Both fiat money and cryptocurrency deliver this utility, but are different in a number of key ways . Fiat money is legal tender whose value is tied to a government-issued currency, like the U.S. dollar, while cryptocurrency is a digital asset that derives its value from its native blockchain.
Read moreDoes Phemex require KYC?
To fully enjoy all Phemex features without limitation, we highly recommend that you complete KYC .
Read moreWhich header option must you click first to find our OTC trading Page Phemex?
Before you can use our OTC service, you must first enable your OTC account. Click on the Buy Crypto with Bank Transfer under the Buy Crypto header option. On the OTC Trading page, click the slider button next to “OTC Account Status” on the right side of the page.
Read moreAre fiat currencies backed by commodities like gold Phemex?
Fiat currency is any money issued by a government or central bank and not backed by a commodity such as gold . Fiat currencies derive their value from the trustworthiness and stability of the governments supporting them, along with the laws of supply and demand.
Read moreWhat is the major difference between fiat currency and cryptocurrency?
Fiat money is legal tender whose value is tied to a government-issued currency, like the U.S. dollar, while cryptocurrency is a digital asset that derives its value from its native blockchain .
Read moreIs cryptocurrency better than fiat?
Investors buy these cryptocurrencies through exchange platforms for normal or FIAT currencies. Many investors claim that cryptocurrencies are much more beneficial than FIAT currencies . These claims can be true since the cryptocurrencies provide more perks where FIAT currencies are just beneficial when you own it.
Read moreIs cryptocurrency a fiat currency?
The term fiat currency is commonly used to distinguish regular money from cryptocurrency , a digital payment form that can exist without a central bank.
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