If bitcoin price is $10.000, will fiat be worthless? - page 35.

rajasumi3

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Quote from: Amph on December 13, 2015, 05:56:34 AM

bitcoin will never be able to suck all the fiat money, they can just print more without problem

also fiat is already worthless, but you're obligated to use it for the majority of things

if you mean collapsed, i don't think so

how can it be worthless from now onwards .the whole global is running on fiat and some places accept bitcoins and other digital currency .and it is long way to go when fiat will become worthless.

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Quote from: gabmen on January 04, 2017, 05:29:34 AM

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Quote from: drakker on January 03, 2017, 06:24:45 AM

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?

You have the point and that's why fiat will never be worthless whether the price of bitcoin will be one million dollars. Still fiat needs to exist because it is the measurement of the price of bitcoin. Maybe for us users of bitcoin we can just boycott fiat and total forget about it but those people who don't know bitcoin, still they will need to use fiat.

This is exactly true. As long as majority of the people still rely on physical exchange and transaction, fiat will never be worthless. So even if bitcoin exceeds the 10k mark, thr fact that we still need to exchange btcs to real money most of the time, tells us that the age of cryptocurrency still is a long way ahead

Yes no matter what will be the amount of bitcoin as long as the government, your country and big countries are not completely dedicating their financial systems to bitcoin. Still we will use the usual way of buying and selling of goods and services by means of fiat. Crypto is good for making it another way of transacting but if it will make fiat worthless, I guess that will be hard time to happen.

What's best with bitcoin is we do not need millions of users to make the price grow as it depends on the demand of its users. The supply is limited so there's no inflation and whatever the future is, we can always call bitcoin as investment.

Ocytrem

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Quote from: Roselop on January 04, 2017, 05:37:34 AM

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

This could be an option, I also do not think that the bitcoin itself is strong enough to even get this price, lets hope on it but I do not think it will happen.

Rinder

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Doesnt matter how much bitcoin will achieve on the next years, without countries and people support bitcoin will becamoe worthless. The most people does use and have bitcoin with the purpose to get and make easy money over bitcoin, the main interest at bitcoin is to make money. Fiat will be always present and there is nothing that bitcoin can make to change it.

Dannison

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Quote from: diegz on January 04, 2017, 07:30:34 AM

Quote from: Roselop on January 04, 2017, 05:37:34 AM

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

Even if bitcoin reaches a new ATH each month, fiat will still has value, it is not affected by bitcoins price increase. Fiat's value will only be gone when no one uses it and the country that owns it is not reproducing it anymore and put into circulation. That's the only time that fiat's value will start to drop.

But the value of the fiat will decrease faster when more people use the bitcoin.

tee-rex

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Quote from: diegz on January 04, 2017, 07:30:34 AM

Quote from: Roselop on January 04, 2017, 05:37:34 AM

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

Even if bitcoin reaches a new ATH each month, fiat will still has value, it is not affected by bitcoins price increase. Fiat's value will only be gone when no one uses it and the country that owns it is not reproducing it anymore and put into circulation. That's the only time that fiat's value will start to drop.

It can also be the other way round. The country that owns the currency might be printing too much of it, and the circulation gets overwhelmed with an excessive amount of money leading to hyperinflation. This is what happened in Zimbabwe and can potentially happen to any fiat money in any country. If something like that happens to American dollar or Chinese yuan, the Bitcoin price will soar, and it will be an obvious outcome of the depreciation of any of these currencies.

diegz

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Quote from: Roselop on January 04, 2017, 05:37:34 AM

When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

Even if bitcoin reaches a new ATH each month, fiat will still has value, it is not affected by bitcoins price increase. Fiat's value will only be gone when no one uses it and the country that owns it is not reproducing it anymore and put into circulation. That's the only time that fiat's value will start to drop.

Roselop

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When bitcoin price hits 10,000$, Perhaps we will not use traditional currency (cash).
Untill that time, we will be using smart devices to pay everything with bitcoin.

gabmen

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Quote from: drakker on January 03, 2017, 06:24:45 AM

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?

You have the point and that's why fiat will never be worthless whether the price of bitcoin will be one million dollars. Still fiat needs to exist because it is the measurement of the price of bitcoin. Maybe for us users of bitcoin we can just boycott fiat and total forget about it but those people who don't know bitcoin, still they will need to use fiat.

This is exactly true. As long as majority of the people still rely on physical exchange and transaction, fiat will never be worthless. So even if bitcoin exceeds the 10k mark, thr fact that we still need to exchange btcs to real money most of the time, tells us that the age of cryptocurrency still is a long way ahead

soros017

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Quote from: qiwoman2 on January 03, 2017, 07:11:27 AM

I don't think fiat will be useless but we are moving closer to a more digital society and a cashless system might come into place. What I can foresee is many governments and central banks eventually making their own digital version of fiat currency, that I do see as a possibility or very probable in my books.

This is the way we are going. Over time, people will realize that the cost of having a physical and highly inflationary currency is a much higher cost. In addition, the trend is for people to shop online more often, which is one reason why people are looking for a cheaper solution and less bureaucracy way to make online payments.

