Can BTC exist without Fiat? - page 5.

Boov

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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.

Meaning you got your profit within a month, so without fiat as a good start btc gave us an opportunity to obtain a sustainable returns. On this idea, btc and fiat has a good companionship which we can't remove, because both of them had a strong bond ever since the first existence of digital currency bitcoin. Buying goods or any basic commodities is a good example of spending money, that turns to be convenient using cryptocurrency.

dunfida

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Fiat would remain no matter what and come to think on where Bitcoin is getting value from? It is from fiat. So they are really connected to each other but the concept on how payments is been done

or transaction then it would be an another story and this is where the community is really interested but people do really think off differently and believe that fiat would be replaced?

Its an impossible thing to happen because as long do government do exist then fiat would really remain no matter what.

Argoo

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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 is unlikely that the payment by installments in bitcoins for goods or services can gain a foothold. The reason, first of all, as always, is the high price volatility of bitcoin. The agreement on the price occurs at the time of the conclusion of the transaction, and the payment of the agreed amount occurs as the fulfillment of the conditions of the concluded transaction. Although in this case the buyer will pay the same amount in bitcoins, however, over time, it will inevitably change in relation to fiat. This will always be an annoying factor.

Saidasun

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If bitcoin was to exist without fiat it would have to become the mainstream currency and that is a long way off. I do think we will get there but it will be at least another decade before it becomes the main stream currency. The good news is that some countries have already announced it as legal money which is a step in the right direction.

ene1980

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Quote from: molsewid on July 19, 2021, 09:29:21 AM

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Bitcoin is definitely a stand alone type of cryptocurrency which it will exists without the presence of Fiat but as of now the investors and traders couldn't transact directly a point to point transaction using bitcoin and the existence of fiat is still in need. As bitcoin could stand alone without fiat and even fiat could also stand alone without bitcoin which it only shows that the type of currency don't have a direct relationship with each other. So far today even if we really wanted to use crypto transaction directly it is still not yet fully implemented or practiced.

Suppose i am entering into the Bitcoin market and i wanted to purchase the coin and how do you think i will trade them or purchase them without fiat currency, the only possible solution is for me is to convert my fiat currency and purchase them and there is no other option. So you need to both to coexist for the market to be fair. I am not counting on any of the stable currencies we have in the market as majority will fail in the long run due to their lack of transparency.

NFTGate

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There is a specific use case for fiat and there is another use case for BTC. It would be too early to predict anything. As of now, it would be good to take the advantage of both the form of currencies.

molsewid

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Quote from: 20kevin20 on July 19, 2021, 05:33:13 AM

It's actually very independent from fiat. If it existed before without having any USD value, it could easily exist today totally independent from it the same way USD can live without BTC. It's just that it's so much easier to see and find its value based on a stable currency, but that doesn't make it dependent to anything. At the end of the day, if you think a kg of potato is worth .1mBTC, you can sell it for that much as long as there is demand and as long as you think it truly is worth that much. The fact that 1 kg of potato is worth 3.1 USD makes your .1mBTC automatically be worth 3.1 USD, otherwise people'd take advantage of the difference in prices until it goes stable anyway.. so these things are indirectly linked BUT independent!

Bitcoin is definitely a stand alone type of cryptocurrency which it will exists without the presence of Fiat but as of now the investors and traders couldn't transact directly a point to point transaction using bitcoin and the existence of fiat is still in need. As bitcoin could stand alone without fiat and even fiat could also stand alone without bitcoin which it only shows that the type of currency don't have a direct relationship with each other. So far today even if we really wanted to use crypto transaction directly it is still not yet fully implemented or practiced.

Charot12345

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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.

I think due to the fluctuation and the equivalent value of btc over fiat may change over year , it can be hard. But it still depends on your agreement with the seller. If you agreed to pay that goods in btc disregarding its equivalent in fiat it can be posible. Lets say you want to buy goods at 0.2 BTC then you must pay 0.2 BTC even its price in fiat fall.

bitterguy28

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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.

This is just like taking a Loan in Bitcoin from a lender your transaction relies on the amount of Bitcoin you borrowed and not in how much the current value in dollars and actually this is same scenarios why some people who took loans end up being scammers because they are loaning in bitcoin but their source of payments will come from fiat and when the value suddenly increase they don't know how to cover the remaining extensions .

GeorgeJohn

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Quote from: cotton ball on July 19, 2021, 05:23:24 AM

Quote from: imstillthebest on July 19, 2021, 05:05:08 AM

it's true what you said comrade, bitcoin can't be controlled by anyone, but bitcoin I think is very dependent on fiat currency, bitcoin was created to complement one another, I think bitcoin will be very difficult to develop if it is not supported by fiat currency, because now we can't buy rice with bitcoin in some countries..

This is obvious because cryptocurrency generally can't be controlled by any arms of government even manage by a particular sector, so making it known from my observation, without fiat currency bitcoin can not go a long way, you have said my mind, because their is some certain things bitcoin can not purchase base on the nature of the country with exception of fiat, a fiat currency is like engine room of cryptocurrencies, fiat is bitcoin backbone without it bitcoin can't come in accomplish, because right now you can't go local market and purchase food items with bitcoin, those traders values fiat currency because they are acclimatized it, and which is known to them because of it's visibility than cryptocurrency more especially bitcoin.

