What is fiat money & why is it the enemy of crypto?

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“What is fiat money & why is it the enemy of crypto?

Have you ever wondered what exactly is fiat money and how it relates to the world of cryptocurrency? Well, let’s dive into this topic and explore why fiat money is often seen as the enemy of crypto.

Fiat money is essentially currency that is issued by a government and is not backed by a physical commodity like gold or silver. Instead, its value is derived from the trust and confidence people have in the issuing government. This differs from cryptocurrencies like Bitcoin, which operate on a decentralized system and have a finite supply.

So why is fiat money considered the enemy of crypto? One of the main reasons is that fiat money is often subject to inflation and manipulation by central banks. This means that the value of fiat currency can decrease over time, eroding people’s purchasing power. In contrast, cryptocurrencies like Bitcoin have a fixed supply, making them resistant to inflation.

Furthermore, the traditional banking system that relies on fiat money can be slow and expensive when it comes to transactions. If you want to change BTC to USDT or buy BTC with a card, you may encounter high fees and lengthy processing times. Cryptocurrencies offer a more efficient and cost-effective alternative for transferring value.

In summary, fiat money and cryptocurrencies operate on different principles, with fiat money being tied to government control and inflation, while cryptocurrencies provide a decentralized and efficient means of exchange. As the popularity of cryptocurrencies continues to grow, the limitations of fiat money are becoming more apparent. The choice between the two ultimately comes down to individual preferences and beliefs about the future of money.”

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