Author

Topic: Decentralized fiat global currency (Read 78 times)

legendary
Activity: 4466
Merit: 3391
November 23, 2022, 05:15:41 PM
#8
Wanted to understand if there is a concept of a truly decentralised fiat, with no government control, but collated to real world. It's high time such a currency comes to fruition, specially with CBDC's etc.  Huh Is there is any project going on to build it ?
I have heard of a project called Bitcoin that might be what you are looking for.
But then even bitcoin is pegged to a fiat, to make it usable.

I am trying to understand is there a better solution to this pegging to government-controlled fiat currencies.  Huh
Bitcoin is not pegged to any other currency -- fiat, government, or otherwise.

"Pegged" means that the values are kept in sync. A USD stablecoin is "pegged" to the value of USD. Bitcoin is not "pegged" to anything.

The price being quoted in a particular currency does not mean that it is "pegged" to that currency. You can buy bitcoins with any currency. You can state its price in any currency. Its value changes with respect to those currencies, therefore it not pegged.

People use the word "fiat" to mean different things , such as
  • 1. controlled by a government
  • 2. has a value that can arbitrarily be set by some entity
  • 3. has a value not based on the value of anything else
.

Bitcoin is not a fiat currency with respect to the first two definitions, but it is a fiat currency according to #3.

Given all that, can you restate your original point more clearly?
full member
Activity: 868
Merit: 202
November 20, 2022, 08:42:02 AM
#7
The concepts of decentralization and fiat in my opinion are two things that cannot be put together. Fiat itself runs with regulations from the government while decentralization is a concept where it eliminates the intervention of the government or third parties in the transaction system. So I don't think a project like the one you described probably won't exist.
Ucy
sr. member
Activity: 2674
Merit: 403
Compare rates on different exchanges & swap.
November 20, 2022, 04:59:23 AM
#6
Wanted to understand if there is a concept of a truly decentralised fiat, with no government control, but collated to real world. It's high time such a currency comes to fruition, specially with CBDC's etc.  Huh

Is there is any project going on to build it ?



Such is very counter intuitive. Hope you Google the different meanings of the Word "fiat" then compare that to the ideals of decentralized currency like Bitcoin. Fiat and truly Decentralized currency are contradictory. It should never be used together to mean Truly Decentralized due mainly to the fact that the first truly decentralized currency like Bitcoin is a voluntary currency system with participants who can join or leave the system at will.

Maybe Decentralized National currency will work OK rather than Decentralized Forced/imposed Currency.

Bitcoin could be called the currency of the free. The other is mostly for slaves.
newbie
Activity: 25
Merit: 0
November 20, 2022, 04:54:40 AM
#5
I only trust Bitcoin and USDT. All)
jr. member
Activity: 46
Merit: 16
I 🖤 Bitcoin
November 20, 2022, 04:45:15 AM
#4
But then even bitcoin is pegged to a fiat, to make it usable. I am trying to understand is there a better solution to this pegging to government-controlled fiat currencies?
Bitcoin is pegged to fiat as long as you think so. 1 BTC = 1 BTC
newbie
Activity: 2
Merit: 0
November 20, 2022, 01:03:46 AM
#3
Wanted to understand if there is a concept of a truly decentralised fiat, with no government control, but collated to real world. It's high time such a currency comes to fruition, specially with CBDC's etc.  Huh

Is there is any project going on to build it ?

I have heard of a project called Bitcoin that might be what you are looking for.



 Smiley

But then even bitcoin is pegged to a fiat, to make it usable.

I am trying to understand is there a better solution to this pegging to government-controlled fiat currencies.  Huh
legendary
Activity: 4466
Merit: 3391
November 19, 2022, 11:58:25 PM
#2
Wanted to understand if there is a concept of a truly decentralised fiat, with no government control, but collated to real world. It's high time such a currency comes to fruition, specially with CBDC's etc.  Huh

Is there is any project going on to build it ?

I have heard of a project called Bitcoin that might be what you are looking for.
newbie
Activity: 2
Merit: 0
November 19, 2022, 11:42:39 PM
#1
Wanted to understand if there is a concept of a truly decentralised fiat, with no government control, but collated to real world. It's high time such a currency comes to fruition, specially with CBDC's etc.  Huh

Is there is any project going on to build it ?
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