As I have been learning more and more about cryptocurrency I read about how the fiat currency system is bad, that cryptocurrency is good.  What is so wrong with fiat currency?  It is not a perfect system by any means, but there is really nothing wrong with the system. It is people that either make a system good or bad.  There is nothing inherently good or bad about it. On the same token, there is nothing inherently good or bad about cryptocurrency.  

I really like the idea of cryptocurrency as a alternative to fiat currency. I like the idea of it being for the masses, something that is more fair and equitable. Something that can make it easier to transfer finances, that can be sent to those in need (such as occurred with both fiat and cryptocurrency to the Ukraine). I like the idea of it, I really do. 

However, given my premise that fiat currency and cryptocurrency is neither inherently good or bad, it is the people behind it create problems or successes. One can use both to help others, one is regulated and one is not (at this time).  I read yesterday about what are called "whales" in cryptocurrency.  They are monitored for buying and selling movements. Apparently (I am not sure how to fact check this) there are or had been approximately 10 whales who own 90% of Dogecoin. Ten individuals who buy or sell a cryptocurrency can effectively control the price of a cryptocurrency! This does not help the poor, this is not equitable, this is not better. This is the rich manipulating the system for their gain at the expense of others.  This system is worse than fiat currency. One man can buy Twitter and a cryptocurrency shoots up 150%. This is fun, but not better than fiat currency.  

The Terra/Luna collapse earlier in 2022 is not better than fiat. It harmed a lot of people.  I know, you can site to me multiple situations where this has occurred in the real world with fiat currency. I am not taking sides and saying cryptocurrency is worse than fiat. I am also saying it is not better.  I don't like the taste of that Kool-Aid!

If there is mass adoption of cryptocurrency won't cryptocurrency be just like fiat currency?  Here is an article that makes that very case: https://cointelegraph.com/news/mass-adoption-will-be-terrible-for-crypto

I happen to like both for different reasons. I know you can find problems with both. I know you can find good with both. Regulations in the fiat world help protect people, but also restrict people. Cryptocurrency is unprotected, people can manipulate the system on a whim to make a cryptocurrency shoot up 150% in a day. If I had one million USD into Dogecoin that day, I would have made 1.5 million dollars. However, if the masses had 1 thousand USD in Dogecoin that day, they would have made 1 thousand five hundred dollars. If you sell after that mini run and you have a million invested, that is a nice profit, but do you sell every time you make one thousand five hundred dollars?  Not likely.

I love being involved in cryptocurrency in the relatively early stages, and plan on making some long term investments because I cannot invest large sums of money at this time.  I like both for very different reasons.  

Kool-Aid is not delicious, don't drink it in either case.  Keep an open mind and try not to be emotionally involved in investing, that creates more risk than it needs to.