Topic: Can BTC exist without Fiat? - page 6. (Read 1254 times)

That is an incorrect assumption. Bitcoin definitely can exist without a fiat currency. Remember, Bitcoin was created without the fiat support.
Before the Pizza event, Bitcoin was worth practically nothing over fiat, and it was simply the enthusiasm of early adopters that fuelled the cryptocurrency.

this seems confusing to me.
if the existence of BTC is without fiat I think it still can. only the existence of fiat itself gives BTC value.
just like gold without fiat. we are going back to the days of the barter market. everyone buys what they want with what they have.
that's all because BTC has not been used by everyone as a transaction tool. so fiat is still very important to be the measuring value of every crypto asset.
but when everyone turns to crypto as a means of payment. BTC will probably be the most powerful crypto-asset commodity on the market as a transaction tool. and by that time, fiat may be deprecated around the world.

No, that's what I think.  Fiat is still important in life, most cash flows today are classified by activity, activity or ownership are fiat.  Although fiat is opening up the risks of inflation, emissions (printing money), it is still a layout in government.  What about the future?  Yes, we can look forward to what El Salvado has done.  It will be worth, very high performance.  BTC also doesn't necessarily exist without fiat.
We are still doing well between fiat and btc.  It will be maintained, I guess!

can btc exist without fiat?? my answer is most likely no, because we see bitcoin and fiat need each other, bitcoin exists because it is supported by fiat currency, if bitcoin is not supported by fiat currency I think bitcoin is very difficult to develop, because most of us now Even though there are still a lot of using fiat currency in all forms of purchases, most of us use bitcoin as an asset for the future.

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.

In the future probably yes bitcoin will exist without fiats , because even now the entire crypto currency had different prices in the market. so if fiat disappear then its not a problem anymore. But the question is do you think that it's possible to happen in the future ? In my opinion "NO" there's no way it will happen because government were against in crypto currency and if that time happens there's a chance for crypto to replace fiat as a legal tender all over the world wherein not unacceptable for them..

It did exist. This kind of lowball question concerning about btc would be consider as non sense. Well if you really are a newbie then yes. Bitcoin started without using fiat but eventually due to demand that bitcoin has made by the people that see its worth then this time bitcoin became had some fiat value.

Bitcoin could exist without fiat, but I have no idea how the prices of goods and services would be stipulated, but I guess it would be a chaotic mess and at some point bitcoin would probably be put aside and people would just trade goods for goods or goods for services, not using any currencies anymore. I think bitcoin works better if there is fiat coexisting, so we can have a better parameter when spending our money.

It may happen if there is no fiat again in this world. So, all payments will be using bitcoin.
But, will it be probably?
I think Not.
It will be difficult that there is no fiat anymore i this world. Fiat is likely the regulated money by the government of each country. So, I don't think that government will remove fiat as their legal and regulated currency. It is too complicated to make this happen

For now, fiat is still needed and cannot be replaced, even in some countries Bitcoin is still prohibited as payment. So for Bitcoin can exist without fiat
like it still cannot happen, especially with Bitcoin which cannot be controlled by the government, Bitcoin can only be used as an alternative payment.
But if indeed in the future all countries decide to create their own cryptocurrencies, fiat can be replaced and finally Bitcoin can exist without fiat.
For this to happen, it might take a long time, because now some countries still refuse the presence of cryptocurrencies.

yes, that's right, but fiat can't be replaced in my opinion because there are too many regulations that bind it
bitcoin can exist without fiat if the fiat is converted into digital currency and the transactions have reached 100% in the use of all transactions in other words each country has its own cryptoccurency to remove physical from fiat and slowly replace it with cryptocurrency and use of bitcoin only for transactions international

I believe concepts like these can also be reapplied to cryptocurrencies, not just on fiat. The only reason why of course we aren't seeing such movement in the cryptocurrency industry is that fiat still pretty much does the work. Soon as cryptocurrencies see such notice in terms of financing if that's what you mean, provided of course that this happens exclusively for cryptocurrencies that are stable and are not fluctuating in value.

