If bitcoin price is $10.000, will fiat be worthless? - page 43.

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Quote from: virtualx on December 13, 2015, 06:25:39 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?

Nah, this will not really happen that fiat become worthless. So if dollar is worth nothing that day then how can bitcoin have value if there's no US dollar. Bitcoin will become the main digital currency in the internet (because actually I don't like paypal). So don't assume that fiat will become worthless because not all people in the world can use bitcoin. But its really possible that it can reach the amount of 10,000 USD someday.

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Quote from: betohell on November 30, 2016, 07:20:52 AM

Quote from: robelneo on November 30, 2016, 06:32:06 AM

Quote from: virtualx on December 13, 2015, 06:25:39 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 don't think Fiat will ever be out of circulation,bitcoin needs internet connection and a computer to run not all the people in this world have this two and not all corners of this world had an atm to withdraw bitcoin ,we still need fiat in our daily lives and it will not get out of our system.

what is clear is bitcoin will not likely have a price of $ 10k the first and the second is whatever the price bitcoin will not be able to make fiat become worthless, because without the fiat I believe bitcoin will not be valuable, and especially fiat in use by all countries in the world

i disagree , $10,000 per 1 bitcoin are very possible , this is bitcoin man!

everything that people think impossible , with bitcoin it is turn possible. people will keep remembering bitcoin come from $1 and now up to $800 , it is 800x! so it is still possible to see $800 x 1000 = $800,000 per 1 bitcoin! this gonna be a weird situation for fiat , even i don't think it will not gonna be worthless but atleast there will be a big impact.

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Quote from: Betwrong on November 30, 2016, 06:47:08 AM

Of course fiat won't be worthless in that case. Why it should be? For example if the price of 1 USD is now over 10k Indonesian Rupiahs are the Indonesian Rupiahs worthlees? No. You still can buy cars, houses, gold etc. with them. Same will happen with fiat if Bitcoin price will be $10.000 or $20,000 or whatever.

I also think like that, no matter how much is the bitcoin price, it won't affected fiat at all, we used fiat only as comparison to our bitcoin value, so if the bitcoin price rise until 10000$ then the one that is taking advantage is the bitcoin holder and user

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Quote from: soros017 on November 29, 2016, 04:36:12 PM

This is certainly not going to make people stop using fiat. Bitcoin needs more than a price increase to attract more users.
It is really necessary the availability of places where people offer goods and services, which allow users to use Bitcoins, to have acess to it.

I think the increase in time is not important than the facilities that bitcoin can provide us, as the price increase be temporary, but if it provide us some good facilities then people will really attract toward bitcoin and will certainly take interest in bitcoin, and that is really to much good for the future of bitcoin.

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Quote from: robelneo on November 30, 2016, 06:32:06 AM

Quote from: virtualx on December 13, 2015, 06:25:39 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 don't think Fiat will ever be out of circulation,bitcoin needs internet connection and a computer to run not all the people in this world have this two and not all corners of this world had an atm to withdraw bitcoin ,we still need fiat in our daily lives and it will not get out of our system.

what is clear is bitcoin will not likely have a price of $ 10k the first and the second is whatever the price bitcoin will not be able to make fiat become worthless, because without the fiat I believe bitcoin will not be valuable, and especially fiat in use by all countries in the world

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Quote from: serjent05 on November 28, 2016, 12:23:42 PM

Quote from: MWesterweele on November 28, 2016, 12:03:23 PM

Quote from: LegendaryMiner on November 20, 2016, 01:04:13 PM

I don't think that makes much sense. It is possible that Bitcoin reaches this value someday, but it will not make people stop using fiat. To gain more users, Bitcoin must first reach more people willing to sell goods and services for Bitcoins. In this way, there will be greater liquidity in the market, and over time Bitcoin will gain more stability. This will give more confidence for people to use Bitcoin as a currency.

If the value of bitcoin rich on this point it is really possible bitcoin has a good potential to become more than this in pricing i always visiting markets and bitcoin is really good. You can just make profit when you are trading bitcoin into another currency not because bitcoin is not stable because it is really good income source.

But this does not make fiat worthless. What ever happen to the price of bitcoin, fiat will always be used in daily lives. If you just think of it, all the opportunity given by bitcoin already given by fiat, but the advantage is that, there is less competition with bitcoin.

Fiat won't go away in the foreseeable future, and that goes without saying

But similar to other such cases, it all depends, and the real question should be whether today it will be the same fiat as it was yesterday. If one fiat gets replaced by another with the first losing all of its value due to hyperinflation, it would be a completely different story, very much like what happened in the Weimar Republic in early 1920s. After the Deutsche Mark, the currency of that country, totally devalued in a matter of a few years, the government was forced to substitute it first with the Rentenmark backed up by bonds and later with the Reichsmark backed up by gold

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Of course fiat won't be worthless in that case. Why it should be? For example if the price of 1 USD is now over 10k Indonesian Rupiahs are the Indonesian Rupiahs worthlees? No. You still can buy cars, houses, gold etc. with them. Same will happen with fiat if Bitcoin price will be $10.000 or $20,000 or whatever.

