Dollars And Euros Removed How We Determine The Value Of Bitcoin?

carlisle1

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Quote from: USA on February 20, 2017, 09:14:52 PM

Right now we determine the value of bitcoin by dollars, euros and other currencies, but if we remove all the currencies and use only Bitcoin how we can know what is the value of Bitcoin?
Do we need to use MBTC then?

These currencies are primarily used internation for the price of products in market so like what the other people are saying it never going to happen but if so, we still have pound which might be used as price indicator of bitcoin .

Wind_FURY

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Quote from: Kprawn on February 21, 2017, 10:53:47 AM

How did the early islanders determine the value of goods? They said... listen chap, gimme 3 shells for 5 eggs.... the same will be applicable to

Bitcoin. I will give you 200 Satoshi's for 5 eggs .... How does that sound? We do not need fiat currencies, if all commerce are done in Bitcoin. The

people will decide it's value, like they did in the early days. Grin

Why are you trying to post in break line? Are you trying to hide something?

Anyway yes it can be done that way. In the past the conquistadors did trade with the islanders they came across with. They took advantage of them by trading their small trinkets for more valuable items like gold and spices. Thanks to the internet no one can take advantage of us anymore by trying to scam us and try steal our Bitcoins.

Wait a minute. That felt wrong.

KennyR

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If dollar and euros were removed bitcoin will be valued directly. Already bitcoin is divided from small denomination, so people starts using it based on that. In reality at any instance USD or euros won't be removed.

bamboylee

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Bible people measure their wealth with camels and sheep. If they want to buy something, they'll ask the seller how many sheep for whatever product they are buying. That same principle applies. The amount of bitcoin to purchase a certain product will be set by competition of the competing sellers and the amount the buyer is willing to give.

Kprawn

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How did the early islanders determine the value of goods? They said... listen chap, gimme 3 shells for 5 eggs.... the same will be applicable to

Bitcoin. I will give you 200 Satoshi's for 5 eggs .... How does that sound? We do not need fiat currencies, if all commerce are done in Bitcoin. The

people will decide it's value, like they did in the early days. Grin

ged00u

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Quote from: zeze18 on February 20, 2017, 11:04:04 PM

Quote from: USA on February 20, 2017, 09:14:52 PM

Right now we determine the value of bitcoin by dollars, euros and other currencies, but if we remove all the currencies and use only Bitcoin how we can know what is the value of Bitcoin?
Do we need to use MBTC then?

I guess that will not happen because the BTC is not real currency, while the dollar and the euro currency real and have a legal

What? "Bitcoin is not real"? Bitcoin is digitalized currency, and that doesn't mean that bitcoin is just something made from human's imagination. And if we eliminated dollars and other fiat coins, then people would have to start valuing things based on bitcoin and there would be like "How much bitcoin is a T-shirt?" Like in the old days, "How many pieces of gold for a house?" and now, "How much dollars for a piece of gold?" Grin

Wendigo

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Have you seen this website:

https://www.numbeo.com/cost-of-living/country_result.jsp?country=United+States&displayCurrency=BTC

Quote

Numbeo is the world’s largest database of user contributed data about cities and countries worldwide. Numbeo provides current and timely information on world living conditions including cost of living, housing indicators, health care, traffic, crime and pollution.

It shows the cost of living in different countries around the world and there is also an option to show relative prices in Bitcoin. If you are traveling abroad and trying to live on Bitcoin only this might come in handy Wink

Slark

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We need to understand that Dollars, Euros or any other type of currency is just filler - the only thing that matters is purchasing power.
Without FIAT we would have something else which will determine the way we trade, buy goods and cover the cost of our living.
Bitcoin would be then compared to that 'unit of trade' (whether it would be gold or silver ounces, or some other natural commodities) and nothing will really change.

alyssa85

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We'd judge the value based on how much it cost to buy a Big Mac at McDonalds of course. It is the best way to truly value a currency. See

https://en.wikipedia.org/wiki/Big_Mac_Index

Senor.Bla

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If you want to know the value of something you always compare it to something else. Money was invented also for the reason to have something we can all normal thing compare to. This made it also easy to compare the value of things with other things. currencies are very precise, but we can basically compare it to any thing else.

BitcoinHodler

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all these fiat currencies such as dollar and Euro is there to help us have a better and easier outlook over things.
for example if we say bitcoin is worth x Zimbabwean dollar majority of people won't understand what you mean. but Dollar and Euro is more global and easy to understand. you can change it to any other dominant currency or even use Gold if you want.

