If bitcoin price is $10.000, will fiat be worthless? - page 41.

X-ray

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Quote from: rajasumi2 on December 07, 2016, 06:41:48 AM

Fiat will never be worthless .there will be both ways of payments .and the price of bitcoins rising to 10000 dollars is a long way to go .and by that time it may have hapen many countries might banned the digital cryptocurrency bitcoins .kudoos

Depend on the regulation the government is going to make.
If bitcoin price is reaching $10,000 then the fiat will not be worthless but the bitcoin will be more precious. the fiat will remain the same and anything related to it will goes normally. the bitcoin price rising never affect fiat directly

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Quote from: rajasumi2 on December 07, 2016, 06:41:48 AM

Fiat will never be worthless .there will be both ways of payments .and the price of bitcoins rising to 10000 dollars is a long way to go .and by that time it may have hapen many countries might banned the digital cryptocurrency bitcoins .kudoos

Bitcoin growing too large to the point that it can damage a certain economy, will indeed result in heavy actions by the government. But I don't think that the price reaching levels into the higher thousands will do much, unless they notice that people use Bitcoin (magnitudes more than is the case right now) to hide money, or to transfer wealth from one country to another. That's when governments will definitely take serious actions against Bitcoin. But not to the point that a total Bitcoin ban will become reality. Can't see that happening.

fuathan3

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I think that is not possible, fiat will always be used by majority of people in future too, no doubt will also use bitcoin once it gets popular but fiat cannot simply disappear.

rajasumi2

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Fiat will never be worthless .there will be both ways of payments .and the price of bitcoins rising to 10000 dollars is a long way to go .and by that time it may have hapen many countries might banned the digital cryptocurrency bitcoins .kudoos

Tanic

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I think in the case that bitcoin will cost 10 000$ per 1 BTC government will ban it. Because in that case every bitcoin user will be more or less reach and all that people will try to cash out their money. And that will affect on the whole economy in the world. I think bitcoin will never grow so high. Government will not just let it to happen.

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Quote from: dukeneptun on December 06, 2016, 06:31:59 PM

Quote from: CAMOPEJB on December 04, 2016, 11:54:36 PM

I'm sure this was mentioned in this thread but, people work and have to be paid for the work they do. I don't see that happening in bitcoins anytime soon so i don't think fiat will disappear unless something drastic happens.

What drastic action would be needed? Are we talking nuke wars, are we talking about red light district hoes taking bitcoin as a form of payment. Speak up dude because im trying to understand what you're saying but Im having problems

As to me, the most "optimal" drastic action that could help Bitcoin is something which would heavily undermine the faith of people in the government and, consequently, their faith in the monetary tokens that this government happens to issue, without seriously damaging the real economy at the same time. So far the best instance of that was the Cyprus hair-cut, though it was rather constrained and limited in its effects...

Something like that but on the scale of, say, whole Europe would work much better

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Quote from: CAMOPEJB on December 04, 2016, 11:54:36 PM

I'm sure this was mentioned in this thread but, people work and have to be paid for the work they do. I don't see that happening in bitcoins anytime soon so i don't think fiat will disappear unless something drastic happens.

What drastic action would be needed? Are we talking nuke wars, are we talking about red light district hoes taking bitcoin as a form of payment. Speak up dude because im trying to understand what you're saying but Im having problems.

Just so you know there are already companies that specialize in bitcoin payroll accounting and overstock even pays their employees in bitcoin if the employee chooses to get paid in Bitcoin.

I cant wait to see your reply.

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Quote from: Japinat on December 02, 2016, 10:23:58 PM

Quote from: South Park on December 02, 2016, 09:30:33 PM

Quote from: Ziskinberg on December 01, 2016, 10:02:33 PM

Quote from: South Park on December 01, 2016, 09:35:28 PM

It will depend on the reason for bitcoin to reach 10k if this was because bitcoin reached wide adoption around the world then I don't think fiat is going to be worthless however if this is because there is wild hyperinflation and you cannot buy anything with a dollar bill then that means that the dollar is in the process of becoming a second rate currency.

We might reach that level in the future but the journey would not be easy, it's the adoption that is necessary that is very hard since we are not yet fully supported by the government. Big businesses can really help to fast track the adoption stage but in their mind they have to protect their business and since bitcoin is a risky currency it will be hard for them to invest a bigger part of their assets.

Personally I think is the average person the one that needs to do the heavy lifting here, since bitcoin is a way to give back the power of currency to the people, if the average person adopted bitcoin, then business will follow because they will want to obtain profits from it.

What is your specific about an average person, I guess most of the adopters of bitcoin are average persons while those whales are extraordinary people since they have proven to be profitable on it. Businesses should make a way to adopt bitcoin as we are increasing in good figures and it should help them to achieve a great market.

Personally I don't think that the bitcoin users, at this point of time are average person's I think that most of those that have adopted bitcoin right now are people that have high interest in technology and economy and even history so no I don't think the average person has adopted bitcoin yet.

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Quote from: stark101 on December 04, 2016, 11:21:54 PM

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?

Fiat would be worthless when bitcoin is worth at least a million. This would be mean that inflation is getting out of control. The reason is that Bitcoin price can reach that value pretty fast and the circumstances why this happens could be do different. Fiat will be still be around in decades! A success for bitcoin in terms of value if fiat doesnt have to connected with losing value of fiat.

