Topic: Bitcoin is independent? or depends on fiat currency (Read 3193 times)
I see both as a kind of relate in measuring their value , fiat is used to know what Bitcoin worth and fiat also used when converting to Bitcoin so they are both relevant to each other and useful for us as well,
Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
We all know that bitcoin is decentralized and there is no central power to control it but there are some forces that are manipulating its prices to get profit. The reason why we are trading bitcoin in the dollar is that in the international market all payments are done in dollars or dollar is used as a direct payment method.
maybe now crypto currencies are still independent because crypto currencies cannot be fully accepted by all countries as the prevailing currency, so for now it stands alone
Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
Well, once bitcoin is traded to the dollar, and everyone expects bitcoin to the dollar, then maybe Yes. I'm 80% sure it depends. We just haven't seen what will happen to the cue ball when the dollar falls. But we saw that the cue ball was when the news that the USDT, which is tied to the dollar, is unstable. Cue ball immediately soared, and gave such a huge light a candle. Therefore, against this background, we can say that the cue ball in some way depends on the dollar! Plus, bitcoin can be safely paid in some countries, and there is no need to change it to the dollar.
Bitcoin is self dependent, it doesn't rely on fiat currency, it is decentralised. In the forex market the value it appears sometimes depend on your continent of location or your preferred displayed of its value in fiat, that does not stop dollar from being the most accepted means of exchange worldwide.
I've noticed what makes the price of Bitcoin work, whether it's politics or there are other benchmarks and I found that Bitcoin price movements were purely independent, only buying and selling transactions that affected the price.
I think Bitcoin is the independance currency fiat or US dollar is only an exchange instrument.at this time bitcoin is still a stand alone currency cause all of the country still don't legal the bitcoin.
I think Bitcoin is the independance currency fiat or US dollar is only an exchange instrument.at this time bitcoin is still a stand alone currency cause all of the country still don't legal the bitcoin.
but you see when the price of bitcoin in USD going down the interest from common investors is falling too. so where is the independence?
So far, unfortunately everything depends on the Fiat currency.Has not yet come the day when we will be able to speak boldly about the independence of bitcoin.For this purpose it is necessary to do grandiose work and to wait for some quantity of time.
In my opinion, bitcoin does not depend on fiat currency (USD).To be dependent means that the price / value of bitcoin is influenced by the value of fiat currency (USD). If bitcoin is dependent on USD for example, that means, USD is volatile just as bitcoin, but fiat currency are not usually volatile the way cryptocurrencies are. Bitcoin has a fixed quantity that will be in circulation, but fiat currency does not- government regulates fiat currency and I am not aware of a fixed quantity that will be in circulation. Fiat currency operates in a different principle, therefore, one cannot govern the other.
in my opinion bitcoin is independent, not dependent on fiat money. Indeed
bitcoin and all coin values depend on fiat, and I don't think it's only dollars that can measure the value of bitcoin. but the fiat currency of all countries can be a measure of the value of a coin. I say bitcoin is independent because bitcoin cannot be controlled by anyone, because bitcoin is decentralized. Bitcoin is the world's digital currency that can be used for everyone. and there is no particular country that can control bitcoin.
bitcoin and all coin values depend on fiat, and I don't think it's only dollars that can measure the value of bitcoin. but the fiat currency of all countries can be a measure of the value of a coin. I say bitcoin is independent because bitcoin cannot be controlled by anyone, because bitcoin is decentralized. Bitcoin is the world's digital currency that can be used for everyone. and there is no particular country that can control bitcoin.
In my opinion, it is only a measure. Because, fiat is still a popular currency. However, that doesn't mean that bitcoin depends on fiat currencies. Because of the decentralized nature of bitcoin, there is no dependence on fiat currencies
yes you are right, fiat currency has nothing to do with bitcoin at all. bitcoin is unstable and can go up and down at any time due to bad news and an investor's request or offer. so I think bitcoin is independent and decentralized.
For sure Bitcoin is independent. It has not depended on fiat money. Remember it is decentralized.
Btc is really dependent on stablecoins like USDT, TrueUSD and to so on. If these coins are liquidated, btc will have a harsh time, as major trades happen on stable coins/btc pairs.
I don't know for sure, but in my opinion, fiat has an influence on Bitcoin because Bitcoin is a currency that is directly related to the value of fiat so I think there is little effect though.but it could be if Bitcoin is independent because Bitcoin has a different market than Fiat.
Btc is really dependent on stablecoins like USDT, TrueUSD and to so on. If these coins are liquidated, btc will have a harsh time, as major trades happen on stable coins/btc pairs.
Yes it is dependant as per my understanding, although I am not very experienced. The value of BTC increases when there is more investment and more people are buying BTC. Usually it is measured in Dollar because it is one of the famous and powerful currency in the world, but you can select your own currency if dollar is not your currency. There are a lot of options in coinmarketcap.com
You have a point, but an a certain part even though we dont actually see it, Bitcoin is sort of related to fiat. Local currency or fiat is a reflection of a country's economic state, and if it was not good as what it should be will affect the current state of fiat,which will tend to the investors to lessen the amount of the investments that they should commit which will definitely the cryprocurrency.
It is independent because you can buy anything without using fiat but some category is allowed we can only see the dependent it when we convert it in to a paper money. But the usage is of it is only for online transaction.
It is independent by itself. That's why it can be distinguished as a digital money, thus it is different from it making it an independent tool to make payments and such. It isn't about the exchange between fiat to bitcoin that would make it look like dependent. It might seem like it is dependent because you need your fiat first before you get Bitcoin.
In my opinion, it is only a measure. Because, fiat is still a popular currency. However, that doesn't mean that bitcoin depends on fiat currencies. Because of the decentralized nature of bitcoin, there is no dependence on fiat currencies
Bitcoin was created to provide independence from Government control to the users. But I think it is not so independent.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
It depends on fiat currency especially the Dollar for it's valuation.
My question is ; we are measuring it's value in dollars. So is not it true that Bitcoin is dependent on fiat currency for it's existence?
Please share whatever views you are having.
Kindly correct me if I am wrong.
We all know that bitcoin is decentralized and there is no central power to control it but there are some forces that are manipulating its prices to get profit. The reason why we are trading bitcoin in the dollar is that in the international market all payments are done in dollars or dollar is used as a direct payment method.
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