It can, but why should it? Let btc exist as the supreme curreny/asset, and let fiat handle all the day to day transactions.
This way you will get the best of both worlds.
Topic: Can BTC exist without Fiat? (Read 1282 times)
The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
I don't think bitcoin can do without fiat as people will feel the urge of exchanging into fiat to enable them spend in stores and other institutions or other means of transactions either online or offline.
Remember, its not yet generally accepted across the globe
Crypto users especially bitcoin are still small around the world, especially in many countries that have banned bitcoin, making bitcoin development difficult, of course it will take a long time to replace fiat because there are many things that must be done before using bitcoin.
I agree with the fact that it isn't yet circulated around the globe but BTC isn't small like you qualified. I can tell that almost all nations have heard about the word Bitcoin, just that only few understand what it does. So yes, it definitely will take time but not as long as you projected.
Fiat and Bitcoin are currencies that both need the role of other currencies. both have advantages and disadvantages. Currently Bitcoin is still dependent on Fiat and cannot be separated. not everyone knows bitcoin and believes in bitcoin. only a few countries that legalize bitcoin. the reason why it can't be separated from Fiat is because bitcoin is very volatile. Bitcoin still wants to grow and this is still the beginning for bitcoin.
Apart from that I think many countries do not yet accept payments using Bitcoin. Developing countries in the world still reject and consider bitcoin dangerous. Because of this, fiat money has become the main requirement for carrying out transactions for the necessities of life. I think Bitcoin will not run without fiat. People will not want bitcoin if it has no value in fiat. But one day if the world has agreed and accepted it might happen.
Fiat and Bitcoin are currencies that both need the role of other currencies. both have advantages and disadvantages. Currently Bitcoin is still dependent on Fiat and cannot be separated. not everyone knows bitcoin and believes in bitcoin. only a few countries that legalize bitcoin. the reason why it can't be separated from Fiat is because bitcoin is very volatile. Bitcoin still wants to grow and this is still the beginning for bitcoin.
For now no. Because fiat is very important in human daily living which we use for transaction, payment, and whatever related to fiat even the small things. Maybe in the future Bitcoin can stand alone without fiat. I'm thinking that in the future it will be possible that fiat will become just part of history.
Bitcoin without fiat might've turned to be same as some tokens generated out of air without any real-time usage.
At the beginning days of bitcoin into the market, it hasn't got any usage. The concept and the development were into discussion within specific people. Later some believed and kept holding through the mining process. By the time it was given as free giveaway.
Think of the incident in which a person gave 10000BTC for a pizza. By the time itself it is valued against fiat. If not the vendor or the delivery person might've not accepted it. Slowly the organic growth has taken place. So, the chance of bitcoin into existence seems to be low if there is no fiat.
At the beginning days of bitcoin into the market, it hasn't got any usage. The concept and the development were into discussion within specific people. Later some believed and kept holding through the mining process. By the time it was given as free giveaway.
Think of the incident in which a person gave 10000BTC for a pizza. By the time itself it is valued against fiat. If not the vendor or the delivery person might've not accepted it. Slowly the organic growth has taken place. So, the chance of bitcoin into existence seems to be low if there is no fiat.
Perfect explanation mate. Besides that, Normal people will not gonna have Bitcoin since not everyone can mine this coin and no one will ever have an interest to have Bitcoin if its doesn't have an equivalent value in fiat. Although fiat has no real value backing on it, especially on USD which only trust is backed by it and not by a gold reserve anymore. How ironic is that.
For now, it seems like Bitcoin can't do without fiat. Because when we want to buy something, we need to convert some of our coins to fiat to be able to pay for it. The reason why is that Bitcoin payment method is still not widespread anywhere. It's true that the number of places you can use Bitcoin is increasing every month and every year. But still there is a very long way to go for Bitcoin to be adopted by nearly every place like fiat.
I agree that for now I am exchanging coins to fiat so I can shop because where I live Bitcoin is not yet accepted as a means of payment, I hope in the future where I can accept coins as legal tender to replace fiat.Because does not matter how much people get into bitcoin in the real life they are related to fiat only and at the end they want fiat money.
