If bitcoin price is $10.000, will fiat be worthless? - page 16.

wahb

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Quote from: FlightyPouch on June 01, 2017, 08:07:25 AM

Quote from: potatopower on June 01, 2017, 07:46:28 AM

Quote from: radamiel on May 30, 2017, 10:03:23 PM

That will never happen fiat will dependably demonstrate its nearness even in future and till the time Government will have their control on a nation fiat will dependably exist as Government will never enable any computerized money to supplant their national cash.

yeah, as long as government is saying that fiat not worthless and as long as there are any users of it fiat will be used a lot. True, the inflation might be really huge and it might bring the price down really significantly. The bitcoin price is going to be bigger and bigger with time and hopefully it will not be replaced by something else like ethereum which has no market cap and can be mined endlessly.

What are you saying? Are you saying that if the government says that fiats are worthless fiats will not be used? Without fiat, bitcoin and the other digital currencies will be no value, they will be just a digital currency for show. There is no way government will use bitcoin or other currency to be a global currency, digital currency will stay as it is. And I think ethereum had it's limit now, I am not sure, but I think I've read that before somewhere.

not a single country is going to give such kind of statement, even the government will declare bitcoin as legal currency but still they are not going to declare their fiat currency as worthless. it is depending on the interest of the people after long long time if the users of bitcoin consider bitcoin as enough to be use for anything and do not give any preference to fiat currency the there are some chance that fiat will become worthless.

nethan1btc

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Crypto currency has it's own system set aside from fiat currency, they're bot separated in terms of price movement in the market, we cannot say if $10k dollar price will affect fiat currency economy. But there is better impact to wealth of bitcoiners because if they have bigger amount of bitcoin; they could exchange bigger amounts from digital currency converted to fiat cash.

batang_bitcoin

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Quote from: webtricks on June 01, 2017, 08:25:51 AM

Quote from: batang_bitcoin on June 01, 2017, 07:36:09 AM

Quote from: Astvile on June 01, 2017, 01:03:28 AM

Not at all.No matter ho much does bitcoins price will reach it will never ever surpass and make fiat currency worthless,maybe if bitcoins gets too mainstream it can be use as a daily currency and fiat will be use less times than how we do it right now but will never be worthless

The price of bitcoin doesn't have something to do with the value and worth of fiat. Fiat is given to be the most popular way of buying things and receiving payment. And it will never be worthless unless the state will declare to everyone that they already dumped the usage of fiat, and that will be the time it will be worthless.

No state gonna declare Bitcoin as mainstream until and unless it is pressurised to do so. And pressure could only be build through public movement. If we wanna see Bitcoin crossing fiat transactions, all we need to do is bring it to our daily use. When more and more transactions happen in Bitcoin daily, every government in the world would surely take a look at its case and either ban or promote cryptocurrencies.

It's hard to believe that there will be a country to pursue bitcoin as their main currency. But the most hard to believe thing is that you are not going to see fiat as worthless money, it will always have the worth as it is the main currency. It's good only as a secondary way of paying if the customers wants to pay this as an option.

choppork

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Quote from: stompix on May 31, 2017, 04:50:36 AM

Quote from: choppork on May 30, 2017, 09:20:34 PM

Let's say bitcoin price is 1 million dollars (since you said even when it becomes too valuable), do you think that people are still using fiat at that time? Maybe, maybe not? Maybe the two things just continued to co-exist but surely fiat has become worthless to those that have migrated to using bitcoins. At that point, merchants are obviously already accepting bitcoins and people are more into buying and ordering things online.

Nope fiat hasn't become worthless even in your example.
You can still buy 1 btc with 1 million usd.

Fiat will become worthless when you're going to pay 2 satoshi for a bread, 1 mbtc for a trip or 1 btc for a house.

Until then, while the price of btc is still measured in $ , $ can't be worthless.

I don't think you fully understand what I meant. I'm talking about how much people value fiat. Merchants are still going to accept fiat in the long run since most people are not going to embrace the new currency which is bitcoin. I already explained this from my previous post so I'm basically just repeating myself: There will be two parts of the society. One that thinks that bitcoin is precious while the other one are those people that only use fiat. So bitcoin will always be measured in fiat even when the price already have a bitcoin equivalent written.

