What is fiat money
Fiat money is government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.
The value of fiat money derives from the relationship between supply and demand and the stability of the issuing government, rather than from the value of the commodity backing it.
Most modern paper currencies are fiat currencies, including the USD, EUR and other major world currencies. Digital coins were created to be the opposite of national money. But there are many similarities between the two.
Fiat and cryptocurrency are virtually the same in use. They can be used as a means of exchange and payment, investing and transferring.
Both types of currency depend on economic factors and are not backed by a physical product.
Before cryptocurrencies can become the new money, there must be a dramatic change in the economy, acceptance of the assets by the public and recognition by governments.
Many firms and businesses use fiat money to pay salaries and other similar payments. But when it comes to sending a large number of payments, you need to use a variety of services.
These can save time and money, while still being able to make the right number of transactions.
Why and for whom fiat money payments are needed
Many people think of fiat as being exclusively paper money, but in fact it can also be presented electronically.
At the same time, their value is supported by the fiat equivalent. Generally, it is electronic fiat that is used to make one-off and mass payments, as it allows for quick transactions to any region of the world.
The most common use of payouts in fiat is:
- companies of different sizes and types to pay salaries to employees;
- payment for goods;
- credit services;
- payment of taxes, etc.
Cashless payment has been rapidly gaining popularity in recent times, but few know how to make payments in fiat in a particular region.
How to send fiat money with WebMoney?
WebMoney is an international payment system that allows you to make transactions to most regions of the world.
To use this system, you need to create an account and be verified. As a rule, for verification you have to provide:
- telephone number;
- email address;
- personal data (name, date of birth, place of residence, etc.);
- passport photo;
- face photo.
After registering, you will be able to open an account with the payment system. A huge advantage is the ability to both send and receive payments.
WebMoney has favourable conditions, offering minimum fees and instant transfer of funds. The system also has its own exchanger, where any verified user can exchange any currency online.
To send fiat money via Webmoney, simply select the amount and number of payments and then confirm the transaction.
Transactions are instant, so the service is often used to make instant payments and send wages.
How to send fiat money with Qiwi?
It allows for quick transfers to any region of the world, so residents can receive or send payments. The payment system also has its own wallets – which can be created by any user in a matter of minutes if required.
The system supports payments in any fiat currency: dollars, euros, etc. An exchange function is also available – users can exchange currencies directly on the website.
To send fiat money using Qiwi to your card, follow these steps:
- Register with the service and complete a simple verification. This is necessary to gain full access to the service and to be able to use all the features offered.
- Specify the details of the recipient(s) and the amount of the transaction. You can select the desired payout direction on the website, then enter the amount and specify the payee(s) details.
- Confirm the transaction. After that the funds will be debited from your account and sent to the recipient’s card. The fee will depend on the amount to be paid as well as the country to which the transaction is sent.
Qiwi sends payments almost instantly, which is why many users choose it.
How to send fiat money with Capitalist?
Capitalist is a payment system that offers the opportunity to carry out numerous financial transactions:
- withdrawing and cashing out money earned online;
- accepting payments directly on the official website;
- sending bulk payments to clients;
- performing other financial manipulations online.
Verification with Capitalist is compulsory, but once completed, users have access to the service’s many features at the best possible terms.
The service guarantees maximum security for all transactions, making it a client of even the largest business owners.
How to send fiat money with Kuna?
Kuna is a cryptocurrency exchange, but it also offers fiat transactions. This system is quite popular because it offers the best possible terms.
The service is business-friendly, as it provides the ability to make massive payouts in large volumes. You will also be able to exchange fiat into cryptocurrencies and make payments in any currency you want.
The service uses a unique Kuna Code, so all transactions will be as secure as possible. The website is secured, so large transactions will require confirmation.
Transactions can be made to bank cards in most countries, and you can also use merchant or personal codes.
How to send fiat money with Perfect Money?
Another platform that is probably one of the most popular and well-known is Perfect Money.
This platform is a unique payment system with its own affiliate programme, advantageous terms and a wide range of features.
Perfect Money works with the following currencies:
- the most popular cryptocurrency is Bitcoin.
Users can create automatic transfers, making mass payments much easier. The site offers mutual payments, a currency exchange function and many other features.
Perfect Money is considered one of the best known and most popular in the world due to its fast and profitable financial transactions.
Registering on the website takes no more than a few minutes, after which you will get your own account on the website and be able to appreciate all its many benefits.
You will be able to set up automatic mass payments in fiat to the card of most banks at a favourable rate.
Other ways to pay in fiat: using exchangers
In addition to the services described above, you can also use online and offline exchangers that offer the best possible terms.
Cryptocurrency exchangers that work not only with cryptocurrency, but also with fiat are particularly popular lately.
This gives users a lot of advantages:
- simultaneous access to a wide variety of financial transactions: from exchanging cryptocurrencies to sending mass and one-off payments in euros, dollars
- fast execution of all transactions;
- possibility of payments automation to save time;
- low commissions;
- possibility to send payments to cards and payment accounts to any region online.
One of the popular exchangers is Wellcoinex – a service offering favorable and comfortable conditions for every user.
This service is popular around the world and supports most currencies, including cryptocurrencies.
You can set up transactions online and it is also possible to exchange fiat into cryptocurrency and vice versa.
How to exchange USDT cryptocurrency with Wellcoinex?
It is quite common for large business companies to use cryptocurrency for payroll and other transactions.
But not all employees can accept cryptocurrency payments on their cards.
This is why there was a request to exchange USDT at Wellcoinex. You can do this with some of the services described above (e.g. Capitalist, Kuna).
Many companies also use large crypto exchanges, which have excellent offers. The best known such service is Binance, which allows payments to different parts of the world.
The service enables transactions in various cryptocurrencies, profitable exchanges and the creation of any type of payout, whether mass or one-off.
Another fairly popular crypto exchange service is Wellcoinex, a specialized exchanger. Wellcoinex is an exchanger with excellent functionality, automatic transactions and minimal fees.
The exchanger allows you to work with cryptocurrency and fiat, so many companies use it for all their needs.