Bitcoin without fiat might've turned to be same as some tokens generated out of air without any real-time usage.
At the beginning days of bitcoin into the market, it hasn't got any usage. The concept and the development were into discussion within specific people. Later some believed and kept holding through the mining process. By the time it was given as free giveaway.
Think of the incident in which a person gave 10000BTC for a pizza. By the time itself it is valued against fiat. If not the vendor or the delivery person might've not accepted it. Slowly the organic growth has taken place. So, the chance of bitcoin into existence seems to be low if there is no fiat.
At the beginning days of bitcoin into the market, it hasn't got any usage. The concept and the development were into discussion within specific people. Later some believed and kept holding through the mining process. By the time it was given as free giveaway.
Think of the incident in which a person gave 10000BTC for a pizza. By the time itself it is valued against fiat. If not the vendor or the delivery person might've not accepted it. Slowly the organic growth has taken place. So, the chance of bitcoin into existence seems to be low if there is no fiat.
For now, it seems like Bitcoin can't do without fiat. Because when we want to buy something, we need to convert some of our coins to fiat to be able to pay for it. The reason why is that Bitcoin payment method is still not widespread anywhere. It's true that the number of places you can use Bitcoin is increasing every month and every year. But still there is a very long way to go for Bitcoin to be adopted by nearly every place like fiat.
I agree that for now I am exchanging coins to fiat so I can shop because where I live Bitcoin is not yet accepted as a means of payment, I hope in the future where I can accept coins as legal tender to replace fiat. 
Bitcoin exists without fiat, but it is a big question whether it would've reached to the present level without the pairing of fiat. People aren't aware about bitcoin and it's good. This means we can't expect bitcoin to grow. At the beginning everyone will find it difficult to believe in the bitcoin for different reasons. So, it is quite hard to have it on direct usage. Now people who have used to it are aware of its growth. Then onwards Bitcoin can exist without fiat, but the growth won't be effective.
The problem is not with the growth, but with the potential use of Bitcoin for making purchases. Imagine it, if there was no fiat, but the price changed, a person would have had to pay double of the regular price for the same item due to volatility because there was nothing to fix the price onto.But I think there’s no need for fiat to solve that problem. Simply salesman would have to set the internal price of goods/services and make it automatically change whenever the price of Bitcoin would change. It’s very easy.
Bitcoin without fiat will be difficult to realize, the reason is because each country has their own Fiat with a different value. Meanwhile if we use Bitcoin, then there is no difference in the value of the currency of a large country and a small country.
Bitcoin is special because of Fiat too, because we compare the magnitude of the value between Bitcoin and Fiat. It seems that even though Bitcoin will become the legal currency in this world, Fiat will still exist.
Bitcoin is special because of Fiat too, because we compare the magnitude of the value between Bitcoin and Fiat. It seems that even though Bitcoin will become the legal currency in this world, Fiat will still exist.
For now, it seems like Bitcoin can't do without fiat. Because when we want to buy something, we need to convert some of our coins to fiat to be able to pay for it. The reason why is that Bitcoin payment method is still not widespread anywhere. It's true that the number of places you can use Bitcoin is increasing every month and every year. But still there is a very long way to go for Bitcoin to be adopted by nearly every place like fiat.
In my opinion Bitcoin is not the perfect replacement for fiat now or in the future. The reason being that Bitcoin is a digital currency and it will ever remain that way. The fact that it is digital makes it virtual and not physical. You can't hold your coins to a bookshop or to market. The only way to do that is to convert your coins to fiat (€ or whichever currency). The physical evidence of your Bitcoin is your fiat currency
For the question of if Bitcoin should replace fiat in terms of value exchange, I believe that will be terrible idea.
Fiat itself isn't stable sometimes, how much more Bitcoin
For the question of if Bitcoin should replace fiat in terms of value exchange, I believe that will be terrible idea.
