Hi, I disagree with this statement. Bitcoin is not far from 10000... if BTC is 10000 then marketcap would be about 150Mds. Which is big but it wouldnt be end of fiat. No way. Looks, total cryptocurrency market is about 150 Mds...
But sure bitcoin may go that up, nobody knows. Seems bitcoin is true gold, very away from others currencies... even promising currencies can go up and up but seems as bitcoin is gold it is true official crypto currency with real value.
Topic: If bitcoin price is $10.000, will fiat be worthless? - page 12. (Read 145059 times)
I don't think that would be happening because as I can see that even when the value of bitcoin will be in that level fiat will still be useful and will not turn to be worthless. It still be useful because first, it can be used even offline, second, not all country are engaged to bitcoin and so they will prefer fiat before crypto and lastly, government would not alllw such thing because some of government doesn't legalized bitcoin nowadays. In my own point of view fiat will only be worthless when wide range of people choose bitcoin as there primary mode of payment and that would be happening in the near future, and I am patiently waiting for that to happen.
Fiat wont be never worthless, because all bitcoin supporters will exchange their coins into fiat soo they can use and abuse the profit they had made with bitcoin investments. Bitcoin can worth 50 000 dollars that it wont hurt fiat at all, remember all that crypto does moove the money countries print and allow to circulate, most of this money has camed from savings.
Fiat would be worthless when Bitcoin price tag is well worth at minimum a million. This would suggest that inflation is receiving out of handle.Fiat will nevertheless be close to in decades. a good results for Bitcoin in phrases of price in fiat does not have to be linked with losing benefit of fiat.
The fiat will by no means be worthless in my impression because you can still convert them with every single other and that it would nonetheless remain its well worth in my eyes.
I don't think at all fiat currency would be worthless if bitcoin prices go up to $10k, in my opinion fiat currency will still be valuable under any conditions bitcoin prices. Of course fiat currency remains the most important part of life that will still be used to buying whatever we need, and impossible for peoples not to selling bitcoin into fiat currency, there will be always peoples who selling bitcoin to get fiat currency and then spending it on daily necessities. Regardless of bitcoin price, i think fiat will remain valuable co-exist with bitcoin.
Because if the price is 10k, then one must assume that to have a bitcoin will be 25x harder than it is now, so you will end up with the same value as now, meaning much less coin. Think again. Fiat will not value but bitcoin will be. Since being backed by governments, it will remain stable whether or not the bitcoin price increases. No matter what the price is you still need fiat.
Fiat will always be in demand no matter how bitcoin goes higher in future as people need fiat for their day to day expenses and we cannot expect that bitcoin will accepted everywhere in future and even if it gets accepted there will be many people who will prefer to use only fiat.
Of course I do not agree with that because fiat currency will forever remain valuable though not as big as the bitcoin price mentioned, most people who do not know of their bitcoin are more comfortable using fiat currency.
What makes bitcoin valuable is its value when converted into fiat, therefore even if bitcoin will be popular and will increase its demand we are still gonna see fiat in the circulation. Maybe some people does not really understand what bitcoin is, to reiterate, it is just a payment system or a tool that will not have any value when not used by people.He first question is will btc be able to go that high in fiat price? Probably yes, probably no. It can even go beyond 10k in time. Though whatever the price of btc may become, i'm pretty sure it's not going to affect fiat at all. It can be the otherway around but btc will have minimal effect on a stable currency like fiat
Of course I do not agree with that because fiat currency will forever remain valuable though not as big as the bitcoin price mentioned, most people who do not know of their bitcoin are more comfortable using fiat currency.
What makes bitcoin valuable is its value when converted into fiat, therefore even if bitcoin will be popular and will increase its demand we are still gonna see fiat in the circulation. Maybe some people does not really understand what bitcoin is, to reiterate, it is just a payment system or a tool that will not have any value when not used by people.He first question is will btc be able to go that high in fiat price? Probably yes, probably no. It can even go beyond 10k in time. Though whatever the price of btc may become, i'm pretty sure it's not going to affect fiat at all. It can be the otherway around but btc will have minimal effect on a stable currency like fiat
Of course I do not agree with that because fiat currency will forever remain valuable though not as big as the bitcoin price mentioned, most people who do not know of their bitcoin are more comfortable using fiat currency.
