If bitcoin price is $10.000, will fiat be worthless? - page 24.

GreenBits

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Quote from: South Park on March 22, 2017, 05:38:17 PM

Quote from: Technicality on March 21, 2017, 04:54:59 PM

Quote from: South Park on March 21, 2017, 04:44:23 PM

Bitcoin could reach 10k without fiat having to go through hyper inflation or anything, if adoption grew by 10 times the current amount of people and business, then it stands to reason to believe that the price will grow that much, so fiat will not be worthless in that scenario.

Well the price suggested here is ridiculously low for the fiat price to become worthless. Multiplying the adoption of Bitcoin by 10 would still leave it an absolutely tiny currency compared to, for example, the US dollar.

Correct, 10k for bitcoin is not enough for the world economy to function because we know there is a limit in the number of bitcoin, I have not done the math but bitcoin will probably need to reach at least 1 million per bitcoin to be able to run the economies of the world.

Good observation. Also, may I add that Cash has unique properties because it is a physical token of value. Many transactions made are not made to be seen by the public eye, and cash facilitates this, it is the ultimate anonymous value transfer mechanism. Also, if it became a world currency, we would see individual governments have unique currencies. They would not late adopt into a global currency.

stadus

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Quote from: Adelajda on March 22, 2017, 07:42:39 PM

One thing i know is that ,if i am holding a good amount of coins and if at all the price of bitcoin crosses those said valuation then i would be having a hell lot of money ,will it be worthless ,hell no,because i like my bank account having a healthy balance too. Tongue

We all hope for the success in the future, imagine if the value of bitcoin will rise up to $10,000 and you were able to accumulate a great number of bitcoins in your wallet, you could make a fortune with bitcoin under that circumstances. We juts have to hold and believe that we will be more profitable in the future, panicking when crisis occurs is not a good action and it is just a distraction to our focus.

Adelajda

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One thing i know is that ,if i am holding a good amount of coins and if at all the price of bitcoin crosses those said valuation then i would be having a hell lot of money ,will it be worthless ,hell no,because i like my bank account having a healthy balance too. Tongue

phr0stbyt3

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No there is no chance as till now thete hasn't been anything in this world which is so stable or accepted everywhere in the world. Even if bitcoin will reach 10000$ nothing will happen to fiat it will just be given more importance than gold that's it.

South Park

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Quote from: Technicality on March 21, 2017, 04:54:59 PM

Quote from: South Park on March 21, 2017, 04:44:23 PM

Bitcoin could reach 10k without fiat having to go through hyper inflation or anything, if adoption grew by 10 times the current amount of people and business, then it stands to reason to believe that the price will grow that much, so fiat will not be worthless in that scenario.

Well the price suggested here is ridiculously low for the fiat price to become worthless. Multiplying the adoption of Bitcoin by 10 would still leave it an absolutely tiny currency compared to, for example, the US dollar.

Correct, 10k for bitcoin is not enough for the world economy to function because we know there is a limit in the number of bitcoin, I have not done the math but bitcoin will probably need to reach at least 1 million per bitcoin to be able to run the economies of the world.

deisik

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Quote from: frankbit on March 22, 2017, 04:18:08 PM

It seems to me that such jumps of the prices on the bitcoin not contribute to its popularity. Any money like stability. Speculators are of course interested in such price jumps, and the rest is just scare

Bitcoin is no money as of yet

It is a highly speculative asset and will likely remain like that in the foreseeable future, so people looking for long term investment in Bitcoin may have chosen the wrong tool. On the other hand, though, if Bitcoin continues to make higher lows, its volatility (even if it increases along with the price itself) shouldn't be an issue. So far this has been the case. Before halving the price had surged from 200 dollars per coin up to almost 780 dollars, then it corrected down to 550 dollars (including the Bitfinex hack). After that it rose to over 1,100 dollars and flash crashed to 750 dollars. Then the price rose to an ATH at 1,300 dollars and went down to 950 dollars. So we have already seen 3 major higher lows

frankbit

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It seems to me that such jumps of the prices on the bitcoin not contribute to its popularity. Any money like stability. Speculators are of course interested in such price jumps, and the rest is just scare.

birareru1988

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Quote from: BeGoods on March 22, 2017, 02:05:36 AM

Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

one possibility if the price of $10k would happen if everyone spends all their fiat money into bitcoin. of course it was impossible and anyway there will not be people who are willing to spend $ 10k to 1 BTC

It seems to me that everything is possible with bitcoin. We can not guess what will happen to Bitcoin in five or ten years. So no need to rule it out.
But I do not think that this will somehow affect the Fiat community.

deisik

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Quote from: Rahar02 on March 21, 2017, 04:40:51 PM

Quote from: Mvaporis1961 on March 21, 2017, 04:19:24 PM

Well for my own opinion doesn't matter how much bitcoin is,
As long as it can't be used to pay anything that we need Fiat will still be worth it.

No chance at all, fiat money will be always the first and the best option for daily transaction instead of using bitcoin, because :
- People/citizens do not need to have any wallet
- Complicated transaction for layman
- No need to pay fee for every single transaction
- bitcoin transaction takes time (even for hours) to be confirmed
Long live for fiat money, especially for cash. I agree with you, as long as bitcoin can not be useful and simple like cash, fiat won't be worthless.

I voice my strong disagreement with this opinion

Right now, that may well be the case, but since you are talking about things not changing in the future ("fiat money will be always the first"), I think I should point out where this might not be the case in the future and where it is outright wrong even now
   - if you are talking about cash, this by definition means that you need a wallet. Even if you just put money in your trousers you still need pockets. This is even more so with digital fiat since you would you need a bank account or a payment card, or both. This is essentially the same as a Bitcoin wallet
   - learn about web wallets at last
   - tell me another. The only case where you don't need to pay fees is paying directly with cash (and even this is debatable)
   - that may change in the nearest future with the introduction of off-chain transactions. We are bound to get there eventually whether someone may like it or not

BeGoods

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Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

one possibility if the price of $10k would happen if everyone spends all their fiat money into bitcoin. of course it was impossible and anyway there will not be people who are willing to spend $ 10k to 1 BTC

batang_bitcoin

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Quote from: Japinat on March 21, 2017, 10:56:26 PM

Quote from: batang_bitcoin on March 21, 2017, 10:49:11 PM

Quote from: ufaiz50 on March 21, 2017, 10:17:35 PM

Quote from: batang_bitcoin on March 21, 2017, 06:54:52 PM

Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

They aren't going to print more that will make the economy in chaos if the government will print more. It's simple that whatever the price of bitcoin, fiat will remain and will be the favored medium of transaction and payment of government. Because they are the one that regulates it, unlike with bitcoin it's decentralized.

yap for decentralized what happens to fiat will not affect bitcoin and vice versa for bitcoin and why despite prices of bitcoin reached highs fiat will remain because fiat is legal payments

Yes fiat will always remain though there are credit cards, crypto's and other ways of payment. Still the government will always rely to fiat because they have total control for it. And if the value of bitcoin will even reach to $10,000 then probably many fiat users are going to migrate and invest to bitcoin by that time.

It would be beneficial for us to have a different option to spend, there are fiat and crypto currencies and since the new generation will most likely be more on digital currencies, bitcoin who is the leading crypto currency will surely progress. The right time will come as we need more time to continue the development and to capture the awareness of the people.

It is progressive but the fact that fiat will remain as the main currency of each countries is always there. Though crypto's or bitcoin to be specific is good for realizing the people that if the price of bitcoin will ever reach this amount. This will attract people and probably many are going to have a petition to make bitcoin as secondary currency.

Japinat

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Quote from: batang_bitcoin on March 21, 2017, 10:49:11 PM

Quote from: ufaiz50 on March 21, 2017, 10:17:35 PM

Quote from: batang_bitcoin on March 21, 2017, 06:54:52 PM

Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

They aren't going to print more that will make the economy in chaos if the government will print more. It's simple that whatever the price of bitcoin, fiat will remain and will be the favored medium of transaction and payment of government. Because they are the one that regulates it, unlike with bitcoin it's decentralized.

yap for decentralized what happens to fiat will not affect bitcoin and vice versa for bitcoin and why despite prices of bitcoin reached highs fiat will remain because fiat is legal payments

Yes fiat will always remain though there are credit cards, crypto's and other ways of payment. Still the government will always rely to fiat because they have total control for it. And if the value of bitcoin will even reach to $10,000 then probably many fiat users are going to migrate and invest to bitcoin by that time.

