Can BTC exist without Fiat? - page 3.

Mr.sprin

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Quote from: Semar Mesem on July 24, 2021, 10:54:31 AM

Quote from: KingsDen on June 21, 2021, 02:14:17 PM

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.

It can be said that the presence of bitcoin has reduced the online transaction system, more and more online sites accept bitcoin so I'm sure without cash bitcoin will continue to survive.

I agree that bitcoin will survive even without fiat as currently many companies accept bitcoin and as you said on online sites have started to accept bitcoin, this is a sign that bitcoin will continue to exist even without fiat.

South Park

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Quote from: germsite on July 21, 2021, 03:13:23 PM

Quote from: South Park on July 21, 2021, 01:57:42 PM

What is happening is that since the US dollar is the current wold currency then it makes sense that everything Is valued and compared against it, after all it is not as if other currencies are not compared against it all the time, so it is natural the same happens with bitcoin, so this is not something that people should worry about as it is completely natural, however we could come to the point in which the opposite is the truth and the value and the price of everything is compared against bitcoin instead of using the dollar for this.

I think valuing it against Bitcoin probably won't work. Maybe it could be a basket of cryptocurrency, but since Bitcoin is so volatile and we have no tools for monetary policy to stabilize it, valuing things against Bitcoin is unconceivable at the moment. As with gold, I doubt that Bitcoin will ever lose its volatility. It will become less volatile, but still too volatile to be the only crypto that goods and services are valued against.

Obviously I am not saying that this can happen immediately it could take decades or even longer but if bitcoin succeeds as a currency then this is a possibility, after all if countries all over the world are keeping the US dollar as their reserve currency and they are doing so despite the fact that it is being printed at an alarming rate then it makes sense that bitcoin could take its place as no one can just decide to print more bitcoin than what the current block reward allows.

oktana

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Right now in the world, BTC cannot fully exist without fiat. Because those who you pay in BTC will want to convert to fiat to solve some challenges. However, BTC can do without fiat but the usage rate will drop. If user A gets paid in BTC and then he wants to buy something that user B sells, if user B supports BTC payment, the cycle is strengthened and will continue. Where it breaks is when a user needs fiat because the store he/she wants to purchase from does not accept BTC. In summary, existence rate of BTC without fiat is far lower than when it exists with fiat, but this doesn't mean that it is impossible to continue.

NotFuzzyWarm

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A better thing to consider is that per-definition of what Fiat is, Bitcoin actually IS (becoming) Fiat! That very first sentence in that Wiki link says,

Quote

Fiat money is a currency (a medium of exchange) established as money, often by government regulation.

Key point there are the words often by government regulation. There is no mandate that a government has to back it - but it is of course often the case.

The last bullet point in the Wiki regarding of examples of Fiat it says

Quote

An otherwise non-valuable object that serves as a medium of exchange[7] (also known as fiduciary money.)

Sure sounds a lot like what Bitcoin is criticized for - no intrinsic value.

The key things about the above is that Bitcoin fits all the requirements to become Fiat, aka, general purpose money All that is needed is for it to become a generally accepted medium of exchange.

Alanaz

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Quote from: Spack17 on July 23, 2021, 02:08:23 PM

I think that Bitcoin can exist without fiat. Besides, fiat is going to be gone when governments develop their own digital currencies. Then there will be no fiat but cryptocurrencies will still continue to exist. In that situation, cryptocurrencies can be used in various places as the adoption will reach a much higher level than now. Otherwise, we will still need to convert it to the digital currencies that are developed governments.

there is no reason for bitcoin to be free from fiat that can be used as a pioneer for now because there is no clear reason. besides that fiat has also been used by humans for a long time so it cannot be replaced directly and if it can be replaced it will take a long time to get used to it. other than that I think fiat can be seen more transparently because it is still managed by the government because in bitcoin there are still many anonymous accounts due to the p2p system. but i like this system

AverageGlabella

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Fiat will always exist the same as Bitcoin will always exist. Fiat does not need Bitcoin to exist but at the moment Bitcoin probably does need fiat because most investors which are creating the pumps are doing it because they can withdraw out into fiat. We are not at the point where adoption is good enough to survive without fiat.

Dhoe

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the presence of bitcoin is supported by fiat currency, bitcoin exchange must also be in fiat currency, because we buy everything must use fiat currency, so in my opinion bitcoin cannot stand alone without the help of others, bitcoin must have support from other devices to make it easier To work, bitcoin must have internet to facilitate bitcoin's performance, and bitcoin must have fiat currency support to facilitate exchange, they complement each other.

TWW

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Quote from: acener on July 24, 2021, 11:02:35 AM

For me I think they could but how would we determine the value of crypto without Fiat?
And without Fiat I think crypto would be the main currency that would be used around the world.

but is that possible?
Just look at the people who currently only believe in fiat. digital transactions now support moving their fiat money. would be very difficult to do all of that.
but if possible, everyone's choice when fiat is no longer in use is crypto. it's all waiting for strong regulations first regarding the use of crypto.

acener

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For me I think they could but how would we determine the value of crypto without Fiat?
And without Fiat I think crypto would be the main currency that would be used around the world.

