Bitcoin is independent? or depends on fiat currency - page 11.

ghosong

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Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

Bitcoin is an independent currency, but every state wants to measure it in its usual currency,it is clearer to many.In fact, Bitcoin is a completely different concept than the usual physical money.

ToniJu

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Bitcoin is being accepted by more people precisely because of its independence. In my opinion, bitcoin is a symbol of free trade!

Janation

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Quote from: skeletica on August 24, 2018, 02:11:18 PM

no, it depends on which country you are from,

What do you mean depends on the country "we" are from? Where ever you go, the price of Bitcoin is the same. I think you are just saying that since every country has their own currency.

Yes, every country has their own currency and that is the reason why the price of Bitcoin is different but if you will be just basing the price of it in the usual or common currency which is USD, it is just the same.

Nanagyasi

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Basically, btc is a currency and hence will always be measurer against currencies. I don't think this means btc depends on fiat but it is just a means of measuring its value.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Natalie656Rogers on August 25, 2018, 03:59:55 AM

Bitcoin is trying to make it popular all over the world. The dollar is accepted by many countries. You see, Bitcoin is converted to currency. Only use the dollar. And it only depends on the currency when exchanging.

The mode of purchase of bitcoin is currently based on three:
1. Fiat
2. Altcoins of which mainly is Ethereum.

Now considering the money coming in from these two sources, every market price of bitcoin will be based on the currency used to purchase the coins. Thats how the market cap and the market prices are obtained. Now we are long away from a position that bitcoin takes over fiat. Its practically not possible at this time nor is it feasible. Still we are bullish on the price and people of this forum believe in bitcoins and its properties that make it better in every sense than fiat.

Zalaster

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That's right, it depends on fiat. As soon as bitcoin is bought, its price rises, and also occurs when it is sold. If the price of bitcoin was constant, that is, nothing would affect it, then the fiat could be evaluated in bitcoin, but it is not.

12tribes

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Bitcoin initially entered the market and was purchased via fiat..... the dollar, the euro, the pound.....etc. Afterwards, many now trade with the bitcoin in exchange for fiat like dollars.... The truth is until, we have more outlets that deal with every day life activities and services accepting the bitcoin, we'll continue to depend largely on fiat for purchases and payment of goods and services.

Natalie656Rogers

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Bitcoin is trying to make it popular all over the world. The dollar is accepted by many countries. You see, Bitcoin is converted to currency. Only use the dollar. And it only depends on the currency when exchanging.

sublime5447

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Turkey's currency is experiencing a significant ups and downs lately, the Turkish lira exchange rate to us dollars also affected. Then the Chinese yuan is experiencing a similar thing, the exchange rate to US dollars is dip down because of the trade war with the US. Then the question is, do the two currencies of the big country have no value and only depend on US dollars? You should learn basic economics first before making an random argument like this.

Msworld83

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StableDex | Decentralized, Secure & Cost Effective

Fiat is the major currency that can't be left out in the crypto space , Bitcoin can't deal without fiat and the world is known to be fiat world of currency Bitcoin only came to neutralize the capitalism and centralized world we are but Bitcoin can't still do with out it.

erundook

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Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

Both those statements are true in some way. It is independant from fiat and unable to control, but it is dependant because it is the only way, that you can purchase Bitcoin. Is for Fiat.

skeletica

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Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

no, it depends on which country you are from, the point is that bitcoin does not depend on fiat currency at all.

the more expensive bitcoin the more money you will get.

Feuerbach

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Activity: 448

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Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

As technology, bitcoin does not depend on the dollar. But it is measured, bought and sold for dollars

3kpk3

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Bitcoin will always depend on FIAT just like any other cryptocurrency in some manner or another since FIAT will never get replaced by crypto in my opinion and I am expecting cryptocurrencies to behave as alternate sources of payment. Both FIAT and cryptocurrencies will provide multiple options to users online and offline which is why crypto will always depend on FIAT in some way or another.

cutecute

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Activity: 378

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Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

For me bitcoin is independent and not depending on fiat currency. Bitcoin have a market so for me it is the reason why bitcoin is independent. Fiat currency is not the reason of bitcoin price increasing and decreasing.

noorammak

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I'm different, I think BTC is a product of fiat currency, They exist in parallel. Bitcoin is independent and independent of any country or organization. This proves Bitcoin is independent but it also operates on the currencies of many countries. And I think its price is not possible because BTC is constantly changing. If the BTC has a certain value, I think Bitcoin is accepted as a legitimate currency.

sabihanazir

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I think bitcoin does not depend on flat currency but it depends on the value of the flat currency but it depend not much. Bitcoin measuring its value in dollar because dollar is one of the leading fiat currency in the world, and because crypto currency is a digital currency that be converted to fiat that has a good value in price.

ParveZ219

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Activity: 336

Merit: 10

Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

Bitcoin does not depend on flat currency but it depends on the value of the flat currency so that normal people can understand the current value of Bitcoin... and it is not possible for anyone to count every time everything in decimals so we can say that indirectly cryptocurrency depends on flat currency.

Sovaivncb1996

newbie

Activity: 146

Merit: 0

International currencies are mainly denominated in $, thus making them quite reliable. For the most part, foreign currency does not represent any significant value to one another, but exchange is essential for open trade. And that is why important news is reflected immediately on the quote. A lively example is the Brexit result.

Ronaldcoin2017

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Quote from: stayeduptolate on August 24, 2018, 05:05:13 AM

Quote from: virendarnagpal on August 18, 2018, 04:22:05 AM

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.

We all know that bitcoin is a decentralised crypto currency and thus there is no such proper authentic regulating body who could keep eye over all the bitcoin activities so bitcoin is completely a independent currency in itself and as there is no such governing body over bitcoin therefore sometimes it is being use for many illegal activities but still bitcoin is many times better than Fiat currencies and instead of depending on Fiat, bitcoin is threat to these Fiat currencies.

Yes I agree on that, I believe that bitcoin is really independent anyone can use bitcoin any country can use it and any individual can also use it. I believe that there is no company that holds bitcoin it depends upon the volume of investors it is not depends on country or anything. So totally agree that it is an independent currency.

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