That remains to be seen

In general, the price of Bitcoin in dollars in most cases is inconsequential to the value of the dollar (or any other fiat currency, for that matter). This essentially means that if Bitcoin gets wider adoption over time, its price may surge without the dollar itself depreciating since more hands will be chasing the same amount of bitcoins (21M at max), while the value of the dollar in terms of goods will basically remain the same. In this way, the Bitcoin price may be however high, but that would have nothing to do with how much things cost in dollars

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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?

When the Dollar loses value, do you notice how all the other fiat currencies in the world also lose value? In fact, the other currencies of the world don't just "lose vale" when the Dollar falls, they lose more value than the dollar lost.

Same thing happens when GBP moves lower.

This is why Saddam, Gaddaffi etc were deposed from power so that central banks could be installed in their countries. The Dollar has been losing value consistently since day one. But, if every other currency loses 'even more' value - what really changes?

When discussing the fiat system, there is alot more to discuss than what meets the eye.

If bitcoin were to reach $10,000 per coin, the fiat system will not be effected - at all. Bitcoin has a mere 12 Billion $ market cap, not even a blip on the radar of world economics at this point. (But, will be in the future.)

The question we all need to be more concerned with is, when will bitcoin ever have the liquidity to support a $10K per coin rate?

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Quote from: serjent05 on December 04, 2016, 12:13:54 PM

As long as bitcoin is not accepted by a government as their country's official currency, fiat will never be worthless no matter how much bitcoin is. Another thing that make fiat money worth is that it can be used over the counter in any local markets while bitcoin cannot be used the same way to pay good over the counter.

Fiat will never be worthless even bitcoin will be accepted by the government because that is going to be the main currency of each country.

Even bitcoin will become $10,000 valued cryptocurrency still fiat will remain and more valuable than bitcoin because bitcoins supply is limited.

Unlike fiat, it can be supplied by the government depending on the inflation and the status of the economy.

CAMOPEJB

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I'm sure this was mentioned in this thread but, people work and have to be paid for the work they do. I don't see that happening in bitcoins anytime soon so i don't think fiat will disappear unless something drastic happens.

stark101

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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?

Fiat would be worthless when bitcoin is worth at least a million. This would be mean that inflation is getting out of control. The reason is that Bitcoin price can reach that value pretty fast and the circumstances why this happens could be do different. Fiat will be still be around in decades! A success for bitcoin in terms of value if fiat doesnt have to connected with losing value of fiat.

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Quote from: richmcrich on December 04, 2016, 12:12:25 PM

Quote from: clickerz on December 04, 2016, 12:05:44 PM

Quote from: Luterwish on December 04, 2016, 11:55:04 AM

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

Indeed, fiat will be fiat and never be worthless. Now dollar to fiat is at $763+ and still its here and continue to grow. Both have different market to serve and go hand in hand.

No. I have already stopped using fiat currencies even when I go shopping physically. I do use only my bank cards for my shopping purposes and for online I'm using only bitcoin payments. Literally I am completely stopped using currencies.

Yes, I do get my salary in bank account and I am using them with my cards then why a need to get them in my hand.

You seem to be confused about forms in which currencies may exist. When you are using a bank card, you are still using fiat whether you like it or not (though in its digital, or electronic form). In no case you can claim that you have stopped using currencies. In fact, you are using them even more actively. At best, you could say that you stopped using paper money, that would true and that would be exactly what the government wants you and all of us to do...

That is, stop using cash

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Quote from: Luterwish on December 04, 2016, 11:55:04 AM

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

I have similar opinion. I feel bitcoin will remain as an asset, investment or trading commodity and it will not replace fiat currencies even if bitcoin reaches 10,000$ mark value. More people will get into bitcoin bandwagon if it appreciates to 10,000$ levels and it will be good for all the bitcoin early adopters. And yes, reaching 10,000$ is possible in future.

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As long as bitcoin is not accepted by a government as their country's official currency, fiat will never be worthless no matter how much bitcoin is. Another thing that make fiat money worth is that it can be used over the counter in any local markets while bitcoin cannot be used the same way to pay good over the counter.

richmcrich

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Quote from: clickerz on December 04, 2016, 12:05:44 PM

Quote from: Luterwish on December 04, 2016, 11:55:04 AM

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

Indeed, fiat will be fiat and never be worthless. Now dollar to fiat is at $763+ and still its here and continue to grow. Both have different market to serve and go hand in hand.

No. I have already stopped using fiat currencies even when I go shopping physically. I do use only my bank cards for my shopping purposes and for online I'm using only bitcoin payments. Literally I am completely stopped using currencies.

Yes, I do get my salary in bank account and I am using them with my cards then why a need to get them in my hand.

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Quote from: Luterwish on December 04, 2016, 11:55:04 AM

Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

Indeed, fiat will be fiat and never be worthless. Now dollar to fiat is at $763+ and still its here and continue to grow. Both have different market to serve and go hand in hand.

angaper

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Of course, there will always be some people with no access to digital resources that can help them to use altcoins as a regular currency, so it will be indispensable for them and many other economic agencies to use fiat for ordinary transactions, even I could say fiat will remain as a valid option for several decades.

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Fiat will never be worthless, even when bitcoin price reaches $10k still fiat will be used, because of the transaction time of bitcoin network, it will never be used for day to day life.

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