Semar Mesem

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Quote from: KingsDen on June 21, 2021, 02:14:17 PM

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.

It can be said that the presence of bitcoin has reduced the online transaction system, more and more online sites accept bitcoin so I'm sure without cash bitcoin will continue to survive.

19Nov16

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Quote from: kakonlin on July 24, 2021, 04:00:28 AM

Quote from: amihada on July 24, 2021, 01:49:03 AM

Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

So true. Bitcoin will continue to exist without fiat. In the future I think fiat will be useless. Technology is advancing, people will get used to owning digital currency because it is more flexible, secure, and more profitable to store it.

Yes, that's right, this is our hope, namely changing the fiat transaction system that has many rules, with the presence of bitcoin, all transactions are simple, fast, and of course more secure because we can fully control it.

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Quote from: Lorence.xD on July 20, 2021, 05:53:26 AM

Yes it can exist but the problem is that it will have the same role as fiat meaning that it will become stable and somewhat centralized. Plus, bitcoin wouldn't be an asset anymore because it finally turned to be a currency.

It's like imagining life without eating. Bitcoin as a new generation currency that is still not recognized by many countries in the world. Fiat currency with a fixed exchange rate and has been recognized as valid as payment. Bitcoin without fiat will still work but fiat is the main currency that is recognized as legal by the world. So fiat is legal for living expenses paying bitcoin is a consensus that has been agreed worth can be used as fiat. So they should stay in touch with each other for now. But the future may change if BTC has become a legal tender and is recognized worldwide.

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Quote from: kakonlin on July 24, 2021, 04:00:28 AM

Quote from: amihada on July 24, 2021, 01:49:03 AM

Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

So true. Bitcoin will continue to exist without fiat. In the future I think fiat will be useless. Technology is advancing, people will get used to owning digital currency because it is more flexible, secure, and more profitable to store it.

I disagree, and I think it will not happen, if there's a currency that will replace fiat, it should not be bitcoin or any crypto since the government has to protect their own interest and they can make digital money, in fact, there is already a country that has started to create their own digital money.

China bans bitcoin and crypto in general because they have their own digital money.

https://www.wsj.com/articles/china-creates-its-own-digital-currency-a-first-for-major-economy-11617634118

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Quote from: amihada on July 24, 2021, 01:49:03 AM

Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

So true. Bitcoin will continue to exist without fiat. In the future I think fiat will be useless. Technology is advancing, people will get used to owning digital currency because it is more flexible, secure, and more profitable to store it.

amihada

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Bitcoin still exists even without fiat, Satoshi Nakamoto created bitcoin not to replace fiat, the use of bitcoin can be an asset in the future with bitcoin can be exchanged for gold not necessarily with fiat so bitcoin does not depend on fiat.

Gcrypto786

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Yes, it can be possible as Bitcoin is now considered a top cryptocurrency and if there is no Fait currency then people will use Bitcoin to trade and as a medium for buying and selling goods.

osasshem

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Seeing an advert of a goods that you want to purchase, and you have Bitcoin to as a means for this purchase, buying it at once will be the best as there is no $ to give a standard price value. Bitcoin fluctuates, and that could bring excess Billings to you as the buyer, cause if the price of purchase was given 0.2BTC at the initial stage, and the price of BTC increases, you'll have to pay same 0.1BTC cause that was the stipulated price, but when the price drops, you'll have to pay the actual remaining balance to the seller, cause he will not want to be face loss.
Bitcoin was created 2009 and was in use before the introduction of stable coin, though, the use of Bitcoin for buying and selling was not in a wide range as it is now.
Making everything simple, paying the actual amount at the initial stage will keep everyone at the safer side.

verita1

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I think your example is not mutually beneficial due to the volatility of the bitcoin price. Both would be at a disadvantage I think bitcoin will need FIAT until bitcoin volatility is not a problem but given the circumstance it will be enduring.

We have gotten used to the fiat pair and we have learned how to use bitcoin in the best possible way.
We always come to the same place when we ask ourselves about the value of bitcoin. In a short time, bitcoin should be included as a means of payment by a large majority when that moment occurs, we must all agree.

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I see no reason why Bitcoin will exist without Fiat, because it is not just possible. Fiat had been existing for centuries now and it will be difficult for people to abandon Fiat and embrace Bitcoin because of less security and anonymous privacy.

Spack17

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I think that Bitcoin can exist without fiat. Besides, fiat is going to be gone when governments develop their own digital currencies. Then there will be no fiat but cryptocurrencies will still continue to exist. In that situation, cryptocurrencies can be used in various places as the adoption will reach a much higher level than now. Otherwise, we will still need to convert it to the digital currencies that are developed governments.

Topic: Can BTC exist without Fiat? - page 3. (Read 1254 times)