Fiat itself isn't stable sometimes, how much more Bitcoin
i think, bitcoin can do like what you think.
you can pay for next month same like fiat work. this can work if two people make agreement before.
fiat, be a primary pointment from crypto, you can calculate how much you own. and when no more fiat, we can deal if crypto will be the main currency, and when people create new currency, than crypto (bitcoin) will be our basic fiat.
but, its far enough to think that bitcoin can exist without fiat.
you can pay for next month same like fiat work. this can work if two people make agreement before.
fiat, be a primary pointment from crypto, you can calculate how much you own. and when no more fiat, we can deal if crypto will be the main currency, and when people create new currency, than crypto (bitcoin) will be our basic fiat.
but, its far enough to think that bitcoin can exist without fiat.
At present as a cryptocurrency most usable cryptocurrency now is bitcoin and ethereum, questions is can it’s possible to replace fiat to cryptocurrency in future?
below is some explain over this.
https://www.investopedia.com/tech/bitcoin-or-altcoin-can-one-them-replace-fiat/
below is some explain over this.
https://www.investopedia.com/tech/bitcoin-or-altcoin-can-one-them-replace-fiat/
The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
I don't think bitcoin can do without fiat as people will feel the urge of exchanging into fiat to enable them spend in stores and other institutions or other means of transactions either online or offline.
Remember, its not yet generally accepted across the globe
Crypto users especially bitcoin are still small around the world, especially in many countries that have banned bitcoin, making bitcoin development difficult, of course it will take a long time to replace fiat because there are many things that must be done before using bitcoin.
The reason for this question is "The Standard for Deffered Payment".
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
If I want to buy goods worth $2000 and the seller offers a Deffered means of payment. I can pay $1000 and in later months pay the balance of $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
I don't think bitcoin can do without fiat as people will feel the urge of exchanging into fiat to enable them spend in stores and other institutions or other means of transactions either online or offline.
Remember, its not yet generally accepted across the globe
Bitcoin exists without fiat, but it is a big question whether it would've reached to the present level without the pairing of fiat. People aren't aware about bitcoin and it's good. This means we can't expect bitcoin to grow. At the beginning everyone will find it difficult to believe in the bitcoin for different reasons. So, it is quite hard to have it on direct usage. Now people who have used to it are aware of its growth. Then onwards Bitcoin can exist without fiat, but the growth won't be effective.
-- Disagree, ignore the basic features and nature, maybe both will serve opposite goals and are incompatible with each other but the standard of value is still the addition of fiat to bitcoin, more precisely, you can use many different currencies to exchange a product but the regulation of value is still based on that currency, it means bitcoin will have no value without a specific yardstick like fiat. Besides, bitcoin wants to go to alternative steps and establish a new order, it also needs to hold the original image of fiat and banks, fiat is a mirror for bitcoin to look at and repair
this is very reasonable, after all if we don't use fiat then what do we use when we want to buy bitcoin? the local exchange must provide a fiat pair that is valid in that country to be bought directly into btc or other cryptocurrencies. so please stop comparing them, both have their own function. Cryptocurrencies in general are very good, faster and more effective, without a third party, giving a lot of freedom, but on the other hand it is very dependent on technology and the internet, when it is not available then fiat and paper money are the solution. so the two complement each other, there is a quote that says if you can use both, why should you choose?just use it wisely as needed
Of course Bitcoin could exist without Fiat and it all matters with the demand by the people which would really be continuing through ages although it wont be that guaranteed
but there would always be a high potential.
-- Disagree, ignore the basic features and nature, maybe both will serve opposite goals and are incompatible with each other but the standard of value is still the addition of fiat to bitcoin, more precisely, you can use many different currencies to exchange a product but the regulation of value is still based on that currency, it means bitcoin will have no value without a specific yardstick like fiat. Besides, bitcoin wants to go to alternative steps and establish a new order, it also needs to hold the original image of fiat and banks, fiat is a mirror for bitcoin to look at and repair
this is very reasonable, after all if we don't use fiat then what do we use when we want to buy bitcoin? the local exchange must provide a fiat pair that is valid in that country to be bought directly into btc or other cryptocurrencies. so please stop comparing them, both have their own function. Cryptocurrencies in general are very good, faster and more effective, without a third party, giving a lot of freedom, but on the other hand it is very dependent on technology and the internet, when it is not available then fiat and paper money are the solution. so the two complement each other, there is a quote that says if you can use both, why should you choose?just use it wisely as needed
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