Another important aspect is that more and more people have a smartphone, and this will probably facilitate the use of cryptocurrencies to make micropayments.

nara1892

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Quote from: carlisle1 on January 03, 2017, 01:52:47 PM

just because a 1 bitcoin has more value than 1 paper bill doesn't mean that fiat will become worthless especially once the bitcoin price is already $10 000 . and I think even if bitcoin becomes used by many people fiat will still has its worth or value if you mean fiat will although it is only printed they are still coexist and it will still be used to determine/measure what the exact price of bitcoin is .

agree. even bitcoin price hits $10,000 , I think there will be a few people who convert their bitcoins to fiat because bitcoin is not acceptable in their countries. I am not sure yet that bitcoin will be totally legal in all countries. so fiat will be still worth.

JohanM

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1 BTC = 1,000$ is peanuts, so is 1 BTC = 10,000$. The ECB created 3 Trillion (3,000,000,000,000) Euro's out of nothing in the last few years. US Fed did basically the same before that.
3 Trillion Euro's in BTC would mean 1 BTC = 200,000 €. Even at this day every month they inject 60 billion Euro's into the system, that's 4 time the total Bitcoin value every month.

So no, $10,000 value will change nothing to fiat. At $100,000 things will start to change, at $1,000,000 they will be a major player.

cryp24x

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Quote from: qiwoman2 on January 03, 2017, 07:11:27 AM

I don't think fiat will be useless but we are moving closer to a more digital society and a cashless system might come into place. What I can foresee is many governments and central banks eventually making their own digital version of fiat currency, that I do see as a possibility or very probable in my books.

This will more likely happen. Government adopting the idea of cryptocurrency and establishing their own centralized digital currency. But it is still a long way from here. I think fiat will always be used and Bitcoin will more probably a secondary option because Bitcoin will never be accepted as official currency of one nation. Unless that nation leaders are actually insane

carlisle1

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just because a 1 bitcoin has more value than 1 paper bill doesn't mean that fiat will become worthless especially once the bitcoin price is already $10 000 . and I think even if bitcoin becomes used by many people fiat will still has its worth or value if you mean fiat will although it is only printed they are still coexist and it will still be used to determine/measure what the exact price of bitcoin is .

qiwoman2

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I don't think fiat will be useless but we are moving closer to a more digital society and a cashless system might come into place. What I can foresee is many governments and central banks eventually making their own digital version of fiat currency, that I do see as a possibility or very probable in my books.

deisik

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Quote from: epitome on January 03, 2017, 06:12:48 AM

Quote from: Tanic on January 01, 2017, 08:36:57 AM

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price.

Why would the government ban bitcoin if the price is high. Hindsight are you telling that the government will ban you if you sell a property you inherited through generations and the cost of the property is worth millions and since you become a millionaire will the government ban you from selling the property. Please do not come up with silly arguments to make me laugh. Cheesy

The considerations why a high price of Bitcoin may eventually lead to its ban by some governments are quite simple and coherent really. And they are basically the same why governments, especially smaller ones, don't love foreign currencies (such as the US dollar or Euro). In fact, they love these currencies very much themselves (and many governments are using them as reserves), but they don't love it when their own population does essentially the same. Since that causes devaluation of the local currency when folks start using a foreign currency as a store of value (instead of the local one)...

That should be called an inverse inflation tax when the government itself gets taxed

drakker

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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?

epitome

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Quote from: Tanic on January 01, 2017, 08:36:57 AM

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price.

Why would the government ban bitcoin if the price is high. Hindsight are you telling that the government will ban you if you sell a property you inherited through generations and the cost of the property is worth millions and since you become a millionaire will the government ban you from selling the property. Please do not come up with silly arguments to make me laugh. Cheesy

Positid

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Quote from: deisik on January 01, 2017, 02:01:10 PM

Quote from: Tanic on January 01, 2017, 08:36:57 AM

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price

The price itself is pretty much irrelevant

It is adoption that matters. If only a few million people around the world use Bitcoin, what difference would that make to the government if Bitcoin is worth 10,000 or 1,000,000 dollars per coin? They wouldn't give a fuck about all those queer people selling bitcoins to each other. On the other hand, if Bitcoin is worth only 500 dollars per coin but it is widely and wildly used throughout the world (this is an impossible combination, but let's assume that there is no cap on Bitcoin supply), it would be a really dangerous mixture for governments since it would most certainly affect fiat circulation in the ways which governments (especially those of smaller countries) won't like in the slightest degree

I agree with you on that, we are still small compared to the total users of fiat, bitcoin users are fiat user as well. And I believe no one will sacrifice to stop using fiat just to fully accommodate bitcoin.

deisik

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Quote from: Tanic on January 01, 2017, 08:36:57 AM

I think such high price for bitcoin would provoke world's economic collapse. Cause of in the case of price 10000$ many people would cash out their bitcoins to not skip that chance. Some of them would become millionaires. But I think the government will ban bitcoin in the case of such huge price

The price itself is pretty much irrelevant

It is adoption that matters. If only a few million people around the world use Bitcoin, what difference would that make to the government if Bitcoin is worth 10,000 or 1,000,000 dollars per coin? They wouldn't give a fuck about all those queer people selling bitcoins to each other. On the other hand, if Bitcoin is worth only 500 dollars per coin but it is widely and wildly used throughout the world (this is an impossible combination, but let's assume that there is no cap on Bitcoin supply), it would be a really dangerous mixture for governments since it would most certainly affect fiat circulation in the ways which governments (especially those of smaller countries) won't like in the slightest degree

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