Chances of BTC surpassing the value of Fiat Money - page 2.

pawanjain

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Quote from: Joel_Jantsen on December 03, 2020, 06:47:05 PM

Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.

I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?

Well in that case they can use other assets along with fiat for buying bitcoin.

Imagine paying few billion dollars along with a house (real estate property) for few bitcoins.
or
Imagine paying few billion dollars along with gold for few bitcoins

Not only assets but also things like cars, motorbikes, ships, planes etc...

That's the specialty of bitcoin Grin

Bitcoin can be bought with anything. Grin

oktana

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Quote from: Oceat on December 04, 2020, 06:17:15 PM

Quote from: oktana on December 04, 2020, 04:45:50 PM

This is also a concern to me. I've been thinking, what will happen when more than 50% of the world uses a currency that doesn't depend on fiat. I'm afraid it may bring crisis beyond what we think.

How did you know that 50% of the total population uses a currency like what currency are you talking about? How on would it bring crisis just because the price of BTC surpasses the value of fiat, don't you know that Bitcoin uses sats if ever the value increases? Well, luckily we won't be seeing those painstaking days because I'm sure we're all dead by the time it reaches that price.

Hold up mate, just imagine 90% of the world using bitcoin and no longer interested in fiat. Fiat has always been a way that the government make money. And now, it becomes a currency no one wants. Firstly, it'll greatly reduce the value of the fiat as not much people care about it any more. And at such extent, there could be a financial crisis in that country. I'm a big supporter of Bitcoin but we need to also look at the disadvantages it brings.

Adding to that, I think that it is best if everyone is allowed to bitcoin on a condition that they do not totally abandon fiat. Because if they abandon fiat, like I said, it can bring financial crises to that country.

pixie85

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Quote from: Joel_Jantsen on December 03, 2020, 06:47:05 PM

I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?

The rule of supply and demand will make sure there's always enough fiat money to buy your bitcoins and if there's not somebody will make more to satisfy the demand Wink

Fiat money can be printed, bitcoin's not. Fiat money have unlimited supply. Even with 1 bitcoin being worth 5 millions of dollars there's still going to be more than enough fiat to buy everything out.

xnarf

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Fiat is currently the standard of our world's financial system. However with the constant inflation and the US as well as other nations printing money. Fiat is inevitably losing value due to inflation and will die out.
It wont happen soon, but definitely in the near future.
This is when bitcoin will come and save the day Grin

kemoglo

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Quote from: Joel_Jantsen on December 03, 2020, 06:47:05 PM

Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.

I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?

WOuldn't this fall under price speculation? Anyway, I don't know, the global FIAT market cap is far too high, would it be nice? Yes, but also I wouldn't bet on it. Though I do think that current BTC is far undervalued, I honestly have no idea how far up it'll go, and anyone telling you otherwise might not "know" for sure, and just believes it'll go that far up.

But again, it would be pretty awesome.

layoutph

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It might surpass the value of fiat but that day is not now. Value of dollar must crashed first before crypto will overcome everything. When people started to dump and stop using their fiat then they will use bitcoin.

Rengga Jati

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Do you mean by fiat crisis is about the crisis where the fiat value is very small?
If it happens, it may not happen in all countries at once time. that is why it may not be globally done. however, if it is talking about one country, it may be probably. Like what happens in the countries where their fiat has no value anymore compared to USD, they prefer to use Bitcoin, they can get BTC as payment and also assets of course. But it may be also difficult because we must also have good agreement with the governbment. they will never let the power and role into others than them.

Oceat

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Quote from: oktana on December 04, 2020, 04:45:50 PM

This is also a concern to me. I've been thinking, what will happen when more than 50% of the world uses a currency that doesn't depend on fiat. I'm afraid it may bring crisis beyond what we think.

How did you know that 50% of the total population uses a currency like what currency are you talking about? How on would it bring crisis just because the price of BTC surpasses the value of fiat, don't you know that Bitcoin uses sats if ever the value increases? Well, luckily we won't be seeing those painstaking days because I'm sure we're all dead by the time it reaches that price.

usekevin

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Quote from: Joel_Jantsen on December 03, 2020, 06:47:05 PM

Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.

I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?

Actually the thought is very closer to the usd and other fiat. The US dollars always submerge the price of fiat many country. Mostly it affected the price of Asian countries fiat.So it was more crisis to the economy of Asian people and dominated the Asian by the mean of currency. All this was planned up to make sure of developed country on top.

MCobian

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For me now Bitcoin has surpassed the value of fiat money, and both of them still exist. In my opinion Bitcoin will not
be able to replace fiat money, because the government will not allow that to happen. So very few countries allow Bitcoin
as payment, so Bitcoin will be more attractive as an investment.

