If bitcoin price is $10.000, will fiat be worthless? - page 44.

tee-rex

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Quote from: mirakal on November 25, 2016, 08:48:12 AM

Quote from: tee-rex on November 25, 2016, 06:21:25 AM

Quote from: PokerFace3 on November 24, 2016, 02:09:27 PM

I think first it is very difficult that the price of bitcoin will reach to that high price, I think at that price no one will be able to trade bitcoin, and the second is that still majority of people do not know anything about bitcoin even they not hear the name of bitcoin so they are still using, therefore fiat is not going to worthless so easily.

In my view, there will be too many people buying Bitcoin "just for lulz" to justify it going that low. Bitcoin's wide popularity will prevent this. It is more like around $150-200 per coin being the lowest possible price for now. Cheaper than that would quickly lead to a surge in demand for bitcoins, therefore so low prices won't be sustainable.

The main reason why people trade is not because the high price or the low price, it's because the price move and they can take advantage of the price movement. It's pretty simple to understand if you are a trader especially a day trader.

If you can't open short positions, which is the case if you are a typical Bitcoin hodler, there is no way to earn profits when the price starts to decline. And when such decline is going to turn into something more serious than a ordinary correction, buying Bitcoin in the middle of this inverse rally may be dangerous, leaving you with losses. So not every price movement is advantageous and profitable.

Fatanut

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Quote from: Sir Paijoe on November 28, 2016, 02:23:43 AM

I think fiat is not affected by the price of bitcoin, this is two different thing because each could complement each other. Let us keep each other so that both of them still remain.

The price of bitcoin, maybe so, maybe not? Bitcoin having this price would mean that a lot of people are already using it. We're starting to grow in numbers. That means mass adoption is starting to happen. It would only be a matter of time once we start to grow. Right now, we're not growing that much just yet. But we'll come to that.

The price of bitcoin is one of the signs of how much people are already using it. Mass adoption would surely increase the price of bitcoin.

carlerha

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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.

i think the main reason is that bitcoin is not yet so much popular and the facilities of bitcoin are not present every where as currency, therefor people are most using it for investment, but hope that in future people will start using bitcoin as currency and at that time bitcoin will be one of the most popular currency fo the world.

Sir Paijoe

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I think fiat is not affected by the price of bitcoin, this is two different thing because each could complement each other. Let us keep each other so that both of them still remain.

boyptc

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Quote from: Japinat on November 27, 2016, 11:55:37 PM

Quote from: kryptqnick on November 27, 2016, 03:52:28 PM

This is interesting. It seems like it is worthless, at least comparing to bitcoin. However, considering the fact that btc is just not accepted in most of places and is illegal in many countries, I think it isn't true, because people will just keep using fiat money, guaranteed by the government. Bitcoin was less than a dollar and was more than a thousand. Did it anyhow affect fiat money? I think it didn't. That's why I think that it won't.

I don't have an idea that bitcoin is illegal in many countries and I do not believe on that statement, maybe it's illegal in some but not in many countries. You are like saying it's illegal in majority of the countries, and that does not speak for the result. If it's illegal then we are not be able to witness a great success so far.

I don't either but I know that there are some countries that are prohibiting the usage of bitcoin so I guess we can count it in. Whatever the price of bitcoin if they are not allowing bitcoin to penetrate to their system then bitcoin for them is useless but of course there are some people who are treating bitcoin as precious as gold but still uses fiat.

Dudeperfect

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Quote from: praboso96 on November 25, 2016, 10:35:19 AM

Fiat will always need. And it is not dependent on the price of Bitcoin. there are many countries who know little about Bitcoin and increase its cost will not affect the centralized currency

No matter how much we encourage people to use bitcoin or other crypto currencies, there will be some people who will always prefer fiat currencies for one or more reasons. Even though bitcoin reach $1,00,000 per coin, they will still be using fiat currency just for the sake of traditional way of spending money. Now, even if bitcoin gains a large space in the mainstream fund transfer industry still fiat will have its value just because it is governed by governments and they have constitutional rights to manage currency and its values.

Japinat

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Quote from: kryptqnick on November 27, 2016, 03:52:28 PM

This is interesting. It seems like it is worthless, at least comparing to bitcoin. However, considering the fact that btc is just not accepted in most of places and is illegal in many countries, I think it isn't true, because people will just keep using fiat money, guaranteed by the government. Bitcoin was less than a dollar and was more than a thousand. Did it anyhow affect fiat money? I think it didn't. That's why I think that it won't.

I don't have an idea that bitcoin is illegal in many countries and I do not believe on that statement, maybe it's illegal in some but not in many countries. You are like saying it's illegal in majority of the countries, and that does not speak for the result. If it's illegal then we are not be able to witness a great success so far.

kryptqnick

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This is interesting. It seems like it is worthless, at least comparing to bitcoin. However, considering the fact that btc is just not accepted in most of places and is illegal in many countries, I think it isn't true, because people will just keep using fiat money, guaranteed by the government. Bitcoin was less than a dollar and was more than a thousand. Did it anyhow affect fiat money? I think it didn't. That's why I think that it won't.