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If bitcoin price is $10.000, will fiat be worthless?

if fiat is worthless then $10,000 is worthless (lol)

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Quote from: upsidedown75 on November 28, 2016, 11:20:01 AM

Quote from: clickerz on November 23, 2016, 10:08:13 AM

Quote from: Positid on November 22, 2016, 08:44:17 AM

Fiat has been proven to be stable for a longer period of time since we are still using it, maybe I will believe that some investors will transfer their money in bitcoin but not to do away with fiat, they still need fiat as more than 99% in the world population are using FIAT.

Thats why an option to buy bitcoin is for those who has sapre money to do so and for a person who are well aware of internet and cryptocurrency. Still fiat is king, everyday we used it and still it it is needed in daily real life transaction. Even bitcoin is @ $10.00 fiat is still stable and important.

But I think the trend is now changing, as people are adopting bitcoin not only for investment purpose but now many people are using bitcoin as currency, they use bitcoin not only for online business and shopping but now there are so many places where bitcoin can be used for shopping like in local shops also.

delighted to see a lot of people began to spend their bitcoin or many traders who start accepting bitcoin payments, more and more people are using bitcoin currency for the adoption of bitcoin for this purpose will also be more and more

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Quote from: virtualx on December 13, 2015, 06:25:39 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 don't think Fiat will ever be out of circulation,bitcoin needs internet connection and a computer to run not all the people in this world have this two and not all corners of this world had an atm to withdraw bitcoin ,we still need fiat in our daily lives and it will not get out of our system.

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Quote from: tee-rex on November 30, 2016, 04:33:04 AM

Quote from: soros017 on November 29, 2016, 04:36:12 PM

This is certainly not going to make people stop using fiat. Bitcoin needs more than a price increase to attract more users.
It is really necessary the availability of places where people offer goods and services, which allow users to use Bitcoins, to have acess to it.

Yes, it needs wider adoption and involvement of a lot of people into Bitcoin using it daily for buying things and paying bills with it. In other words, doing with Bitcoin everything that ordinary people do with fiat money. That would be real adoption of Bitcoin as a means of exchange, not for speculating as it seems to be mostly used for today.

In that situation we are defeating the fiat if that happened, I do not see it would be the big adoption that will happen in the future, the government will not allow that to happen as they cannot control bitcoins, how are the taxes gonna be manage which is the bread and butter of a country.

It's impossible and even saying fiat would be worthless is just some kind of fantasizing.

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Quote from: soros017 on November 29, 2016, 04:36:12 PM

This is certainly not going to make people stop using fiat. Bitcoin needs more than a price increase to attract more users.
It is really necessary the availability of places where people offer goods and services, which allow users to use Bitcoins, to have acess to it.

Yes, it needs wider adoption and involvement of a lot of people into Bitcoin using it daily for buying things and paying bills with it. In other words, doing with Bitcoin everything that ordinary people do with fiat money. That would be real adoption of Bitcoin as a means of exchange, not for speculating as it seems to be mostly used for today.

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This is certainly not going to make people stop using fiat. Bitcoin needs more than a price increase to attract more users.
It is really necessary the availability of places where people offer goods and services, which allow users to use Bitcoins, to have acess to it.

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Quote from: Bitcoin0916 on November 24, 2016, 06:08:43 AM

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Quote from: clickerz on November 23, 2016, 10:08:13 AM

Quote from: Positid on November 22, 2016, 08:44:17 AM

Fiat has been proven to be stable for a longer period of time since we are still using it, maybe I will believe that some investors will transfer their money in bitcoin but not to do away with fiat, they still need fiat as more than 99% in the world population are using FIAT.

Thats why an option to buy bitcoin is for those who has sapre money to do so and for a person who are well aware of internet and cryptocurrency. Still fiat is king, everyday we used it and still it it is needed in daily real life transaction. Even bitcoin is @ $10.00 fiat is still stable and important.

And that's will make fiat still worth it and for bitcoins adoption today still we all know that stores are very limited to those who are accepting bitcoins. It won't make fiat worthless even the value of bitcoin will be even higher as $100,000. Because it has been used for many years already and the people is trusting it more rather than bitcoin.

Maybe the question that must be answered first is, is bitcoin will hit the value of $100,000 per BTC?

That's too unrealistic for now, I do not see in the future that price will happen. If miracle will happen but I double people will be able to sell that amount because I have feeling that when the price hits $10,000 people will be willing to sell their bitcoins for money.

I think it is still possible, 5 years ago no one thought that the price will reach $750. With increasing number of users and transactions, certainly no more than 10 years again to reach $10,000.

The straight line upwards in price that would require completely ignores slowing growth as market cap increases. Once you sit down and do some basic math, you see how ridiculous that assessment is. In 10 years, there will be 19 million coins in existence, and at $10,000 each, that puts the market cap of bitcoin at $190 billion. Considering the current market cap is $11 billion, that would require bitcoin to grow by roughly $18 billion per year, whereas bitcoin in its entirety is worth only $11 billion currently. That growth rate seems... overly optimistic, to put it mildly.