Xester

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Quote from: USA on February 20, 2017, 09:14:52 PM

Right now we determine the value of bitcoin by dollars, euros and other currencies, but if we remove all the currencies and use only Bitcoin how we can know what is the value of Bitcoin?
Do we need to use MBTC then?

The value of bitcoin will be based on other altcoins and commodities. Its like asking the value of dollars, if you can answer what gives value to the dollar then you can answer what will give value to bitcoin. The economy will dictate about the value of bitcoin against the value of the commodity. It is hard to determine it now but soon if we are already at that situation the economists of different countries will be the ones to agree on how to determine its value.

pixie85

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If fiar wouldn't exist there would be no need for bitcoin exchanges and you'd have to barter to get some. Because how would you get your hands on bitcoin if you couldn't mine it? There would have to be an exchange that would offer bitcoin for some other valuables like precious metals or art. You'd also be able to work for Bitcoin i guess and you and your boss would have to come up with an amount of coins he'd pay you per hour. This wouldn't be that hard as stores would have everything priced in bitcoin.

xuan87

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We are using dollar an euro because most of people knew that currencies and it is used for world wide transaction, if Dollar and Euro don't exist then we will just point another currency to become the value exchange for bitcoin, if we are no longer using fiat then we will see what things we are using for purchasing things, if it is gold then we are using gold to measure bitcoin value

requester

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well compare it with value of currency of your nation's currency and get the approximate value of bitcoin. or compare it with other countries currency and get a better result of the same. although 1 bitcoin will remain as 1 bitcoin regardless of its values as compared to other currencies.

Text

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How did you say that Dollars and Euros will be removed? It will not happen, there is no replacement will take place. We can not use Bitcoin alone so we should not abandon the fiat money. It doesn't mean that BTC was created we need to disregard the global currency.

Amph

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the only way is to build and determined the value with the old good barter, slowly people will recognize more and more the true value of bitcoin in this way, if there were no fiat currency

the value will be determined by how much people are willing to offer for one btc, then you accept or not their offer, not that different from trading

virasog

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Quote from: USA on February 20, 2017, 09:14:52 PM

Right now we determine the value of bitcoin by dollars, euros and other currencies, but if we remove all the currencies and use only Bitcoin how we can know what is the value of Bitcoin?
Do we need to use MBTC then?

How do we get the value of USD today. We compare all other currencies with USD. Same will happen with bitcoins as all other currencies / altcoins will be compared to bitcoin as bitcoin will be the main currency. It has its own value just like USD has its own value.

megynacuna

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Quote from: USA on February 20, 2017, 09:14:52 PM

Right now we determine the value of bitcoin by dollars, euros and other currencies, but if we remove all the currencies and use only Bitcoin how we can know what is the value of Bitcoin?
Do we need to use MBTC then?

Good question but I think we can measure it against other Altcoins and even commodities as Bitcoin itself is viewed partly a commodity. So it wouldn't be difficult unless there's nothing at all in this world except Bitcoin even with that we can measure it against the human beings present and get its value.

franky1

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COST OF LIVING

imagine bitcoin was measured as WORLD AVERAGE cost of living.
where say it was 3.758*CoL and exchanges done orders presented as

sell buy
3.759 CoL 3.758 CoL
3.760 CoL 3.757 CoL
3.761 CoL 3.756 CoL
3.762 CoL 3.755 CoL

then every country can then use their minimum wage * 40 hours to get CoL and then multiply it by the CoL valuation

EG
UK (£7.20mw * 40)*3.758)= £1082
US ($7.25mw * 40)*3.758)= $1090

or more simply, measured by the hour
150.32 CoL Hours

sell buy
150.321 CoLh 150.320 CoLh
150.322 CoLh 150.319 CoLh
150.323 CoLh 150.318 CoLh
150.324 CoLh 150.317 CoLh

UK (£7.20mw * 150.320 CoLh)= £1082
US ($7.25mw * 150.320 CoLh)= $1090

that way everyone around the world has a fairer ability of purchase based on the circumstances of their local area.
plus arbitrage opportunities to use the stupidly hindered countries that abuse their citizens with low cost of living/minimum wage.

EG someone in cuba. can buy bitcoin for $7.52(equiv) and then sell them for US $1090 (raising cuba's standards of living via bitcoin)
and someone from USA can convert US$ for cuban fiat. and buy lots of bitcoin.

which can lead to cuba forced to raise its minimum wage once world arbitraging messes with the banks

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