What makes bitcoin valuable is its value when converted into fiat, therefore even if bitcoin will be popular and will increase its demand we are still gonna see fiat in the circulation. Maybe some people does not really understand what bitcoin is, to reiterate, it is just a payment system or a tool that will not have any value when not used by people.
Of course I do not agree with that because fiat currency will forever remain valuable though not as big as the bitcoin price mentioned, most people who do not know of their bitcoin are more comfortable using fiat currency.
Fiat will never become worthless even if the price of bitcoins is in millions as at any price people will prefer to sell their bitcoins and convert it to fiat and unless bitcoin is not widely used and accepted like fiat I think fiat will always maintain its position so I don't think that fiat can ever become worthless or disappear in near future.
That's true fiat will never be worthless as this is the main use currency of all people. Though bitcoin gaining popularity over the world, mostly it will convert to fiat. And I dont think it will reach 10,000$ because bitcoin is not yet accepted nationwide and still used the fiat currency.
Fiat will never become worthless even if the price of bitcoins is in millions as at any price people will prefer to sell their bitcoins and convert it to fiat and unless bitcoin is not widely used and accepted like fiat I think fiat will always maintain its position so I don't think that fiat can ever become worthless or disappear in near future.
I hate to say it but FIAT has more backing to it then bitcoin. There is no direct link to gold or any metal but theres no doubt governments carry many assets and a small amount is in gold and other metals.
Famously USA has the Fort Knox vault which holds :
As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.
Famously USA has the Fort Knox vault which holds :
As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.
The dollar is not backed by the gold in Fort Knox.
The $ is backed by the US Army and the size and influence of the US Economy.
Who cares about some 180 billions when the just the real estate value of New York is over 1 trillion.
No i don't think that if Bitcoin reaches 10000$ fiat will be worthless. Bitcoin is gaining popularity but popularity is only confined to population who has Internet and is educated and it would take years for everyone to accept Bitcoin. Moreover transaction fee of Bitcoin is very high and is getting higher only so use of Bitcoin in small transaction is impossible.
I hate to say it but FIAT has more backing to it then bitcoin. There is no direct link to gold or any metal but theres no doubt governments carry many assets and a small amount is in gold and other metals.
Famously USA has the Fort Knox vault which holds :
As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.
So dollars do have some backing its just that there are trillions in circulation that will never back up the current value attributed. The other backing would be trade done, gov taxes trade so that also is a kind of system to back FIAT.
USA in that case has a trade imbalance and is lacking the correct backing for its currency on that front. But its not the case there is none, we might see a slip in confidence because USA has too much debt. That will cause upset and a fall in dollar value. Bitcoin has no debt like that so generally it should gain from that weakness
Famously USA has the Fort Knox vault which holds :
As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.
So dollars do have some backing its just that there are trillions in circulation that will never back up the current value attributed. The other backing would be trade done, gov taxes trade so that also is a kind of system to back FIAT.
USA in that case has a trade imbalance and is lacking the correct backing for its currency on that front. But its not the case there is none, we might see a slip in confidence because USA has too much debt. That will cause upset and a fall in dollar value. Bitcoin has no debt like that so generally it should gain from that weakness
Well, Fort Knox may be empty
Its last independent audit had been performed like 60 years ago, so all gold may be long gone already. There are also gold vaults deep under Manhattan kept by one of the Fed's reserve banks but it belongs to foreign central banks, governments and international organizations like the IMF. The German gold which Germany failed to repatriate recently seems to be there too (read there can be no gold in these vaults either). But since the dollar is not pegged to gold it is ultimately irrelevant. Otherwise it could be claimed that the US dollar is backed by the willingness of the merchants to accept it as a means of payment, i.e. by goods and services which can be bought with it
If bitcoin is easier to get than fiat, I think fiat is meaningless, but maybe fiat will still be used because bitcoin will be transferred with fiat. But, maybe then everyone has used bitcoin, so all transactions can use bitcoin. So fiat becomes worthless
Fiat will never be meaningless, this is the governments preference for the value of things and it will be used by everyone for transacting.
