Topic: If bitcoin price is $10.000, will fiat be worthless? - page 18. (Read 145059 times)

Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.

I agree with you. Bitcoin and fiat would work together rather than make the other worthless which is good. Fiats will continue as it was today while Bitcoin would gain its momentum in usage especially in the global market I should say, more like as the main online currency to be used worldwide.

Bitcoin will bridge fiat into a faster transaction, we need a good payment system and it is a gift that bitcoin was invented.
It is not here to replace anything but to help fast track transactions and make it cheaper.

Pay more for fast transaction and less for the slow transaction and are you kidding me with your statement? Bitcoin is not a bridge but it's kind of a digital currency. Bitcoin can be determined as a commodity.
The purpose of bitcoin to be a microtransaction payment.

Not sure if you're trolling or you simply don't know anything about bitcoins at all. You have to pay more transaction fees to have your transaction prioritized. Do you really expect someone who paid less fees to have a faster transaction? Bitcoin can be determined as a lot of things, just like everything else. It can be determined as a currency, as a commodity, or anything you like, there's no limit as long as you can imagine it.

Bitcoin is definitely not for microtransactions. As a matter of fact, it's one of bitcoin's problems. It can never be used for microtransactions since the fee is already high. The fee is more than one dollar now, so doing microtransactions would be unwise. On the other hand, transacting millions of dollars through bitcoins can have this amount of fee as well. More than one dollar is enough for your transaction to go in smoothly.

CuriousGeorge

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

Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.

I agree with you. Bitcoin and fiat would work together rather than make the other worthless which is good. Fiats will continue as it was today while Bitcoin would gain its momentum in usage especially in the global market I should say, more like as the main online currency to be used worldwide.

Bitcoin will bridge fiat into a faster transaction, we need a good payment system and it is a gift that bitcoin was invented.
It is not here to replace anything but to help fast track transactions and make it cheaper.

Pay more for fast transaction and less for the slow transaction and are you kidding me with your statement? Bitcoin is not a bridge but it's kind of a digital currency. Bitcoin can be determined as a commodity.
The purpose of bitcoin to be a microtransaction payment.

radjie

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Of course I do not agree because any amount of fixed bitcoin value will be valuable for everyday life even though its value is more valuable than bitcoin.

NatsuDragneel

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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. I don't agree to your statement. Fiat currency will not become worthless in this world and the bitcoin will never surpass the fiat currency.

KnightElite

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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. It is vey impossible that the bitcoin will surpass the fiat currency. The fiat currency will not become worthless . Even now in this world, All of the people wants money and that money is fiat currency. I don't agree to your statement.

Sled

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Quote from: BitcoinGirl.Club on May 28, 2017, 12:19:18 AM

Quote from: cram03 on May 28, 2017, 12:00:34 AM

No a big no.
Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price

As things stand bitcoin is not the best alternative for everyday transactions because of its slow transfer rate and high tx fees

which in a way makes fiat even more valuable to use because there are no transaction congestions and already as demand

That is true. The fees of bitcoin now is very high and it is not that practical to continue use bitcoin for daily transactions, it is more like for just investment as of now. Fiat is the best way to have daily transaction because of its fixed and stable fees and that is the advantage of fiat to bitcoin but in terms of investment, bitcoin is still the best.

BitcoinGirl.Club

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Quote from: cram03 on May 28, 2017, 12:00:34 AM

No a big no.
Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price

As things stand bitcoin is not the best alternative for everyday transactions because of its slow transfer rate and high tx fees

which in a way makes fiat even more valuable to use because there are no transaction congestions and already as demand

cram03

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No a big no.
Fiat is the thing that people uses everyday not like bitcoin that not that popular but someday all people around the world will know about bitcoins and they will regret that they didn't buy it in a low price

RENATA612

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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?

I do not agree however we will still need fiat currency, because there are still many people who do not know about bitcoin while they still transact using fiat currency

ipungadhi

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Quote from: Cazkys on May 27, 2017, 08:40:42 AM

Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.

I think without a legalization from the government though. Bitcoin can still grow and make the price of bitcoin grow high. As current prices rise very rapidly. I'm sure user and demand growth can make bitcoin prices skyrocket

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it would be very ignorant to answer "YES" to that question. Fiat is the most useless useful thing ever invented by man. It has no value until it was given value. It can be faked and be printed over and over again. But it will never be worthless for the reasons that it is UNDERSTANDABLE.

What do I mean by understandable?

It means that it is an easy concept to grasp by the public. You have a physical thing that can be exchanged for goods and services, pronto. While Bitcoin can still be a foreign concept to the public, especially to those who are not computer literate. How can they earn it? How can they be sure that they have money that they can't see or touch?

As to me, that's complete nonsense

Nowadays most fiat is in digital form anyway, and understanding it is in no way easier than understanding Bitcoin. If you are using a Bitcoin web wallet sending coins is a trivial thing. You just need to know the receiver's address (and have some bitcoins to send them to him). I guess you have never filled a bank payment order since otherwise you would have known how foreign the concept of digital fiat is to the general public. Digital money is a very complicated thing internally, but to use it people don't need to know all the gory details making it possible (e.g. how money transfers between banks actually happen)

coinsmanager

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In such a scenario, one dollar would be worth 1/10,000 Bitcoin. So the logical answer would be "no".

CrownPolly

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Quote from: Cazkys on May 27, 2017, 08:40:42 AM

it would be very ignorant to answer "YES" to that question. Fiat is the most useless useful thing ever invented by man. It has no value until it was given value. It can be faked and be printed over and over again. But it will never be worthless for the reasons that it is UNDERSTANDABLE.

What do I mean by understandable?

It means that it is an easy concept to grasp by the public. You have a physical thing that can be exchanged for goods and services, pronto. While Bitcoin can still be a foreign concept to the public, especially to those who are not computer literate. How can they earn it? How can they be sure that they have money that they can't see or touch?

and even if the governments declare Bitcoin as an official "currency" together with the official currency, they will never get rid of fiat. they're politicians, there's no real appeal in swimming in money if its in crypto form. nothing beats the physical money.

I believe that every currency has its own advantages and uses. I for one, for example, did not use Bitcoin as a means of payment, and especially after I see that the price goes up sharply. Let the firm be better money that I can use to purchase what I need, and Bitcoin Let it be stored until good time.

Cazkys

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it would be very ignorant to answer "YES" to that question. Fiat is the most useless useful thing ever invented by man. It has no value until it was given value. It can be faked and be printed over and over again. But it will never be worthless for the reasons that it is UNDERSTANDABLE.

What do I mean by understandable?

It means that it is an easy concept to grasp by the public. You have a physical thing that can be exchanged for goods and services, pronto. While Bitcoin can still be a foreign concept to the public, especially to those who are not computer literate. How can they earn it? How can they be sure that they have money that they can't see or touch?

and even if the governments declare Bitcoin as an official "currency" together with the official currency, they will never get rid of fiat. they're politicians, there's no real appeal in swimming in money if its in crypto form. nothing beats the physical money.

legarde23

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It will not be affected well that because when bitcoin price came up to 10,000$ and some people didn't know about it it'll just useless why?
because fiat is the uses for every day life and many transaction not like bitcoins only pro will know and some people that is smart.

syaripudin

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I think it will not affect, because some people are still many who have not been interested in the way of transactions using digital money, of course some people still choose how to shop using fiat

Termin4tor

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In my opinion fiat will stay the same as how it as been due to the mass control and regulation by governments and other entities. Bitcoin has recently gained a lot of acceptance due to its sheer value and its factor being decentralized. But this doesn't mean anything to fiat even if the value of bitcoin reaches 50,000$

Yuhee

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Quote from: Sled on May 26, 2017, 10:28:57 PM

Which fiat is the OP talking about? Since we don't have one acceptable global fiat currency it will be difficult for Bitcoin to render all fiats worthless even if it hits $100k per coin. I think conventional fiat will remain just as Bitcoin and the two will coexist.

I agree with you. Bitcoin and fiat would work together rather than make the other worthless which is good. Fiats will continue as it was today while Bitcoin would gain its momentum in usage especially in the global market I should say, more like as the main online currency to be used worldwide.

Bitcoin will bridge fiat into a faster transaction, we need a good payment system and it is a gift that bitcoin was invented.
It is not here to replace anything but to help fast track transactions and make it cheaper.

Yes that is what is bitcoin for, it will help the fiat to have a more efficient financial system and it will serve as a key for a faster financial transactions and also help the economy to grow more because if a government or country accept bitcoin and if they invested money then they can earn thru the volatility of the bitcoin which is the price is keep growing.

In my perspective also, the only use of fiat in btc is just to buy common goods do not directly accept bitcoin. Most establish right now prefers cash or atm's as they deem it is more trustworthy over the internet today. But i would presume in the near future, they would accept now btc and fiat would turn into investments and it will be lost in circulation thus igniting the use of btc as basic payments for commodities.

Sled

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