Can bitcoin exist without fiat | Bitcointalksearch.org

kryptocanon

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They may have a temporary resistance but the future is the future, and Bitcoin will become the new money for the people and not governments.

I agree with you. The future is digital, so Bitcoin will surely remain and be more prominent in years to come. But pending the time, they both should continue working side-to-side as there always will be the need for fiat for local transactions. So traders can easily convert to the country local currency and have his/her transaction carried out. Remember, not all countries accept Bitcoin yet.

Alisha-k

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It's very possible for Bitcoin to exist without Fiat but can that be done now???

The big answer is NO, There's alot to be done before adopting Bitcoin as a general acceptable means of exchange, the world's going global so that wouldn't be impossible for people to adjust to though most person's would find difficulty trying to adjust to using Bitcoin.
I'd rather both are used instead of one over the other.

Rengga Jati

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The most difference between Bitcoin and fiat is that Fiat money is centralized controlled by the bank. And there is official regulation and law of fiat itself as a national currency of every country.
on the other hand, Bitcoin is decentralized, not controlled by a bank or somebody.
And one of the reasons for creating Bitcoin is because of fiat myself, the dominance of banks, and also the centralization.

And if about can Bitcoin exist without fiat?
I cannot answer it because it may influence the reasons for the Bitcoin creation.
And if you mean that fiat will disappear someday, can still Bitcoin exist? yes if fiat is disappeared all around the world. But if fiat is disappeared from this world, is this world still exist also? Or there is another kind of life? Abd Bitcoin becomes the only currency in the world.
Bt I am a little bit confused to imagine it because so far we always give the value of Bitcoin itself with fiat and we can always convert Bitcoin to fiat in order to cash out to banks and use it for daily needs.

decodx

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Quote from: kryptocanon on October 23, 2021, 10:33:03 AM

I think it's better if they co-exist together. Traders will always feel the need of exchanging their bitcoin to cash, and cash to bitcoin to run local and offline transactions.

This is why the current monetary system is so terrible. BTC as a cryptocurrency has all the properties of fiat money. Even if you don't care about the current rate of inflation and that is a pretty high level. Even if you don't care about that exchange rates are determined by monopoly banks. One day they will be defeated. That day is coming soon. They may have a temporary resistance but the future is the future, and Bitcoin will become the new money for the people and not governments.

ReiMomo

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There are chances for accepting it as one of the currencies all use along with fiats. It would take time to completely accept Bitcoin or any other crypto currecines as a currency by many countries. However, before the govt announces they accept Bitcoin, all citizens of the same country must be using Biitcoin. Bitcoin might be used as an asset rather than using it as a currency..

kryptocanon

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I think it's better if they co-exist together. Traders will always feel the need of exchanging their bitcoin to cash, and cash to bitcoin to run local and offline transactions.

Swapzone_pr

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Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat), and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other, so i want to know if any other digital currency can function without fiat?.

I think that BTC has even more than that and one day it will even replace fiat, by 2050 as crypto experts say. I'll quote "An astonishing 54% of the panel thinks hyperbitcoinization — the moment that Bitcoin overtakes global finance — will happen by 2050". Cool

witcher_sense

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Quote from: ifarted on October 17, 2021, 01:55:44 AM

The difference between fiat and bitcoin is that fiat money is a physical money like for example:
* Canadian dollar
* US dollar
* PHP
* Thailand bat
And so on, while bitcoin is a virtual or digital money currency that was created in 2009 by Satoshi Nakamoto.

Fiat money is not necessarily physical money, it can be of different shapes and forms, for example, pieces, banknotes, spreadsheet entries, liabilities in the central bank's balance sheet to name a few. As you may notice, half of what I mentioned is virtual forms of money. What makes it "fiat money" is the government's decree. They, in effect, say everything we call money must be regarded so, and if you disagree you will find yourself in jail." That is why you consider a piece of paper or a database entry real money, you are obligated to use it as means of payment despite the obvious absurdity of the situation. Money is supposed to be a frame of reference, that is, a means with which to calculate the prices of goods. When governments play with the supply of money, they change these units of measurement and artificially distort the prices. Bitcoin is different because nobody can arbitrarily play with its characteristics, it remains, all the time, a reliable frame of reference.

ifarted

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Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

I want to know the difference between fiat and bitcoin.