Harlot

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The funny thing about your statement is you have valued Bitcoin at 10,000$ which is in fiat currency, it is like saying Bitcoin is also worthless because Fiat Currency is worthless. But of course the answer to your question is no because everything always change in value but it does not mean something is less valuable because of it. Everything has an inner value with them that does not need to be based by something, for example a corporation has more expensive shares compared to another corporation it doesn't mean the latter it worthless.

webtricks

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Quote from: batang_bitcoin on June 01, 2017, 07:36:09 AM

Quote from: Astvile on June 01, 2017, 01:03:28 AM

Not at all.No matter ho much does bitcoins price will reach it will never ever surpass and make fiat currency worthless,maybe if bitcoins gets too mainstream it can be use as a daily currency and fiat will be use less times than how we do it right now but will never be worthless

The price of bitcoin doesn't have something to do with the value and worth of fiat. Fiat is given to be the most popular way of buying things and receiving payment. And it will never be worthless unless the state will declare to everyone that they already dumped the usage of fiat, and that will be the time it will be worthless.

No state gonna declare Bitcoin as mainstream until and unless it is pressurised to do so. And pressure could only be build through public movement. If we wanna see Bitcoin crossing fiat transactions, all we need to do is bring it to our daily use. When more and more transactions happen in Bitcoin daily, every government in the world would surely take a look at its case and either ban or promote cryptocurrencies.

FlightyPouch

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Quote from: potatopower on June 01, 2017, 07:46:28 AM

Quote from: radamiel on May 30, 2017, 10:03:23 PM

That will never happen fiat will dependably demonstrate its nearness even in future and till the time Government will have their control on a nation fiat will dependably exist as Government will never enable any computerized money to supplant their national cash.

yeah, as long as government is saying that fiat not worthless and as long as there are any users of it fiat will be used a lot. True, the inflation might be really huge and it might bring the price down really significantly. The bitcoin price is going to be bigger and bigger with time and hopefully it will not be replaced by something else like ethereum which has no market cap and can be mined endlessly.

What are you saying? Are you saying that if the government says that fiats are worthless fiats will not be used? Without fiat, bitcoin and the other digital currencies will be no value, they will be just a digital currency for show. There is no way government will use bitcoin or other currency to be a global currency, digital currency will stay as it is. And I think ethereum had it's limit now, I am not sure, but I think I've read that before somewhere.

matuson

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Quote from: Sled on May 31, 2017, 11:36:41 PM

Quote from: EdenHazard on May 31, 2017, 06:15:20 PM

Quote from: stompix on May 31, 2017, 04:50:36 AM

Quote from: choppork on May 30, 2017, 09:20:34 PM

Let's say bitcoin price is 1 million dollars (since you said even when it becomes too valuable), do you think that people are still using fiat at that time? Maybe, maybe not? Maybe the two things just continued to co-exist but surely fiat has become worthless to those that have migrated to using bitcoins. At that point, merchants are obviously already accepting bitcoins and people are more into buying and ordering things online.

Nope fiat hasn't become worthless even in your example.
You can still buy 1 btc with 1 million usd.

Fiat will become worthless when you're going to pay 2 satoshi for a bread, 1 mbtc for a trip or 1 btc for a house.

Until then, while the price of btc is still measured in $ , $ can't be worthless.

really hard to imagine about how fiat could disappeared and worthless just because bitcoin grow up so high . i think there is nothing happened when bitcoin price hit $2,500 few days ago , so does then if the bitcoin price hit $10,000 or even higher .

a lot of people still need and use fiat more than people who use bitcoin, unless the situation about this changed drastically.

Fiat and bitcoin is just related in terms of being a currency and it is sure that people will still use fiat over bitcoin if bitcoin will reach up to $10,000 because fiat is very easy to use while bitcoin will be just like an alternative currency for fiat and more like a payment method. Fiat will stay and be the primary currency over the years and years.

