Topic: Can BTC exist without Fiat? - page 7. (Read 1254 times)
IMO, I dont think so, because In the first place Bitcoin was created to fix a particular problem on fiat, so without fiat, I believe Bitcoin was not put into an idea, and later on, it was materialized and made by Satoshi. Let us accept the fact that even today the price of Bitcoin was tied up on fiat (US dollar) to be exact, so it is very difficult to remove fiat into the current system, that's why let them co-exist so that people will have an option.
I think this will be difficult to happen because basically bitcoin will stay side by side with fiat no matter what.
and why it was suspended because I think this is one of the strategies how they take advantage. because it is very clear because here we are free to do anything including taking the highest possible profit and there is no law that prohibits it so I think it becomes normal if they do that.
and it is very difficult for bitcoin to break away from fiat because in fact they need each other
and why it was suspended because I think this is one of the strategies how they take advantage. because it is very clear because here we are free to do anything including taking the highest possible profit and there is no law that prohibits it so I think it becomes normal if they do that.
and it is very difficult for bitcoin to break away from fiat because in fact they need each other
To continue its existence, Bitcoin should be able to used in everywhere first. Because now, we can't use Bitcoin without converting it to fiat in many places. If this situation changes in the future, then we won't need fiat for using BTC.
bitcoin and fiat are like body and life, a body without life is meaningless, and vice versa, if you say can bitcoin exist without fiat, my personal answer is definitely no, we must realize that if bitcoin is not supported by fiat currency, bitcoin definitely won't last until now,
I don't understand what you are talking about, don't you think that transactions before using fiat are used to barter with gold and silver, if there is no fiat, the transaction continues, so if there is no fiat now it doesn't affect bitcoin, if you are currently bartering gold and silver then bitcoin can actually be exchanged for gold and silver. 
can bitcoin without fiat, I think bitcoin has a dependence on fiat currency, if fiat money does not accept bitcoin exchange, most likely the selling value of bitcoin will fall, and there is no price, bitcoin and fiat cannot be separated, fiat and bitcoin have an attachment What's amazing is that they can't be separated.
Firstly Bitcoin was created without the dependency on fiat but later the value of Bitcoin is highly related to each other. Now without fiat, we can't compare the real value of Bitcoin or can't pay Bitcoin in exchange for goods or assets. If Bitcoin becomes mainstream coin in future, probably we can exchange something with Bitcoin but till now, fiat is inevitable.
I don't think bitcoin can survive without fiat, because where can people buy bitcoin itself without starting with fiat,
when you buy a car with bitcoin I think it's possible, it's just that , when bitcoin have high price you will experience a very large loss compared to using fiat money
Its volatility feature is the thing that merchants had to consider accepting Bitcoin as a mode of payment. If only that its value is stable, the majority will likely use it instead of fiat but as this can never be changed, we could think that Bitcoin won't ever survive or exist without fiat money.when you buy a car with bitcoin I think it's possible, it's just that , when bitcoin have high price you will experience a very large loss compared to using fiat money
But it was not an issue, I think. Fiat money will still be there even there is a surge of Bitcoin demand because the majority will still be using fiat compared to Bitcoin.
bitcoin and fiat are like body and life, a body without life is meaningless, and vice versa, if you say can bitcoin exist without fiat, my personal answer is definitely no, we must realize that if bitcoin is not supported by fiat currency, bitcoin definitely won't last until now,
That is true, even before the mere existence of Bitcoin, there is flat. And now they are may be two different entities but these two go along with each other. In the matters of usage of both, I think there will be troubles if flat will be used alone, and vice versa, if Bitcoin will be used alone. Not to say that the value of Bitcoin is different in every currency and country there is when converted into flat. I believe that having both of these two at this present time is the ideal way.
bitcoin and fiat are like body and life, a body without life is meaningless, and vice versa, if you say can bitcoin exist without fiat, my personal answer is definitely no, we must realize that if bitcoin is not supported by fiat currency, bitcoin definitely won't last until now,
I don't think bitcoin can survive without fiat, because where can people buy bitcoin itself without starting with fiat,
when you buy a car with bitcoin I think it's possible, it's just that , when bitcoin have high price you will experience a very large loss compared to using fiat money
when you buy a car with bitcoin I think it's possible, it's just that , when bitcoin have high price you will experience a very large loss compared to using fiat money
I think it can exist because it can be a medium of exchange although I can't fathom how the people will be able to cope with cryptocurrency as a mode of payment the way fiat has been used for centuries.
Even fiat can't exist without fiat in a sense that you're describing. I recently signed a deal where I would need to make a payment later, and as a part of the deal the payment in my local currency will be tied to the value of US dollar.