The difference between fiat and bitcoin is that fiat money is a physical money like for example:
* Canadian dollar
* US dollar
* PHP
* Thailand bat
And so on, while bitcoin is a virtual or digital money currency that was created in 2009 by Satoshi Nakamoto.

Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

and without fiat existence can bitcoin have a name?,

Bitcoin and fiat are completely different, it is true that they work like brothers. However even without the fiat existence, the bitcoin can still exist but right now at the moment fiat money is highly needed for own needs like goods and other services that is why i understood why others tends to think that bitcoin cannot exist without fiat but then again in my own perspective i still do believe that bitcoin could still exist. It is unique in its own way.

YOSHIE

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Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

so i want to know if any other digital currency can function without fiat?.

Your question is very sensitive and at the same time makes no sense to me.

So here goes, I ask you again "can gold work without fiat money". What do you say, after I asked that.......! Think about it.

I don't think why people ask something about Bitcoin and unprofessional fiat, don't they think Bitcoin was created to make it easier for people to make super fast online transactions, without carrying fiat money in one suitcase and anywhere you can make transactions, based on the exchange of fiat money.

OP Of course if you think so sure you are embarrassed to ask like that, fiat is used all over the world with different names and fiat value in every country, while Bitcoin is created under one name and limited supply is used by all countries, of course Bitcoin cannot operate / function in exchange and trade without fiat, and also this can happen to other things, such as food, drinks, vehicles etc., can't function without fiat, that's weird.

nakamura12

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Bitcoin did exist because of problems in fiat like being centralized compared to being decentralised. Well, it's not because of fiat but the problem it face. There are two possible answers for this question, bitcoin could exist without fiat and bitcoin existed because of fiat. I already explained the other reason why bitcoin existed which is bitcoin existed not because of fiat currency.

qwertyup23

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Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat), and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other, so i want to know if any other digital currency can function without fiat?.

Hmm this is actually an interesting question!

But to better understand the answer, we must first discussed on what "fiat" is all about. Fiat is a representation of money which has a value recognized around the world. Since it is the standard of currency used worldwide, every country has their respective value of money depending on several factors (e.g. inflation, gold reserves, etc.). Since fiat is a representation of money, we can now answer your question if BTC can exist without fiat.

The long answer is YES! It can definitely exist without fiat but there has to be some other representation of value which is BTC's equivalent. That could be anything which is in replacement of fiat.

bilal_jan321

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Quote from: fiulpro on August 30, 2021, 01:53:05 PM

Long story short :
Yes it can exist without fiat but not right now.
~
It's a seperate entity and you might live in a country where bitcoins are used very often and you are able to pay with it in every corner but in most countries, it's not the option, bitcoins is used but the only way you can use it is by exchanging or trading online or offline.

Yes, right now value of BTC is measured in fiat. So its difficult for BTC to exist on its own right. Going back to Satoshi whitepaper, bitcoin was designed as p2p cash transfer system. BTC has not token its own value yet, like we cant say this car worth is 1.5 BTC or a cup of coffee cost 0.0001 BTC.
That's just my 2 cents

*1Bishop1*

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Bitcoin can completely exist without fiat. Moreover, in my opinion, fiat is hindering the development of bitcoin. The price of bitcoin depends on how much bitcoin is sold or bought. If there was no fiat, bitcoin would simply have been the world's main currency. There would be no such price spikes as it is now. Maybe I'm wrong.

famososMuertos

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I suppose your title would have been enough to give great answers --- but your OP leaves me in complete perplexity to understand your common reasoning that when combined with your misinformation and your ability to autoresponder to your conjecture in that same OP and then you walk away of that analysis to fall into a new question that is pregnant with the first, two different births, yes, two questions, the title and the closing of the OP.

You ask yourself, you analyze and you answer yourself, but even if you come to a conclusion (according to your analysis) with bitcoin, which should be decisive, ou come back and ask the same thing. Oh, no! bis...

Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat)...//,,,

No.

Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

...//,,, and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other....//,,,

No, they are not related even if your reasoning wants to do it, that's why you get confused.

Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

...//... so i want to know if any other digital currency can function without fiat?.

ooh!! Yes, bitcoin on the Bitcoin network.

n0nce

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Quote from: Gosgosking on September 05, 2021, 12:57:10 PM

Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat), and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other, so i want to know if any other digital currency can function without fiat?.