Hamtard

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Quote from: praboso96 on November 25, 2016, 10:35:19 AM

Fiat will always need. And it is not dependent on the price of Bitcoin. there are many countries who know little about Bitcoin and increase its cost will not affect the centralized currency

Fiat got physical forms such as notes. They can be useful in the places without internet or the elctricity supply.

praboso96

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Fiat will always need. And it is not dependent on the price of Bitcoin. there are many countries who know little about Bitcoin and increase its cost will not affect the centralized currency

mirakal

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Quote from: tee-rex on November 25, 2016, 06:21:25 AM

Quote from: PokerFace3 on November 24, 2016, 02:09:27 PM

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.

I think first it is very difficult that the price of bitcoin will reach to that high price, I think at that price no one will be able to trade bitcoin, and the second is that still majority of people do not know anything about bitcoin even they not hear the name of bitcoin so they are still using, therefore fiat is not going to worthless so easily.

In my view, there will be too many people buying Bitcoin "just for lulz" to justify it going that low. Bitcoin's wide popularity will prevent this. It is more like around $150-200 per coin being the lowest possible price for now. Cheaper than that would quickly lead to a surge in demand for bitcoins, therefore so low prices won't be sustainable.

The main reason why people trade is not because the high price or the low price, it's because the price move and they can take advantage of the price movement. It's pretty simple to understand if you are a trader especially a day trader.

tee-rex

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Quote from: PokerFace3 on November 24, 2016, 02:09:27 PM

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.

I think first it is very difficult that the price of bitcoin will reach to that high price, I think at that price no one will be able to trade bitcoin, and the second is that still majority of people do not know anything about bitcoin even they not hear the name of bitcoin so they are still using, therefore fiat is not going to worthless so easily.

In my view, there will be too many people buying Bitcoin "just for lulz" to justify it going that low. Bitcoin's wide popularity will prevent this. It is more like around $150-200 per coin being the lowest possible price for now. Cheaper than that would quickly lead to a surge in demand for bitcoins, therefore so low prices won't be sustainable.

PokerFace3

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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.

I think first it is very difficult that the price of bitcoin will reach to that high price, I think at that price no one will be able to trade bitcoin, and the second is that still majority of people do not know anything about bitcoin even they not hear the name of bitcoin so they are still using, therefore fiat is not going to worthless so easily.

Bitcoin0916

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Quote from: goldcoinminer on November 24, 2016, 04:09:59 AM

Quote from: freedomgo on November 24, 2016, 02:41:06 AM

Quote from: ?? on ??

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.

goldcoinminer

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Quote from: freedomgo on November 24, 2016, 02:41:06 AM

Quote from: ?? on ??

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.

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Quote from: ?? on ??

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?

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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.

SourThunder

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The OP has few misconceptions.
1. Fiat is not proportional to the price of BTC.
2. Fiat is established and has no effect on the change in BTC price as we speak.
3. If fiat is deemed worthless, I might argue about materials replacing currencies like Diamond, Gold, Platinum.
4. Price of a currency is relative to another and does not affect the other.

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Quote from: Ziskinberg on November 22, 2016, 09:00:56 PM

Quote from: Aamir1 on November 22, 2016, 01:24:47 PM

Quote from: Liad.Services on November 20, 2016, 04:01:24 PM

Ofcourse not.
Considering that there are 21M bitcoins to be ever exist(I didn't count all of the lost bitcoins that may be out there which is a number that is higher then 2-3 M for sure), then the total value of all the bitcoins would be 210B$, which is less then 0.01% of the total fiat that exists.
If you want to make fiat worthless, we will need the bitcoin price to be something around 50M$ which will also make 1mbtc to be worth 50K $ which is simply crazy.

Exactly, it is something really crazy at the first place, because the very first thing to be considered is that bitcoins are limited, there are only 21M bitcoins including the lost ones, so i don't feel even if the price of one bitcoin reaches to the price mentioned it would make fiat worthless, because only the price is not everything but the economy should be seen.

The price is merely the representation of its value and if fiat is worthless bitcoin will have the same effect, admit it that we cannot live without fiat and such as bitcoin and other crypto currencies here. Bitcoin will only be success if fiat will be here and when fiat inflates it's value, it will be good for us as people will transfer their money in fiat.

That's a good point mate. Both fiat and bitcoin will still be exist in the future.. and bitcoin still depends on the value of fiat and it will be worthless without it.

Ziskinberg

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Quote from: Aamir1 on November 22, 2016, 01:24:47 PM

Quote from: Liad.Services on November 20, 2016, 04:01:24 PM

Ofcourse not.
Considering that there are 21M bitcoins to be ever exist(I didn't count all of the lost bitcoins that may be out there which is a number that is higher then 2-3 M for sure), then the total value of all the bitcoins would be 210B$, which is less then 0.01% of the total fiat that exists.
If you want to make fiat worthless, we will need the bitcoin price to be something around 50M$ which will also make 1mbtc to be worth 50K $ which is simply crazy.

Exactly, it is something really crazy at the first place, because the very first thing to be considered is that bitcoins are limited, there are only 21M bitcoins including the lost ones, so i don't feel even if the price of one bitcoin reaches to the price mentioned it would make fiat worthless, because only the price is not everything but the economy should be seen.

The price is merely the representation of its value and if fiat is worthless bitcoin will have the same effect, admit it that we cannot live without fiat and such as bitcoin and other crypto currencies here. Bitcoin will only be success if fiat will be here and when fiat inflates it's value, it will be good for us as people will transfer their money in fiat.

Topic: If bitcoin price is $10.000, will fiat be worthless? - page 44. (Read 145035 times)