Topic: Bitcoin is independent? or depends on fiat currency - page 3. (Read 3193 times)
Bitcoin is very independent and does not depend on fiat currencies, because that is actually the nature of bitcoin make it liked by many people. But indeed because of the existence of bitcoin yet being the official currency that applies throughout the world, then in practice bitcoin must be used as fiat money in accordance with their respective countries, to be able to be used to buy goods and so on. For this reason, I hope and it is certainly our hope that someday bitcoin will become a national currency that applies throughout the world.
If you think bitcoin is an independent currency it's a good opinion but I think bitcoin depends on fiat currency dispate the measures done by governments to restrict it.
well you right, bitcoin is measured in dollars in respect of its value. I would say it is dependent on the dollar to an extent and also not dependent. You can not spend bitcoin physically because it is online and since the world has not fully accepted and adopted the use of bitcoin, only very few organizations across the globe accept it for payment. most traders especialy small traders prefer fiat currency. so you have to convert whatever bitcoin you have to fiat. so it is somehow dependent on fiat currency
Bitcoin is an independent currency, it does not depend on Fiat! In my country, people call 1 Bitcoin equal our country's currency! If I search on google "1 Bit[Suspicious link removed]gle shows the value worth of our country's currency! USD is like an international word, as English is the international language. Everybody knows the USD term, but most of the people do not know what is the Zimbabwean currency name! This is just an example and I hope you get your answer.
Bitcoin is an independent currency, meaning that it does not depend on other currencies. If bitcoin is converted to US Dollars, it is because of the US Dollar factor as a world-famous fiat currency, but bitcoin remains in conversion with the currency of each country. From there it can be concluded that bitcoin is independent, because of rising prices, depending on supply and demand. It does not depend on other fiat currencies.
Compared to conventional government currencies, cryptocurrencies are not provided with anything. Consequently, no administrative services affect their nominal value. The rate of virtual coins of the new generation depends solely on the proposals and financial capabilities of the users themselves. Cryptocurrencies are not printed anywhere, they are created by the participants of the system
Bitcoin is an independent digital currency, and it is not dependent on any other crypto currencies.
Bitcoin' transaction is quite easy and its craze is increasing every day. So the price of bitcoin is not determined by any fiat money.
Although, its price is decided by bitcoin holders, investors and rules, which is applied on it by governments.
Bitcoin' transaction is quite easy and its craze is increasing every day. So the price of bitcoin is not determined by any fiat money.
Although, its price is decided by bitcoin holders, investors and rules, which is applied on it by governments.
Let's say there are trades on bitcoin. In the year in Russian rubles bitcoin should grow by, as I noted earlier, 15% - 20% up from its current value. For example, he grew up in.
Gold is one of the main reasons behind the idea of the creation of bitcoin, this shows that every currency value depends on a third party. And this too is one of its weaknesses especially its fluctuations, which may be unstoppable. In addition to being limited, bitcoin's also more independent, not much depending on third parties who must be trusted. This thing is very different from fiat currency which the process of its creation always through a third party or a particular institution which is legitimized, as an official publisher. Because money's the only media which's easy to be used as a benchmark, both when determining prices and when assessing assets. And the value of money's easy to calculate and easily understood by anyone, even though by people who aren't educated.
It is independent but we value it in fiat at the moment. Everything is valued with something else. Otherwise you could not exchange it for anything.
Only if you're buying online with it
Bitcoin or any altcoin will still depend on cash! Bitcoin and altcoin have payment support functions for money and banking tools! I think that the time Bitcoin does not rely on cash is far away!
It depends on the person who owns it. Today there are ways to pay with bitcoin, one is to pass it to fiat, and another is to wait for that store to enable payment with Bitcoin.
Bitcoin looks independent, but when transactions in real form must be exchanged with fiat because there are still many who apply fiat. For new digital transactions, you can use bitcoin with the same level of value, both buyers and sellers.
Bitcoin is not yet an independent digital currency. Physical fiat or currency is the backbone of bitcoin now and it depends on it. Bitcoin will only be seen as independent when the world accept and regard it as a currency on it own. But for now, it depends on fiat currency
Talking about bitcoin's dependency on fiat, it may make sense because people use fiat to buy cryptocurrencies and bitcoin in particular. We know that the demand of the people on bitcoin can elevate bitcoin's market cap and price but to do that, people must have money to satisfy their demands.
Bitcoin is dependent on fiat or not, depending on the user. Currently bitcoin is not independent because it is based on fiat. With bitcoin independent, we can buy anything without having to convert bitcoin to fiat. And that means bitcoin will completely replace fiat.
In my opinion, I don't think that bitcoin depend on fiat money as they only depend on the feeling and emotion of the users, policy of government, technology,.....not fiat currency
bitcoin is an independent digital currency in the sense that it is not affected by fiat currencies, in contrast to most world currencies, their selling value can rise and fall depending on how strong the currencies of other countries (dollars). why is bitcoin still based on dollars or fiat currencies in other countries? because in reality for now bitcoin does not have a clear function value in the society, so for a while we have to exchange it to fiat to be used, for example to shop in the market etc.
Bitcoin is an independent currency, it does not depend on Fiat! In my country, people call 1 Bitcoin equal our country's currency! If I search on google "1 Bitcoin", Google shows the value worth of our country's currency! USD is like an international word, as English is the international language. Everybody knows the USD term, but most of the people do not know what is the Zimbabwean currency name! This is just an example and I hope you get your answer.
Of course bitcoin is an independent currency as evidenced by the decentralization that exists and no one can control bitcoin including the government. that's my definition. if the price of bitcoin changes because of the effect of fiat rate. it is not dependent but influence 
I think Bitcoin does not depend on fiat, but humans are totally dependent on fiat. So, we always convert Bitcoin to fiat. In different countries, we convert them to the currency of that country. Instead, Bitcoin still has its own unit, which is satoshi
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?
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?
It's independent in the case that it's a whole new concept, but it doesn't mean that it is not independent due to its valuation in fiat and esp. $ as you said, because if not fiat something is needed to evaluate it else how will you decide that what's the value of something for which miners are burning both their electricity and computing power. And about keeping us independent from Government, it's us who are supporting them by showing them every single transaction as needed in a regulated economy - this is not Bitcoin was derived for - the main property of it is to keep our finances and especially us - anonymous, but I can't really find any place where we may be said as anonymous except decentralized exchanges only, even in P2P, a person poses risks of either getting scammed or their data leaked in case the other party is fraud or suspects you for something.
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