It would be beneficial for us to have a different option to spend, there are fiat and crypto currencies and since the new generation will most likely be more on digital currencies, bitcoin who is the leading crypto currency will surely progress. The right time will come as we need more time to continue the development and to capture the awareness of the people.

batang_bitcoin

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Quote from: ufaiz50 on March 21, 2017, 10:17:35 PM

Quote from: batang_bitcoin on March 21, 2017, 06:54:52 PM

Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

They aren't going to print more that will make the economy in chaos if the government will print more. It's simple that whatever the price of bitcoin, fiat will remain and will be the favored medium of transaction and payment of government. Because they are the one that regulates it, unlike with bitcoin it's decentralized.

yap for decentralized what happens to fiat will not affect bitcoin and vice versa for bitcoin and why despite prices of bitcoin reached highs fiat will remain because fiat is legal payments

Yes fiat will always remain though there are credit cards, crypto's and other ways of payment. Still the government will always rely to fiat because they have total control for it. And if the value of bitcoin will even reach to $10,000 then probably many fiat users are going to migrate and invest to bitcoin by that time.

ufaiz50

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Quote from: batang_bitcoin on March 21, 2017, 06:54:52 PM

Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

They aren't going to print more that will make the economy in chaos if the government will print more. It's simple that whatever the price of bitcoin, fiat will remain and will be the favored medium of transaction and payment of government. Because they are the one that regulates it, unlike with bitcoin it's decentralized.

yap for decentralized what happens to fiat will not affect bitcoin and vice versa for bitcoin and why despite prices of bitcoin reached highs fiat will remain because fiat is legal payments

batang_bitcoin

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Activity: 3080

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Quote from: Roboabhishek on March 21, 2017, 04:29:44 PM

Lol, it's not possible because they will print more if the current is exhausted.
Also, the people will never use all their fiat to buy bitcoins.

They aren't going to print more that will make the economy in chaos if the government will print more. It's simple that whatever the price of bitcoin, fiat will remain and will be the favored medium of transaction and payment of government. Because they are the one that regulates it, unlike with bitcoin it's decentralized.

Tyrantt

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Need some spare btc for a new PC

nope, even if the bitcoin hits 10k$, fiat will not be worthless. Probably because banks hold a too much power nowdays to just let that happen. Also, if (let's say that USD drops low), that will make some other countries gain buying power and a lot can happen in that moment, but that time is far, far away from today imo.

But no, I don't think that fiat will collectively become worthless in case that bitcoin hits 10k$.

Technicality

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Quote from: South Park on March 21, 2017, 04:44:23 PM

Bitcoin could reach 10k without fiat having to go through hyper inflation or anything, if adoption grew by 10 times the current amount of people and business, then it stands to reason to believe that the price will grow that much, so fiat will not be worthless in that scenario.

Well the price suggested here is ridiculously low for the fiat price to become worthless. Multiplying the adoption of Bitcoin by 10 would still leave it an absolutely tiny currency compared to, for example, the US dollar.

BitSat

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Fiat never been worthless because its going with own values and bitcoin cannot challenge this but we can say adoption could be higher and peoples will give some good value to bitcoin also as its touch 10000$ in future

South Park

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I am terrible at Fantasy Football!!!

Bitcoin could reach 10k without fiat having to go through hyper inflation or anything, if adoption grew by 10 times the current amount of people and business, then it stands to reason to believe that the price will grow that much, so fiat will not be worthless in that scenario.

Rahar02

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Quote from: Mvaporis1961 on March 21, 2017, 04:19:24 PM

Well for my own opinion doesn't matter how much bitcoin is,
As long as it can't be used to pay anything that we need Fiat will still be worth it.

No chance at all, fiat money will be always the first and the best option for daily transaction instead of using bitcoin, because :
- People/citizens do not need to have any wallet
- Complicated transaction for layman
- No need to pay fee for every single transaction
- bitcoin transaction takes time (even for hours) to be confirmed
Long live for fiat money, especially for cash. I agree with you, as long as bitcoin can not be useful and simple like cash, fiat won't be worthless.

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