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Quote from: mastica on November 28, 2016, 01:02:51 PM

Quote from: Mastsetad on November 28, 2016, 12:36:26 PM

Quote from: upsidedown75 on November 28, 2016, 11:20:01 AM

But I think the trend is now changing, as people are adopting bitcoin not only for investment purpose but now many people are using bitcoin as currency, they use bitcoin not only for online business and shopping but now there are so many places where bitcoin can be used for shopping like in local shops also.

No matter how many people adopts bitcoin or use it as a currency but it would still not be able to replace fiat, people all over the world have been using fiat for centuries, so even if they find something like bitcoin to be used they will still give importance to fiat so the price of bitcoin thus reaches too high but it wont make fiat worthless.

Sure fiat is at the control, the bitcoin transactions arent near to achieve 1% the fiat transactions, and this is something that wont change. The value of bitcoin wont make any effect over fiat besides the exchange from bitcoin to fiat.

That is because not many people know about the bitcoin and also the block size of the bitcoin is too small.

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Quote from: Mastsetad on November 28, 2016, 12:36:26 PM

Quote from: upsidedown75 on November 28, 2016, 11:20:01 AM

But I think the trend is now changing, as people are adopting bitcoin not only for investment purpose but now many people are using bitcoin as currency, they use bitcoin not only for online business and shopping but now there are so many places where bitcoin can be used for shopping like in local shops also.

No matter how many people adopts bitcoin or use it as a currency but it would still not be able to replace fiat, people all over the world have been using fiat for centuries, so even if they find something like bitcoin to be used they will still give importance to fiat so the price of bitcoin thus reaches too high but it wont make fiat worthless.

Sure fiat is at the control, the bitcoin transactions arent near to achieve 1% the fiat transactions, and this is something that wont change. The value of bitcoin wont make any effect over fiat besides the exchange from bitcoin to fiat.

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Quote from: upsidedown75 on November 28, 2016, 11:20:01 AM

But I think the trend is now changing, as people are adopting bitcoin not only for investment purpose but now many people are using bitcoin as currency, they use bitcoin not only for online business and shopping but now there are so many places where bitcoin can be used for shopping like in local shops also.

No matter how many people adopts bitcoin or use it as a currency but it would still not be able to replace fiat, people all over the world have been using fiat for centuries, so even if they find something like bitcoin to be used they will still give importance to fiat so the price of bitcoin thus reaches too high but it wont make fiat worthless.

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Quote from: MWesterweele on November 28, 2016, 12:03:23 PM

Quote from: LegendaryMiner on November 20, 2016, 01:04:13 PM

I don't think that makes much sense. It is possible that Bitcoin reaches this value someday, but it will not make people stop using fiat. To gain more users, Bitcoin must first reach more people willing to sell goods and services for Bitcoins. In this way, there will be greater liquidity in the market, and over time Bitcoin will gain more stability. This will give more confidence for people to use Bitcoin as a currency.

If the value of bitcoin rich on this point it is really possible bitcoin has a good potential to become more than this in pricing i always visiting markets and bitcoin is really good. You can just make profit when you are trading bitcoin into another currency not because bitcoin is not stable because it is really good income source.

But this does not make fiat worthless. What ever happen to the price of bitcoin, fiat will always be used in daily lives. If you just think of it, all the opportunity given by bitcoin already given by fiat, but the advantage is that, there is less competition with bitcoin.

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Quote from: LegendaryMiner on November 20, 2016, 01:04:13 PM

I don't think that makes much sense. It is possible that Bitcoin reaches this value someday, but it will not make people stop using fiat. To gain more users, Bitcoin must first reach more people willing to sell goods and services for Bitcoins. In this way, there will be greater liquidity in the market, and over time Bitcoin will gain more stability. This will give more confidence for people to use Bitcoin as a currency.

If the value of bitcoin rich on this point it is really possible bitcoin has a good potential to become more than this in pricing i always visiting markets and bitcoin is really good. You can just make profit when you are trading bitcoin into another currency not because bitcoin is not stable because it is really good income source.

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Quote from: clickerz on November 23, 2016, 10:08:13 AM

Quote from: Positid on November 22, 2016, 08:44:17 AM

Fiat has been proven to be stable for a longer period of time since we are still using it, maybe I will believe that some investors will transfer their money in bitcoin but not to do away with fiat, they still need fiat as more than 99% in the world population are using FIAT.

Thats why an option to buy bitcoin is for those who has sapre money to do so and for a person who are well aware of internet and cryptocurrency. Still fiat is king, everyday we used it and still it it is needed in daily real life transaction. Even bitcoin is @ $10.00 fiat is still stable and important.

But I think the trend is now changing, as people are adopting bitcoin not only for investment purpose but now many people are using bitcoin as currency, they use bitcoin not only for online business and shopping but now there are so many places where bitcoin can be used for shopping like in local shops also.

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