Though there is a chance that bitcoin can go up to $10,000 soon but still fiat is has a strong wall.
And it's wall is being built by the government and we know it's going not to happen.
I hate to say it but FIAT has more backing to it then bitcoin. There is no direct link to gold or any metal but theres no doubt governments carry many assets and a small amount is in gold and other metals.
Famously USA has the Fort Knox vault which holds :
As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.
So dollars do have some backing its just that there are trillions in circulation that will never back up the current value attributed. The other backing would be trade done, gov taxes trade so that also is a kind of system to back FIAT.
USA in that case has a trade imbalance and is lacking the correct backing for its currency on that front. But its not the case there is none, we might see a slip in confidence because USA has too much debt. That will cause upset and a fall in dollar value. Bitcoin has no debt like that so generally it should gain from that weakness.
Since the start of this thread, we saw great price gains for BTC. Its fairly clear we can get to 10,000 and FIAT will be no where close to collapse in most parts of the world. I hope Venezuela people can get past their troubles and find a new exchange of value, I dont think bitcoin will take over exactly but some are alive partly thanks to it I have read
Famously USA has the Fort Knox vault which holds :
As of April 2016, Fort Knox holdings are 4,582 metric tons (147.3 million oz. troy).[11] At the rate of $1,226.60 an ounce[12] it is worth about $180 billion.
So dollars do have some backing its just that there are trillions in circulation that will never back up the current value attributed. The other backing would be trade done, gov taxes trade so that also is a kind of system to back FIAT.
USA in that case has a trade imbalance and is lacking the correct backing for its currency on that front. But its not the case there is none, we might see a slip in confidence because USA has too much debt. That will cause upset and a fall in dollar value. Bitcoin has no debt like that so generally it should gain from that weakness.
Since the start of this thread, we saw great price gains for BTC. Its fairly clear we can get to 10,000 and FIAT will be no where close to collapse in most parts of the world. I hope Venezuela people can get past their troubles and find a new exchange of value, I dont think bitcoin will take over exactly but some are alive partly thanks to it I have read
Actually I believe between there and do not believe if we see in terms of government regulation does not seem to be realized if we use bitcoin, but if we review the economic side of chaos as now bitcoin can boost economic value because the price is so volatile and continue to rise with The opinion that when bitcoin prices rise then the fiat currency is no longer valid. On the other hand there is a point too. This can lead to the government of a country feeling threatened by the increasingly popular bitcoin and used for daily needs for the community.
Fiat Currency has been declared a valid payment instrument in a State, but it is not supported by physical commodities. The value of fiat money comes from the relationship between supply and demand rather than the value of material money created. Historically, most currencies around the world are based on physical commodities such as gold or silver. But fiat money is actually based solely on the belief in the value of a piece of paper.
Since fiat money is not associated with physical reserves like gold and silver, the risk of a piece of paper becomes worthless because of hyperinflation. If people lose confidence in the value of a country's paper currency.
When the state regulation no longer requires fiat currency it will be replaced with the reserve currency of bitcoin
Fiat Currency has been declared a valid payment instrument in a State, but it is not supported by physical commodities. The value of fiat money comes from the relationship between supply and demand rather than the value of material money created. Historically, most currencies around the world are based on physical commodities such as gold or silver. But fiat money is actually based solely on the belief in the value of a piece of paper.
Since fiat money is not associated with physical reserves like gold and silver, the risk of a piece of paper becomes worthless because of hyperinflation. If people lose confidence in the value of a country's paper currency.
When the state regulation no longer requires fiat currency it will be replaced with the reserve currency of bitcoin
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