Not really because we mostly buy Bitcoin with fiat. Since fiat is the currency we use in obtaining goods and services. Bitcoin can't really work without it . Fiat and Bitcoin will work in hand to hand

That's not really correct. You can easily earn Bitcoin and spend it, without ever using an exchange.

Also the way that 'we value Bitcoin in fiat' is by taking numbers of recent Bitcoin sales of exchanges. If there was no fiat to trade Bitcoin with, people would trade Bitcoin against other stuff and that way the value could also be determined.

I agree that right now "fiat and bitcoin work hand in hand" but not sure it will always stay this way. It's certainly possible (from the Bitcoin side at least) to be independent from fiat - which was the original question.

Gosgosking

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Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat), and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other, so i want to know if any other digital currency can function without fiat?.

Not really because we mostly buy Bitcoin with fiat. Since fiat is the currency we use in obtaining goods and services. Bitcoin can't really work without it . Fiat and Bitcoin will work in hand to hand

Pinkjet

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Quote from: dkbit98 on August 31, 2021, 04:50:26 AM

Quote from: Newlifebtc on August 30, 2021, 01:04:07 PM

Since i joined bitcointalk forum i find it difficult to make a post relating to bitcoin, bitcoin is like physical money (fiat), and i want to know the difference between fiat and bitcoin, and without fiat existence can bitcoin have a name?, after thinking all this with seriousness i concluded that bitcoin and fiat works like brothers and sisters and no one can leave each other, so i want to know if any other digital currency can function without fiat?.

Fiat currencies are just a failed experiment in it's final years of existence, and before fiat people used gold, silver and other shiny precious metals that existed just fine alone.
Then some people who think they are smart, decided to steal all gold and precious metal from people and replace it with IOU paper, than they removed gold backing and opened one big can of worms.
It is like the all system created was created for some elite criminals, same way like taxes are becoming higher to the point when even air will be taxed.
Than came Bitcoin, that can function with or without fiat currencies, and I would not consider that as sibling to fiat system.
Some people even did experiments living only from Bitcoin for some time, and they could survive just fine, there are even communities trying to be only crypto and tax-free but it seems that government parasites don't like that

If enough people decides to use only Bitcoin, there is nothing they can do to prevent this - Vires In Numeris.

Inasmuch as I agree with you on certain salient points you have made, I want you to clarify some question which I think will better our understanding of this topic:
1. Without fiat currency, how do you measure the value of Bitcoin?
2. I understand that many crypto enthusiasts are looking forward to mainstream adoption of cryptocurrency. Do you think that when that day comes, countries will jettison their currency complete and adopt Bitcoin?

When you clarify this, I feel we will be getting a clearer understanding of the place of both cryptocurrency and fiat currency.

The Cryptovator

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OP needs little research about Bitcoin technology IMO. Then you will realize quickly if that kind of question comes to your mind. In the current situation, Bitcoin existence on the Blockchain. As we know Bitcoin Blockchain is decentralized which has stored into a computer network called a node. Since each node has a copy of the whole Bitcoin Blockchain so Bitcoin will exist forever till the existence of the internet. So we can say technically Bitcoin will exist forever if the internet exists in the world. It doesn't matter either fiat exists or not.

Now come to the point, fiat has been using to exchange Bitcoin or to determine the value of Bitcoin. If fiat does not exist anymore then something else would be used to evaluate the value of Bitcoin. There is a possibility if fiat no exist then Bitcoin will use more widely although it's quite impossible to disable fiat worldwide. Even there will not be paper money, but definitely there will be a few alternative centralized digital currencies.

n0nce

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Quote from: Rruchi man on September 05, 2021, 12:01:35 AM

most importantly without vision who cannot make use of a digital cryptocurrency wallet and their only option for a physical transaction is fiat currency that they can touch

Hey, this is a great point for Bitcoin in my opinion!
As far as I know, it is much easier for a blind person to use a mobile Bitcoin wallet to pay somewhere than to use cash.

They are able to use smartphones very well due to all the 'Accessibility' features (especially on iOS) while paper cash is hard to distinguish just based on feel. Like, what is a 50$ note, and what is a 20$ etc.

As far as I know though, the preferred method for most is to just use a credit card to swipe over the reader. Since there are Bitcoin credit cards, this would work with BTC as well!

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