Bankers are not fools. They have long been watching the bitcoin. Soon the States themselves will start to convert Fiat into electronic form. And then start a real competition with bitcoin. The government will do everything to maintain their control over money and will try to do everything to kill bitcoin.

potatopower

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Quote from: radamiel on May 30, 2017, 10:03:23 PM

That will never happen fiat will dependably demonstrate its nearness even in future and till the time Government will have their control on a nation fiat will dependably exist as Government will never enable any computerized money to supplant their national cash.

yeah, as long as government is saying that fiat not worthless and as long as there are any users of it fiat will be used a lot. True, the inflation might be really huge and it might bring the price down really significantly. The bitcoin price is going to be bigger and bigger with time and hopefully it will not be replaced by something else like ethereum which has no market cap and can be mined endlessly.

batang_bitcoin

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Quote from: Astvile on June 01, 2017, 01:03:28 AM

Not at all.No matter ho much does bitcoins price will reach it will never ever surpass and make fiat currency worthless,maybe if bitcoins gets too mainstream it can be use as a daily currency and fiat will be use less times than how we do it right now but will never be worthless

The price of bitcoin doesn't have something to do with the value and worth of fiat. Fiat is given to be the most popular way of buying things and receiving payment. And it will never be worthless unless the state will declare to everyone that they already dumped the usage of fiat, and that will be the time it will be worthless.

EdenHazard

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Quote from: Sled on May 31, 2017, 11:36:41 PM

Quote from: EdenHazard on May 31, 2017, 06:15:20 PM

Quote from: stompix on May 31, 2017, 04:50:36 AM

Quote from: choppork on May 30, 2017, 09:20:34 PM

Let's say bitcoin price is 1 million dollars (since you said even when it becomes too valuable), do you think that people are still using fiat at that time? Maybe, maybe not? Maybe the two things just continued to co-exist but surely fiat has become worthless to those that have migrated to using bitcoins. At that point, merchants are obviously already accepting bitcoins and people are more into buying and ordering things online.

Nope fiat hasn't become worthless even in your example.
You can still buy 1 btc with 1 million usd.

Fiat will become worthless when you're going to pay 2 satoshi for a bread, 1 mbtc for a trip or 1 btc for a house.

Until then, while the price of btc is still measured in $ , $ can't be worthless.

really hard to imagine about how fiat could disappeared and worthless just because bitcoin grow up so high . i think there is nothing happened when bitcoin price hit $2,500 few days ago , so does then if the bitcoin price hit $10,000 or even higher .

a lot of people still need and use fiat more than people who use bitcoin, unless the situation about this changed drastically.

Fiat and bitcoin is just related in terms of being a currency and it is sure that people will still use fiat over bitcoin if bitcoin will reach up to $10,000 because fiat is very easy to use while bitcoin will be just like an alternative currency for fiat and more like a payment method. Fiat will stay and be the primary currency over the years and years.

i just think both fiat and bitcoin won't get replaced each other . both should be used together and nothing have to disappeared or replaced , but of course fiat could adopt the blockchain technology into their financial system as it is full of benefit .

i even think the only thing could become worthless are bitcoin itself, not fiat.

Astvile

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Not at all.No matter ho much does bitcoins price will reach it will never ever surpass and make fiat currency worthless,maybe if bitcoins gets too mainstream it can be use as a daily currency and fiat will be use less times than how we do it right now but will never be worthless

CryptoBry

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Bitcoin is not really here to kill fiat. Remember that in many places, people still do not know Bitcoin and even if they do it would take years for them to be able to adopt Bitcoin much more that it is a very volatile currency which can disrupt financial planning. We need fiat because fiat is more stable. Here in my country, for us to get benefits out of Bitcoin we have to convert it into fiat which we use for everyday transactions. I could not imagine any country that can do its annual budget linked to Bitcoin because it can be insane.

noictib

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Quote from: virtualx on December 13, 2015, 05:25:39 AM

In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?

No and never , Here I can't believe that it may be possible that statement of the fiat to became the worthless , because with the Bitcoin you can make the payment worldwide ( Bitcoin should be available to use in the receiver country also ) , and also you can make speed earnings with the Bitcoin , so here Bitcoin is only to make and save your money and also grow your money speedly .
At the every end of the profit you will sell your Bitcoin or other altcoin for the fiat money .
But still we can say that Bitcoin can be use by us for the payment at the local shop in the future but still the fiat will remain in the heart of traditional people , who don't want get Bitcoin and are happy in his life with the paper money and have believe with paper money .

Sled

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Quote from: EdenHazard on May 31, 2017, 06:15:20 PM

Quote from: stompix on May 31, 2017, 04:50:36 AM

Quote from: choppork on May 30, 2017, 09:20:34 PM

Let's say bitcoin price is 1 million dollars (since you said even when it becomes too valuable), do you think that people are still using fiat at that time? Maybe, maybe not? Maybe the two things just continued to co-exist but surely fiat has become worthless to those that have migrated to using bitcoins. At that point, merchants are obviously already accepting bitcoins and people are more into buying and ordering things online.