If Bitcoin exchanges were to get closed, Bitcoin would be in a big trouble, because its price would be determined by very low volume darknet exchanges, so volatility would be huge.
If Bitcoin exchanges were to get closed, Bitcoin would be in a big trouble, because its price would be determined by very low volume darknet exchanges, so volatility would be huge.
It's all about whether the seller cares more about BTC than fiat value. If they do, then their 0.1 BTC will not change based on fiat value. Should they consider a phone is always worth 0.2 BTC, half of it is stil half.
Bitcoin can definitely exist outside the fiat system. It could be used as its replacement very easily, but we need a spirit of community in order to make this work for real. Without everyone agreeing to the same prices, you will have to use another currency (fiat for example) to base your prices on.
Bitcoin can definitely exist outside the fiat system. It could be used as its replacement very easily, but we need a spirit of community in order to make this work for real. Without everyone agreeing to the same prices, you will have to use another currency (fiat for example) to base your prices on.
You can do this now, but you have to put up all the Bitcoin in the beginning. This doesn't help if you are wanting a loan, but it could be useful if you want to make staged payments for a building project. If you need a loan, then you will need to find someone to lend you the Bitcoin, and this is no different to a fiat loan really. A deferred payment or rental agreement would be something you could agree with the seller.
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.
Your question is very much confusing to be honest.
With the type of demands of yours, you can equally face losses or profits.
Everyone want they need to deal with FIAT price, as BTC is an asset and it’s price is not constant.
But you want the reverse, and want to pay on the values of BTC not in FIAT.
I guess this won’t going to happen anytime in the near future.
Still interested to hear from other people about this.
A good example is Venezuelan bolívar. When the value of this currency was dumping you couldn't go to a store pay half that day and then say months later you would pay the next half. They would demand all the payment that day or increased payment in the future because in a couple of months the value of the same amount of VES was not the same anymore.
This didn't mean VES is not currency or can not survive without "fiat", it is already a currency used by 29 million people and it is surviving on its own even if it has wild "value swings".
Good instance here, I never knew that a fiat could fluctuate to this extent. I had always thought that all fiat are almost stable at any time. If so, there's a very big hope for BTC as per currency and not only a store of value. This didn't mean VES is not currency or can not survive without "fiat", it is already a currency used by 29 million people and it is surviving on its own even if it has wild "value swings".
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.
Looks possible but hard to implement at our current time because lots of people are still computer illiterate where they don't even know how to access their local exchanges. therefore, we are not yet into this because no matter how I look at it, it won't make any sense until it will become one of the known currencies in the world like dollars or Euros. Buying goods with BTC is starting to get convenient since PayPal is taking over the online payment system. hope it works for them because they are one of those big companies that will push bitcoins to the future.
If fair you use btc then it will be calculated based on btc, not in fiat. you transact at a price of 0.1 btc then you have to pay with 0.1 even if the estamasi in dollar amounts is up or down. you still have to pay with btc 0.1
What you are asking is not specific to bitcoin but it is all about volatility of the currency and since you are comparing it with US dollar (a currency that at the moment isn't experiencing any huge fluctuations) your comparison is flawed. You should compare US dollar with another currency that has huge volatility like currency of a country that is currently experiencing hyper inflation or compare it when the hyper inflation was happening.
A good example is Venezuelan bolívar. When the value of this currency was dumping you couldn't go to a store pay half that day and then say months later you would pay the next half. They would demand all the payment that day or increased payment in the future because in a couple of months the value of the same amount of VES was not the same anymore.
This didn't mean VES is not currency or can not survive without "fiat", it is already a currency used by 29 million people and it is surviving on its own even if it has wild "value swings".
A good example is Venezuelan bolívar. When the value of this currency was dumping you couldn't go to a store pay half that day and then say months later you would pay the next half. They would demand all the payment that day or increased payment in the future because in a couple of months the value of the same amount of VES was not the same anymore.
This didn't mean VES is not currency or can not survive without "fiat", it is already a currency used by 29 million people and it is surviving on its own even if it has wild "value swings".
You can always pay that half .1 bitcoin if the two parties agreed whether it can be paid as bitcoin itseld regardless of the future value when the due date comes or it should be paid as bitcoin/usd pair for fairness. As btcoin always have a volatile price, it is not advisable for you to pay it in currency base.
And about the question towards the title, it may exist without it. I mean , if bitcoin was the first currency that founded then the circumstances can be different now.
And about the question towards the title, it may exist without it. I mean , if bitcoin was the first currency that founded then the circumstances can be different now.
Jump to: