I think fiat will still exist in the next decades, but bitcoin is taking more and more share of it.
For me bitcoin is way more a resource like gold than fiat money, because it is limited and generated by computing power
while fiat is just printed out depending on the inflation
Topic: If bitcoin price is $10.000, will fiat be worthless? - page 20. (Read 145077 times)
Quote
bitcoin will become worthless too because it is only depending on the fiat based on its price
This is not how it works anywhere outside the goldfish bowl your view of the world is contained in. Its natural to think of everything in dollars or your own countries currency but they do not determine value. The real value of food is that it keeps you alive, the price is secondary not what gives it worth. If dollars are zero you require other capital to buy food, you will have to barter for your petrol and you will also find bitcoin still has some purpose and so value will be demanded by holders.
How you pay for bitcoin when dollars are dead is a mystery perhaps but we have other nations who produce goods and operate currency without dollar. There will still be some exchange. In general its not good when dollars are suffering failure, it means trade suffers and I imagine bitcoin value could go down but it wont be zero so long as bitcoin protocol keeps integrity and has a use.
The main purpose for dollars is to pay taxes to USA, the most powerful government in the world. Thats why its a big deal and why its become a political currency, it isnt even based off trade and national produce half as much. Bitcoin has to be useful because it has no force otherwise, its arbitrage between two points, mostly we see China to USA but if USA falls it will be enough that it can used elsewhere
I think that fiat is needed there as it is paper money and had been there from traditions and been used by everyone, known since earlier times. It's currently a source of valuation for Bitcoins as well as everything that can be bought, sold or traded so I would say we still need fiat in order to have the balance between everything.
I don't agree with that statement. If bitcoin price will be $10.000 it will be useless without fiat. All cryptocurrencies has a conversion to fiat. If fiat would be useless, all banks and even world banks would be useless also. See the point?
I don't know about others but I don't see your point
If fiat becomes worthless, banks as well as other similar financial institutions may certainly become useless, but what does it have to do with the price of tea in China? That is, with bitcoins? Moreover, if fiat becomes worthless and dies tomorrow, banks may just jump right into Bitcoin, so your basic premise itself may be wrong. If Bitcoin reaches 10k dollars, that will be just that, i.e. 10k dollars per coin. A single share of Warren Buffett's Berkshire Hathaway costs over 200k dollars (so we still have a lot of room to expand into), but does it mean that it will be useless and worthless without fiat?
I don't think that with the rise in the price of bitcoin, fiat will become worthless. As for now fiat is needed. Bitcoin can not alone sustain this whole world. I believe bitcoin will keep on coexisting with fiat.
Fiat may lose its relevance. Now we see a massive inflation of Fiat and continuous deflation of bitcoin. Fiat can turn into a way of confirming the transaction between the person and the state in all other cases, people can trade using bitcoin. This can destroy the economy of any country.
Fiat will not be worthless because if it will become worthless then bitcoin will become worthless too because it is only depending on the fiat based on its price. Fiat will not become worthless even bitcoin reach $100,000 price because bitcoin doesn't affect the fiat and fiat will be always fine.
Just last year, I was having doubts as to whether can hit even four digits by 2017. And look where we are now, and at the rate we are going, $10,000 doesn’t seem to be too far in the future. But that won’t make fiat worthless because bitcoin is it considered by many more as an investment rather than a currency. Fiat is fiat and will remain to be the primary currency that will be used because of the governments behind each currency.
Bitcoin always give us an unexpected surprise , when people start doubting bitvoin and it show off.$10,000 seems really reasonable gor next stop target.
just the matter what factor could drive it there later? A step by step to mass adoption might be one of many rrasons.
Yeah fiat will always have its place, not the least offline transactions and besides bitcoin is priced in fiat, not the other way around.
Just last year, I was having doubts as to whether can hit even four digits by 2017. And look where we are now, and at the rate we are going, $10,000 doesn’t seem to be too far in the future. But that won’t make fiat worthless because bitcoin is it considered by many more as an investment rather than a currency. Fiat is fiat and will remain to be the primary currency that will be used because of the governments behind each currency.
Bitcoin always give us an unexpected surprise , when people start doubting bitvoin and it show off.$10,000 seems really reasonable gor next stop target.
just the matter what factor could drive it there later? A step by step to mass adoption might be one of many rrasons.
Just last year, I was having doubts as to whether can hit even four digits by 2017. And look where we are now, and at the rate we are going, $10,000 doesn’t seem to be too far in the future. But that won’t make fiat worthless because bitcoin is it considered by many more as an investment rather than a currency. Fiat is fiat and will remain to be the primary currency that will be used because of the governments behind each currency.
Bitcoin always give us an unexpected surprise , when people start doubting bitvoin and it show off.$10,000 seems really reasonable gor next stop target.
just the matter what factor could drive it there later? A step by step to mass adoption might be one of many rrasons.
Just last year, I was having doubts as to whether bitcoin can even hit four digits by 2017. And look where we are now, and at the rate things are going, $10,000 doesn’t seem to be too far in the future. Whatever the case, that won’t make fiat worthless because bitcoin is it considered by many more as an investment rather than a currency. Fiat is fiat and will remain to be the primary currency that will be used because of the governments behind each currency.
I don't agree with that statement. If bitcoin price will be $10.000 it will be useless without fiat. All cryptocurrencies has a conversion to fiat. If fiat would be useless, all banks and even world banks would be useless also. See the point?
Fiat is everything for our real life, The price of bitcoin pegged with fiat currency. the high price of bitcoin price just give an effect to make more domination for the decimal value of bitcoin into the fiat currency and it will never be worthless.
Whatever happen in this world cash will exist, it will never be worthless even if bitcoin price skyrocket. We all know that bitcoin is not supported by the government this is why bitcoin will never beat the cash. I personally think that the government will do their best to protect their official currency, banning bitcoin for example. On the other hand bitcoin is not ready to be adopted widely due to the confirmation time is very long. Bitcoin is perfect as an investment tool that's why government in some countries treat it as stock like gold,oil etc.
I don't agree with that statement. If bitcoin price will be $10.000 it will be useless without fiat. All cryptocurrencies has a conversion to fiat. If fiat would be useless, all banks and even world banks would be useless also. See the point?
Yes fiat is still needed even the price of bitcoin will reach this high amount. And the world is still depending to fiat money so fiat will always be fiat. And no matter what happens bitcoin will be worth it and fiat is worth it too. And the example you have given is very obvious that everything are depending to fiat until now.
I don't agree with that statement. If bitcoin price will be $10.000 it will be useless without fiat. All cryptocurrencies has a conversion to fiat. If fiat would be useless, all banks and even world banks would be useless also. See the point?
In one form or other bitcoin has dependence upon fiat. So as said fiat won't go useless based on the price increase happening with bitcoin. Fiat always serve as the primary operating economic system. In reality even the current price of bitcoin is high for which fiat haven't got any decline in value.
I don't agree with that statement. If bitcoin price will be $10.000 it will be useless without fiat. All cryptocurrencies has a conversion to fiat. If fiat would be useless, all banks and even world banks would be useless also. See the point?
Bitcoin getting to such high prices is most likely going to seize being a digital currency
because it wont have so much demand as its enjoying perhaps becoming a trade-able asset would fit in nicely to keep prices moving leaving fiat untouched
Yes I agree and there may be a fear of the misbalancing of the society. I don’t think that the fiat can that easily be vanished from the screen. It will take centuries to the bitcoin to reach up to such a level. I think it will take centuries to educate the world to the technology.because it wont have so much demand as its enjoying perhaps becoming a trade-able asset would fit in nicely to keep prices moving leaving fiat untouched
Bitcoin getting to such high prices is most likely going to seize being a digital currency
because it wont have so much demand as its enjoying perhaps becoming a trade-able asset would fit in nicely to keep prices moving leaving fiat untouched
Yes I agree and there may be a fear of the misbalancing of the society. I don’t think that the fiat can that easily be vanished from the screen. It will take centuries to the bitcoin to reach up to such a level. I think it will take centuries to educate the world to the technology. because it wont have so much demand as its enjoying perhaps becoming a trade-able asset would fit in nicely to keep prices moving leaving fiat untouched
the price is 2300 now and it is very difficult to send btc , it is taking lot of time to send ,
imagine what will happen if the price went to 10k
and it wont effect fiat , because even if you have 10k btc , you have to exchange it to some of the other fiat only
imagine what will happen if the price went to 10k
and it wont effect fiat , because even if you have 10k btc , you have to exchange it to some of the other fiat only
The current Bitcoin price is increasing so quickly that it seems perfectly possible to see that price this same year, but this rally to sky seems so artificial and speculative that I don't think it can affect the dollar value in anyway.
I doubt that, the price of bitcoin will just be stable at $2,000 and it is very impossible for the price to reach that point because it will take another year or 2 years for the price to reach that because the demand and support in the market is not yet enough for that target price but the sure thing is, it will surely reach that soon.dude we've well breached the 2k mark and still rapidly rising. though I personally think 10k is still farfetched, I don't it would affect the fiat in any way. or maybe very minimal that it reslly won't be felt by regular people. the fiat rarely is reactive to what's going in in the online world.
Jump to: