Bitcoin is a currency and the value has to be determined against other currency. Bitcoin can survive without fiat as Bitcoin is not dependent on it. If fiat were to collapse overnight, people would simply start to establish the exchange rate against other mediums, like precious metals.
The only reason why this issue matters now is due to how much Bitcoin fluctuates against fiat. Bitcoin is sufficient to fulfill the various economic functions of a currency. Payments can be settled using Bitcoins in absolute amount or the approximated amount when compared against other forms of currencies, this is dependent on if they care about that. But as far as I'm concerned, 1BTC = 1BTC.
Topic: Can BTC exist without Fiat? - page 8. (Read 1282 times)
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If only Bitcoin was a recognized stable currency, it could happen without having to think about the BTC rate against USD when you made the first and second payments.
When Bitcoin has become mainstream, some of the functions of fiat currency can begin to be replaced with the existence of Bitcoin.
But I'm not so sure with the very limited total supply of Bitcoin it can become a mainstream currency. It is very difficult to control regarding the scarcity of BTC currency. If BTC is very rare, then it is like jewelry like Gold, Diamond or Silver. We can't trade using Diamonds to buy milk and bread in the shop.
So, Bitcoin still needs fiat
When Bitcoin has become mainstream, some of the functions of fiat currency can begin to be replaced with the existence of Bitcoin.
But I'm not so sure with the very limited total supply of Bitcoin it can become a mainstream currency. It is very difficult to control regarding the scarcity of BTC currency. If BTC is very rare, then it is like jewelry like Gold, Diamond or Silver. We can't trade using Diamonds to buy milk and bread in the shop.
So, Bitcoin still needs 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.
Btc can exist without fiat because fiat can exist without bitcoin, bitcoin can be use for different payment Even for buying of goods and services, the only difficult thing exist between bitcoin and fiat is that fiat has more value than bitcoin and it can be spend anytime without help of any commodity, while bitcoin need support to bring it's image which is fiat, but country that values cryptocurrency can equally use it for any transaction without accompany of fiat. 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 actually a very good question, and in my opinion i think that bitcoin and crypto overall can't exist without fiat, and the reason for that is because they have become more of an investment rather than being an actual currency with its own dependent value, so the value of any currency or investment is always going to be tied to its equivalent in fiat because that is the main way people and companies exchange goods or services between each other.
I share in your opinion. I believe both Cryptocurrencies and fiat will coexist. As you mentioned, the former is largely considered as an investment instead of an exchange medium. Also the true value is difficult to determine due to too much speculations and fluctuations.
There will not be a time fiat is totally replaced.
That's not an ideal solution if you're going to think about bitcoin with that type of scheme. It is what it is with what you're sending through bitcoin and maybe you'll have that contract or deal with whoever is the seller. BTC will coexist with fiat and this is the reality.
Bitcoin as the other choice for payment is what it should be but with the scheme that you have mentioned, it's like a condition that will depend to the merchant where you've purchased a good.
Bitcoin as the other choice for payment is what it should be but with the scheme that you have mentioned, it's like a condition that will depend to the merchant where you've purchased a good.
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 actually a very good question, and in my opinion i think that bitcoin and crypto overall can't exist without fiat, and the reason for that is because they have become more of an investment rather than being an actual currency with its own dependent value, so the value of any currency or investment is always going to be tied to its equivalent in fiat because that is the main way people and companies exchange goods or services between each other. 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 $1000.
Can this happen with BTC, if not now but in the future.
Maybe I want to buy goods worth 0.2 BTC, I paid 0.1BTC, in the later months can I pay the balance of 0.1BTC without paying its equivalent in fiat?
Thank you.
I think one without the other can perfectly exist and the question is rather how long both will exist. There is a possibility that bitcoin will be able to outlast FIAT as the world is changing rapidly and more and more people prefer to bet on digital finance and digital values such as NFT. Over the next 10 years, especially after defeating the pandemic, the economy will jump forward in all developed and developing countries and cryptocurrency will follow this growth. Moreover, more and more large investors regard it as a real investment instrument.
It's not possible one.But it was a stage of no dependence of fiat at the begin.This is cause of less price like 1000$ in the bitcoin.When fiat get into play a role in cryptocurrency,it developed 50 times from the beginners stage.Now we can convert bitcoin to may of the fiat in the world.The transaction became a possible one by the fiat involvement.
As Bitcoin is highly volatile business owners will surely think of it. Getting such an access is really not gonna happen, because when you buy the product of 0.2BTC paying 0.1BTC and rest within few months there can happen deviation in the price upward and downward. If the price move is upward and receiving the remaining 0.1 BTCfund in terms of BTC will profit the business owner. Same if the market see an downward move he'll be experiencing loss. So this isn't possible with Bitcoin.
In simple based on the market volatility he can get $5000 as well as $3000 for the product that is tagged worth $4000.
In simple based on the market volatility he can get $5000 as well as $3000 for the product that is tagged worth $4000.
Fiat might be an easier way of dealing with this and I'm not sure crypto is the way to fully replace fiat.
But you can collateralise other items. If you get a builder to fix something, you normally just promise to pay when the work is done (you rarely pay before). This could be collateralising your reputation or your house. A court can order you to pay anyway.
Say you buy a car for 0.2BTC, you'd put your deposit of 0.1BTC down. If you don't pay the rest off on time, they take the car. If the amount they get for the car by selling it on leaves them at a loss, they'll just come after you for the rest of the money going the normal route (eg the court might order to take possessions like a house and split the funds proportionally to pay off the debt).
But you can collateralise other items. If you get a builder to fix something, you normally just promise to pay when the work is done (you rarely pay before). This could be collateralising your reputation or your house. A court can order you to pay anyway.
Say you buy a car for 0.2BTC, you'd put your deposit of 0.1BTC down. If you don't pay the rest off on time, they take the car. If the amount they get for the car by selling it on leaves them at a loss, they'll just come after you for the rest of the money going the normal route (eg the court might order to take possessions like a house and split the funds proportionally to pay off the debt).
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.
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