Bitcoin is independent? or depends on fiat currency - page 4.

cybersofts

copper member

Activity: 658

Merit: 284

Quote from: virendarnagpal on August 18, 2018, 03:22:05 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.

Valuing the bitcoin in USD does not mean the bitcoin is dependent on USD. The bitcoin is the first independent currency of our time.
Bitcoin is independent because it is fully decentralized and acceptable worldwide, no borders no boundaries or regulations whatsoever.

lornadane

full member

Activity: 529

Merit: 101

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.

FlightyPouch

sr. member

Activity: 1638

Merit: 300

Quote from: adpinbr on October 12, 2018, 09:53:49 AM

bitcoin is dependent on fiat and is obviously will always be. though bitcoin can reach worldwide but it will never and I say never will replace fiat money.

Bitcoin is a decentralized crypto currency. If you say that it is dependent on the fiat currency, that is like saying that BTC is dependent also to what the government will be doing with the fiat, well since it is dependent on the it. Bitcoin and cryptos are independent, they are decentralized and if you will be asked why the price is moving, well, they are volatile and they mostly depend their price on the law of demand and supply.

barabarian1

sr. member

Activity: 938

Merit: 250

in the assessment, I agree that bitcoin depends on fiat currencies in all countries. I think that most people value it with dollars, but in my opinion the rise and fall of bitcoin prices is not dependent on fiat currency. so I'm not saying that the existence of bitcoin depends on fiat. the existence of bitcoin can actually compete with fiat, because bitcoin can also be used as a transaction tool. no one knows what will happen with fiat currency in the future, for example everyone has used crypto. so in my opinion bitcoin is independent which will not be affected by all existing fiat currencies.

thunderbitz2717

sr. member

Activity: 594

Merit: 250

Bitcoin price value as far as my concern is dependent if there are lot people buying it. Not on depends on fiat currency. The more users increases or the demands getting higher is also the price value are possible to increase.

kwakgyimah

jr. member

Activity: 98

Merit: 1

In my opinion, I think bitcoin is very independent, and does not need any other currency to determine its value. I believe there is the need for all cryptocurrency enthusiasts to uphold and project bitcoin's value. We should all desist from activities such as panic selling, this is the best way to make bitcoin great and independent.

yazher

hero member

Activity: 2268

Merit: 588

You own the pen

It's not depending on some fiat currencies, bitcoin is making itself a independence kind of currency where all of the the country can used it and benefit from it on their way. it is the same whether the dollar is there or not. but most of the time it will bloom without the dollar's success.

Caxton10

newbie

Activity: 147

Merit: 0

I support your claim. Currencies are used as a medium of exchange, I hope I'm not wrong. Hence normal currencies adopted by countries are exchanged with each other for example dollar/euro, dollar/GHS and so on. Since bitcoin is a crypto
currency, it also follows the trend making it dependent on fiat currency.

redsap

member

Activity: 336

Merit: 10

Harmony for One and All

well thats because everyone else depends on fiat currency and thats make bitcoin price are moving follow fiat currency, if bitcoin are very useable for people to trade with it in daily economic and major transaction are using bitcoin, all the valuable thing will following bitcoin price

fox.dn

newbie

Activity: 84

Merit: 0

Fiat money is currency that a government has declared to be legal tender,
but it is not backed by a physical commodity.
The value of fiat money is derived from the relationship between supply and demand rather than
the value of the material from which the money is made.

Urbinklin

full member

Activity: 283

Merit: 100

While we do not use bitcoin as a currency, we are forced to use Fiat. In my country, they don't take bitcoin anywhere, then I have to sell it if I have to spend it.

adpinbr

sr. member

Activity: 1078

Merit: 254

bitcoin is dependent on fiat and is obviously will always be. though bitcoin can reach worldwide but it will never and I say never will replace fiat money.

kiansantan

member

Activity: 504

Merit: 10

People invest large amounts of fiat money into Bitcoin just to have what we call financial freedom that is never provided by us.
Blockchain technology itself is independent because it is decentralized so that for me Bitcoin is independent only requires adoption.

adamtruongkz

newbie

Activity: 28

Merit: 0

Bitcoin is an independent currency, but every state wants to measure it in its usual currency,it is clearer to many.The price however is dependent on fiat since bitcoin can also be thought of as a barter good. The only time it would be independent is when people say: "one bitcoin is one bitcoin" not "one bitcoin is $6000.When it comes to the actual value that it gets, then its because of the dollar investment in it but the really price is because of the market cap, supply and demand and more technical stuff related to the crypto.

Krizz.

newbie

Activity: 32

Merit: 0

According to me Bitcoin is somehow indirectly depended on the fiat money.I am not saying that value of Bitcoin is affected by any of the fiat currencies but in many countries Bitcoin is still not legal.So the people working with Bitcoin have to convert their BTC's into the fiat of their country.In this way Bitcoin is depended upon fiat.

Vansoff

newbie

Activity: 29

Merit: 0

For now bitcoin may not replace fiat money but I think the use of bitcion is now distributed evenly even many people in developing countries will receive bitcoin as a means of payment.
And the minds of people who continue to benefit from the bitcon will destroy satellite hopes to make bitcoin into global currency.

labenea

jr. member

Activity: 327

Merit: 1

The Standard Protocol - Solving Inflation

Quote from: Cruzz1999 on October 12, 2018, 06:59:31 AM

Bitcoin is independent based on the decentralized system, independent of any fiat currency but we can use $ to buy Bitcoin and Bitcoin can also generate $. It is a circulating principle.

the latest bitcoin prices will still be adjusted to USD fluctuations, not entirely relying on fiat because bitcoin has its own dynamics, but the circulating volume indicates that bitcoin is not independent, they are still driven by USD fluctuations, and many traders also use Tether which is more stable using price conversion per 1$.

bitfocus

member

Activity: 532

Merit: 15

You first need to understand what currency is, you can take help from google about that. When you really understand Currency, the same currency you are using everyday, is actually a medium only, to measure & store value - you will understand why people compare almost anything with some currency, not only BTC.

Cruzz1999

newbie

Activity: 98

Merit: 0

Bitcoin is independent based on the decentralized system, independent of any fiat currency but we can use $ to buy Bitcoin and Bitcoin can also generate $. It is a circulating principle.

KotiKo

full member

Activity: 420

Merit: 103

I'm sure that bitcoin does not depend on fiat currency in any way. It depends on people who are interested in it. Or rather, who are interested in its price, it is they that influence the growth or fall of bitcoin

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