With this technology, the value of the cryptocurrency being used to transact represents an equivalent amount of
Fiat money securely stored in a trusted account leveraged by the AssetChain Platform, therefore saving time and avoiding exorbitant fees, otherwise incurred using traditional methods,' the company added.
Cryptocurrencies or digital tokens are not likely to replace
fiat money anytime soon, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr.
944 last February, 2017 requiring businesses to register as remittance and transfer companies with the BSP if they are engaged in the exchange of cryptocurrency for
fiat money.
The retailers and consumers can choose to use BTC, ETH, LTC, XEM, XLM, QTUM, ACT, DGD, PXS and other cryptocurrencies to conduct the transaction together with
fiat money (Dollars, Rupiah, Baht etc), bank card, mobile wallet or Pundi X PASS subject to local regulations in each market.
Also, in perspective, the
fiat money (government issued money), costs nothing no mining is necessary it is easy to transport and store, and is a perfectly functional means of exchange with most people in a country trusting it.
That opens up profit opportunities for those who don't think
fiat money will collapse, but who calculate that there are many more potential believers out there.
ICOs are typically launched as follows: Write a white paper stuffed with cryptographic jargon, hire a team of coders and industry veterans from the sector your coin belongs to, market your "coin" as being the next big thing among cryptocurrencies or blockchain apps, and receive bitcoins or
fiat money in payment for your coins.
After completion of the ICO campaign our clients will attain the option to exchange and transfer cryptocurrencies to
fiat money using SimcoePay[TM] online banking system, developed and incorporated by Yoritex Inc.
It's basically used as a bridge currency for
fiat money, helping to carry the latter from A to B, says Ripple's current CEO, Brad Garlinghouse.
Fiat monies can be imposed by governments, either by revoking the contractual obligation to redeem for commodity-backed notes or by issuing a
fiat money ex-nihilo.
Incoming royalty payments to the KodakOne system for a particular image will result in 60 percent going to the photographer, who can choose either to be paid in traditional
fiat money such as U.
But so, too, is the idea that even a single cryptocurrency could substitute for
fiat money.