Nope fiat hasn't become worthless even in your example.
You can still buy 1 btc with 1 million usd.

Fiat will become worthless when you're going to pay 2 satoshi for a bread, 1 mbtc for a trip or 1 btc for a house.

Until then, while the price of btc is still measured in $ , $ can't be worthless.

really hard to imagine about how fiat could disappeared and worthless just because bitcoin grow up so high . i think there is nothing happened when bitcoin price hit $2,500 few days ago , so does then if the bitcoin price hit $10,000 or even higher .

a lot of people still need and use fiat more than people who use bitcoin, unless the situation about this changed drastically.

Fiat and bitcoin is just related in terms of being a currency and it is sure that people will still use fiat over bitcoin if bitcoin will reach up to $10,000 because fiat is very easy to use while bitcoin will be just like an alternative currency for fiat and more like a payment method. Fiat will stay and be the primary currency over the years and years.

EdenHazard

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Quote from: stompix on May 31, 2017, 04:50:36 AM

Quote from: choppork on May 30, 2017, 09:20:34 PM

Let's say bitcoin price is 1 million dollars (since you said even when it becomes too valuable), do you think that people are still using fiat at that time? Maybe, maybe not? Maybe the two things just continued to co-exist but surely fiat has become worthless to those that have migrated to using bitcoins. At that point, merchants are obviously already accepting bitcoins and people are more into buying and ordering things online.

Nope fiat hasn't become worthless even in your example.
You can still buy 1 btc with 1 million usd.

Fiat will become worthless when you're going to pay 2 satoshi for a bread, 1 mbtc for a trip or 1 btc for a house.

Until then, while the price of btc is still measured in $ , $ can't be worthless.

really hard to imagine about how fiat could disappeared and worthless just because bitcoin grow up so high . i think there is nothing happened when bitcoin price hit $2,500 few days ago , so does then if the bitcoin price hit $10,000 or even higher .

a lot of people still need and use fiat more than people who use bitcoin, unless the situation about this changed drastically.

Visin

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If Bitcoin actually went up to $10,000 or even over it then I would state that it would be much too expensive to purchase it though I think that it depends on how much the statistic shows how many people are using the coin for holding or not. If the price of Bitcoin is at $10,000 and a person gets dumped on and the price drops down to $500 then you could easily see that invest Bitcoin at that time would be a waste of money.

stompix

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Quote from: choppork on May 30, 2017, 09:20:34 PM

Let's say bitcoin price is 1 million dollars (since you said even when it becomes too valuable), do you think that people are still using fiat at that time? Maybe, maybe not? Maybe the two things just continued to co-exist but surely fiat has become worthless to those that have migrated to using bitcoins. At that point, merchants are obviously already accepting bitcoins and people are more into buying and ordering things online.

Nope fiat hasn't become worthless even in your example.
You can still buy 1 btc with 1 million usd.

Fiat will become worthless when you're going to pay 2 satoshi for a bread, 1 mbtc for a trip or 1 btc for a house.

Until then, while the price of btc is still measured in $ , $ can't be worthless.

asriloni

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Quote from: Tyrantt on May 30, 2017, 08:37:42 AM

Quote from: gabmen on May 30, 2017, 04:39:22 AM

Quote from: umbara ardian on May 29, 2017, 01:45:38 AM

Bitcoin will not be able to replace paper currency, it will never happen.

not at all. I think if btc price would affect fiat, we would've seen some reaction when btc made a good run this past week. btc is now more on the investment side rather than to considered as a currency to challenge the fiat. even if the price goes to the moon, fiat would still be fiat and if ever there's going to be an effect,it probably would just be minimal and ignorable

Fiat is backed by big international banks and reserves and there is absolutely no way that the bitcoin can replace fiat in any time, also bitcoin isn't something that they can manipulate that easily.

So even if the price of Bitcoin is 1m it's still not going to replace fiat.

Fiat is backed by all of the countries around the world. The bank has important role for the government, My thought it the banks are be able to drive the government. Bitcoin will never replace fiat but just give a possibility to make a transaction around the world.

radamiel

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That will never happen fiat will dependably demonstrate its nearness even in future and till the time Government will have their control on a nation fiat will dependably exist as Government will never enable any computerized money to supplant their national cash.

Topic: If bitcoin price is $10.000, will fiat be worthless? - page 16. (Read 145077 times)