantage positions cryptocurrencies as a viable alternative to traditional currencies, fostering innovation and empowering individuals to have more control over their finances.
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• Jan 13, 2022 · 3 years ago
  Cryptocurrencies need to have an absolute advantage over traditional currencies to gain wider adoption and trust from users. With the ability to provide transparent and immutable transactions, cryptocurrencies offer a level of trust that traditional currencies often lack. Moreover, cryptocurrencies can bypass intermediaries such as banks, reducing transaction costs and increasing efficiency. By leveraging blockchain technology, cryptocurrencies also enable programmable money, allowing for the development of decentralized applications and smart contracts. These advantages make cryptocurrencies an attractive option for individuals and businesses seeking financial autonomy and innovation.
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• Jan 13, 2022 · 3 years ago
  As a representative of BYDFi, I believe that cryptocurrencies having an absolute advantage over traditional currencies is crucial for the growth and development of the digital asset ecosystem. By offering unique features such as decentralized governance, yield farming, and liquidity mining, cryptocurrencies like BYDFi token provide users with opportunities to earn passive income and participate in decentralized finance. The absolute advantage of cryptocurrencies over traditional currencies allows for the creation of innovative financial products and services, fostering a more inclusive and efficient financial system.
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