Admit it or not, fiat was the one that paved the way for cryptocurrency to come to life. No matter how much we want it to replace fiat, we can never deny the fact that it has been the traditional currency for many over the past decades. Surely, many will disagree with the idea but if we would think it through, we'll see how caged and how limited we are whenever using fiat. Just by considering the fact that it is under the government's control makes it not ideal already when it comes to investments cause they would just keep on taking advantage regardless if they may get something from it or not.

Of course you can do this in a non-fiat world. You are able to access that 1000 USD credit from a bank depending on your credit rating and trustworthiness. In a hypothetical BTC world where your salary is a monthly/ weekly on-chain payment from your employer and your expenses are on the LN, you can always access credit by citing your future cash flow. Of course institutions would have to come up to provide such services.

The loan in BTC/ LN case would be much more easily processed as it can be scripted into a smart-contract to debit your salary account on the next on-chain transaction.

So BTC can easily exist without Fiat. In fact, its designed to exist as immutable in places where Fiat loses its value due to government policies. I still think that BTC wasn't designed to replace Fiat but to address the problems and corruptions in the fiat system. Satoshi envisioned it as peer-to-peer cash, enabling people to be their own banks and trade with whomever they want without the need to go through the rent-seeking walled gardens that governments erect around their citizens.

What "market forces" do you think are in play when fiat is printed to not just save corrupt organizations but to ensure that their topmost executives get paid fat bonuses for getting us to those situations. Centrally printed Fiat was never a necessity like you quote. Civilizations worked even in the absence of it and they can in the future.

Fiat will exist as long as the world lasts nothing can be managed without fiat although bitcoin is used in the online world it is not used everywhere. Bitcoin is the best in the world of crypto and the use of fiat externally is unmatched fiat currency includes paper money coins bills etc which have value savings and are used as a medium of exchange for purchasing goods and services. Its value is determined by the market forces the relationship between the demand and supply of money and the stability of the issue or declaration to the government ie the performance of the country's economy and the way the country is governed.

I do not see why not as this is something that business already do all the time, after all if a business uses their local currency and needs to buy necessary stuff with dollars they basically have the very same dilemma already, so if you replace dollars with bitcoin then you have your answer, right now this does not seem like it is possible because as we know bitcoin is not getting as much use as a currency as it should as it is being more used as an asset, but the day will come in which something like this will be possible.

Tbh we haven't got to a point where everything is built around digitalisation  and is trust worthy, we have heard on several occupations people and companies having their systems compromised,  hacked etc, there is still a lot of work to be done for us to trust the system and top security put in place to run independently.

So many answer will be a no,we still need fiat and crypto (BTC) to run simultaneously to each other.

- Whether bitcoin is at a high or low price, our buy and sell contracts are still failed contracts because it doesn't have to decrease or increase a few percent like regular fiat, those are very significant percentages and this is the point where people invest in bitcoin like a real financial sector. Besides, arranging the product's launch time, fiat is still the elder brother of bitcoin, bitcoin is a conversion from fiat, as soon as bitcoin denied the starting point and existence of fiat, it gave up on appearing to the public

Can I barter 20 chicken eggs for a hair cut ...or 50 eggs for a 9kg bag of Dog food? You can basically use anything without Fiat currencies, if the Banks stop issuing it.     What did people use before governments started with their toilet paper money?.... People bartered for goods and services and some people used scarce items like Sea shells and large stoned with holes carved into it.  

The last 300+ centuries, people lived with Fiat currencies.. but they still bartered with goods and services..it was just not the "standard" payment method.. because the governments forced people to use Fiat currencies. (because they manipulated the value and they tracked payments with unique serial numbers on notes)  

For now, it's impossible. Fiat is the easiest form of payment and doing transactions.  Nowadays even we are in a modern world using a modern technology but not all are using it.  Although the adoption of bitcoin keep on increasing, we still need to convert it into fiat to use it widely. Maybe soon it will happen.