Buttermellow

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Bitcoin can change fiat currency system especially if many people will going to use bitcoin and might be adapted as well but it can also destroy the economy due to the fact that bitcoin has no stable value and could also depreciate instantly when whales going to trade it to other crypto as well. So, bitcoin should not be mixed up with the community and it should be run independently just like what we have now. To bitcoiners, this is our only chance to escape and beat the inflation rate just like gambling but having a better chance of winning that if you know when to buy and sell bitcoin.

soetikno

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in my opinion this is illogical, fiat money must always fill the market in a country, if you mean an economic crisis, for example, the fall of a currency in that country actually increases the price of bitcoin because it is believed that there will never be inflation because the current supply is only limited and continues to decrease

oktana

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This is also a concern to me. I've been thinking, what will happen when more than 50% of the world uses a currency that doesn't depend on fiat. I'm afraid it may bring crisis beyond what we think.

ReiMomo

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In terms of bitcoins surpassing the fiat currencies, I think it is already done for bitcoin's price is now greater than 1 versus other fiats. If we will say that bitcoin still didn't surpass fiat yet then it should be 1 BTC is equal or less than $1 or to any fiat currencies but since the current price of bitcoin is $19,331 then that means bitcoin has a greater value than USD.

However, it is far or impossible that fiat will be replaced by BTC just because of the devaluing or fiat crisis, it will still remain in circulation and we know for a fact that in order for us to identify the value of bitcoin right now is through conversion to a particular currency.

Joel_Jantsen

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Quote from: Twentyonepaylots on December 04, 2020, 02:32:46 PM

How will bitcoin surpass the value of fiat money if the fiat money is what powers the bitcoin Huh

and as far as the value of bitcoin is concern, I don't think it will go that heavenly high that there isn't much fiat to buy bitcoins, I mean supply and demand is the core of the price so if it isn't present the price will just stay. I can only say that the present state of bitcoin is the best it has got through years, that I think it'll be this way for more coming years. We'll be selling at $20K, then watch the dump, wait again til we see $20K and it continues for like 2 to 3 years.

Well, one bitcoin years ago was $40 and it's almost $20,000 now. Isn't that an example of how bitcoin is surpassing the value of fiat? You could afford to buy one bitcoin easily years ago, can you do now? Not many can. So clearly implies something has gotten expensive right? Bitcoin.

The pump and dump are vague words when using bitcoins. The stability of bitcoins over the years has only shown a rise so not like it will ever fall to $50 again and even if it does, I doubt it will climb back to $20,000 again.

Twentyonepaylots

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How will bitcoin surpass the value of fiat money if the fiat money is what powers the bitcoin Huh

and as far as the value of bitcoin is concern, I don't think it will go that heavenly high that there isn't much fiat to buy bitcoins, I mean supply and demand is the core of the price so if it isn't present the price will just stay. I can only say that the present state of bitcoin is the best it has got through years, that I think it'll be this way for more coming years. We'll be selling at $20K, then watch the dump, wait again til we see $20K and it continues for like 2 to 3 years.

DoublerHunter

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^ Definitely I agree with the rest that the purchase happened didn't bring a huge impact on the price hike especially if it was made infractions and unnoticeable to the market. Like what most replies above mentioned we are not even sure if he is still holding the bitcoins right now or already being sold it back in the market. Nevertheless, I could even make a conclusion that the biggest factor of the price hike and ATH is because of mass adoption where a lot of people are getting aware of bitcoin and started to invest through the help of those large companies like PayPal who started acquiring bitcoin in their services.

CODE200

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Quote from: Joel_Jantsen on December 03, 2020, 06:47:05 PM

Sorry if the topic sounds logically flawed I didn't dig much deeper into the financial fantasies of such.

I'm wondering what if one day Bitcoin goes so high up in value that it causes somewhat a fiat crisis? I mean imagine, you've Bitcoins but there isn't much cash available in the market to buy your BTC, or simply put people can't afford it? Will bitcoin be of any value then?

Impossible I think as it may sound. There'll be no equity I guess in such way. Everything in the market has price to determine its "value". Prices are "vernacular" if it is a language, as an example. And if there will be no agreement, a price won't be formed or created, and agreement into such considers different factors. So maybe, nothing in the market will be in such scenario wherein something will not be in such condition in the market, even on "rare" things being sold online.

FlightyPouch

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I don't see that from happening as we all know how the government will make some solutions to keep that from happening. I see bitcoin as an alternative and if that ever happens, what currency will we base bitcoin? How can they buy it if they are having a problem with its value that it is in bitcoin?

posi

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Bitcoin was created as a solution and alternative to the economic and financial meltdown the government was unable to fix, so it totally not add or causes fiat crisis and this is what some governments that don't support Bitcoin don't understand but the IMF Boss and US SEC Chief understand this feature about Bitcoin that's why they supported crypto and also advise the government to issue their own digital national currency cause crypto is inevitable.

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