20kevin20

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Quote from: cotton ball on July 19, 2021, 05:23:24 AM

it's true what you said comrade, bitcoin can't be controlled by anyone, but bitcoin I think is very dependent on fiat currency, bitcoin was created to complement one another, I think bitcoin will be very difficult to develop if it is not supported by fiat currency, because now we can't buy rice with bitcoin in some countries..

It's actually very independent from fiat. If it existed before without having any USD value, it could easily exist today totally independent from it the same way USD can live without BTC. It's just that it's so much easier to see and find its value based on a stable currency, but that doesn't make it dependent to anything. At the end of the day, if you think a kg of potato is worth .1mBTC, you can sell it for that much as long as there is demand and as long as you think it truly is worth that much. The fact that 1 kg of potato is worth 3.1 USD makes your .1mBTC automatically be worth 3.1 USD, otherwise people'd take advantage of the difference in prices until it goes stable anyway.. so these things are indirectly linked BUT independent!

cotton ball

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Quote from: imstillthebest on July 19, 2021, 05:05:08 AM

It can because btc was a currency but It can't be happen for now so you have no choice if the payments are tired to fiat . btc fluctuates and you can get lucky that btc price will fall by the time your going to pay the other half of what you owe . this same problem is also found in borrowing and lending btc .
If we want to or if it's allowed , we can negotiate that the payment will only be based in fiat .

it's true what you said comrade, bitcoin can't be controlled by anyone, but bitcoin I think is very dependent on fiat currency, bitcoin was created to complement one another, I think bitcoin will be very difficult to develop if it is not supported by fiat currency, because now we can't buy rice with bitcoin in some countries..

imstillthebest

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It can because btc was a currency but It can't be happen for now so you have no choice if the payments are tired to fiat . btc fluctuates and you can get lucky that btc price will fall by the time your going to pay the other half of what you owe . this same problem is also found in borrowing and lending btc .
If we want to or if it's allowed , we can negotiate that the payment will only be based in fiat .

Mr.sprin

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Quote from: Nora Olin on July 18, 2021, 08:55:07 PM

If the buyer and seller don’t mind before the transaction, I think it’s acceptable, because BTC is directly used to set the price of the item, not based on the price of the legal currency, then if the BTC fluctuates, whether it rises or falls, the remainder The amount will need to be paid within the specified time.

what about the bitcoin fee if it is used in daily shopping whether the price of bitcoin paid includes the fee or what if the fee is more expensive, is it possible to use bitcoin as a daily payment.

Nora Olin

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If the buyer and seller don’t mind before the transaction, I think it’s acceptable, because BTC is directly used to set the price of the item, not based on the price of the legal currency, then if the BTC fluctuates, whether it rises or falls, the remainder The amount will need to be paid within the specified time.

Tina H

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I don’t think Bitcoin can do it, because the price of fiat currency will not fluctuate like Bitcoin. After you pay part of it, you plan to save the other part for later payment. At that time, the price of Bitcoin is not the price at that time, compared to the previous one. If it is too high, it means that the profit of the item will increase. If it falls, the seller will lose money. So I don’t think it can be done. This instalment payment method is not applicable to Bitcoin.

Pasa32

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Bitcoin cannot be used for daily payments system because bitcoin is so volatile and its looking so difficult that bItcoin will
Be used for daily payment like fiat.
Its very Hard that Btc Exist without Fiat. No country is looking positive toward Btc to accept as a payment service.

Rajamuda

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In my opinion, in the future, fiat and BTC will be equally strong in terms of finance, which will indeed continue to complement each other without being displaced by their role. Precisely if the two really continue to coexist well, it will advance the community in earning income, improving life performance, and so on.
when buying goods or something, I'm sure in the future of course it will be able to and have prepared for the possibility that will occur related to fluctuations of the prices.

Ausgewielt

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For now I still can't imagine that because the price is still extremely fluctuate which mean that it is not so convenient to adopt it without vendors help. I bought many goods using cryptocurrency but with help of coinpayment. I think fiat will not be gone because government need it. I think if bitcoin become more stable merchants and customers will be benefits from the use of bitcoin in their transactions. Most of us are trader, I think it makes bitcoin price volatile.

20kevin20

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Quote from: cabron on July 18, 2021, 01:02:22 AM

BTC can exist if businesses and merchants will price their products only with BTC without the USD worth. We just don't have any idea when this will happen. But seriously it's hard to put a value on BTC without fiat. This is what they say that fiat can never disappear, BTC will just have to co-exist with fiat because to determine its value there has to be USD.

Even if you see someone putting up some products for sale in BTC prices without any sign of fiat value, they still priced their products based on something, and it's most likely the USD equivalent of that product's average market price. It's like bullion websites updating their prices every 5 min based on the moving spot gold/silver rate. Without fiat at all, Bitcoin would be what fiat is today. And it doesn't seem very hard to find out how much 1 USD is worth Cheesy

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