If bitcoin price is $10.000, will fiat be worthless? - page 49.

monbux

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Quote from: raven7886 on October 28, 2016, 04:02:05 PM

Quote from: Pattberry on October 25, 2016, 07:51:54 PM

bitcoin and fiat will co exist and nothing can be taken away from the fact that a countries economy depends on the currency it holds and all the trade will occur in fiat and it will continue to be like this

Yeah, whether bitcoin reaches $10,000 or even $100,000, fiat will still be in existance and cannot be worthless because it is the government supported currency whereas we cannot do without it for most of the things. What I foresee is that they will both survive but bitcoin may occupy more business/users with its potential benefits.

But the question is, will the current government systems remain in power or are we in for a disrupting change?
Well... probably the former.

STT

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Quote from: Aamir1 on October 28, 2016, 12:27:46 PM

They will be used more than bitcoins because most of the users in bitcoin community are earning bitcoins so that they can exchange them into fiat and then use them as bitcoin is not accepted anywhere

Not sure I agree exactly. If bitcoin rises in value and dollars fall consistently as they have done, this kinda indicates to me that bitcoin will have won alot more faith from many as a holding and general use if only because its retained its value for people who wanted to earn and not lose money to inflation.

Fiat will not be worthless, it will just be devalued thats all and you can see this happening in real time now in Venezuela. The government just gave in and issued a new higher value note, the previous high value was for about 20 cents I believe. Now the highest value note of national currency is about $10
So they are still using fiat even though it must have got to ridiculous levels with that system. Wheelbarrows of cash to pay for your weekly food shop. Buying higher value items even now must also be silly, in such situations you got to bet an alternative as smart and neat like bitcoin would be greatly elevated in popularity.

I dont know how digital their currency is but with dollars alot of the movement is done via balance sheets even by the common people. So its never worthless exactly just unwanted and troublesome to hold onto, I hope people will find bitcoin easy and reliable increasingly but there are problems still to iron out

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Quote from: Pattberry on October 25, 2016, 07:51:54 PM

bitcoin and fiat will co exist and nothing can be taken away from the fact that a countries economy depends on the currency it holds and all the trade will occur in fiat and it will continue to be like this

Yeah, whether bitcoin reaches $10,000 or even $100,000, fiat will still be in existance and cannot be worthless because it is the government supported currency whereas we cannot do without it for most of the things. What I foresee is that they will both survive but bitcoin may occupy more business/users with its potential benefits.

Aamir1

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Quote from: Fidemoga on October 28, 2016, 12:18:02 PM

Quote from: TheGodFather on October 28, 2016, 03:58:11 AM

Big no When the price of bitcoin is in range of $10,000 dollars now then fiat is more worth because if you had somuch bitcoin to trade into fiat then the biggest money you get too. But there are big percent that will minus in everytime you doing trade for me this is a good shot.

The bitcoin will be $10,000 in 5 to 10 years. The fiat will still be used more than the bitcoin. They are worth something.

They will be used more than bitcoins because most of the users in bitcoin community are earning bitcoins so that they can exchange them into fiat and then use them as bitcoin is not accepted anywhere, so the users of bitcoin along with the users not using bitcoin are using fiat then it would probably be used more than bitcoins.

Fidemoga

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Quote from: TheGodFather on October 28, 2016, 03:58:11 AM

Big no When the price of bitcoin is in range of $10,000 dollars now then fiat is more worth because if you had somuch bitcoin to trade into fiat then the biggest money you get too. But there are big percent that will minus in everytime you doing trade for me this is a good shot.

The bitcoin will be $10,000 in 5 to 10 years. The fiat will still be used more than the bitcoin but bitcoin reptesents or is the money of the future. Scientists expect, that fiats will be completely replaced by blockchain based currencies. I still don't believe that.

TheGodFather

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Big no When the price of bitcoin is in range of $10,000 dollars now then fiat is more worth because if you had somuch bitcoin to trade into fiat then the biggest money you get too. But there are big percent that will minus in everytime you doing trade for me this is a good shot.

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Quote from: lixer on October 27, 2016, 04:35:09 PM

Quote from: ekoice on October 21, 2016, 09:43:27 AM

No, even if Bitcoin price reaches $10000, Stiill fiat will be alive in the market.Even now in some countries, fiat price is very less but still it is used and it will be used for buying goods.

Because that's the authorized currency by the government and they would never approve something they think they don't have control over. I mean yes bitcoins reaches a excellent value but still how will we buy the daily needs grocery and all without fiat ? will shops accept BTC then maybe fiat can disappear.

So believers who are too confident about their investment with bitcoin should realize that bitcoin is not as big as they think. They should think realistic than fantasizing things over and over that it will replace fiat or make fiat worthless with that price at bitcoin that will be achieve in the future..

I know it is not impossible to achieve that amount as we are going to the rate now, but we have to be practical on the way we think.

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Quote from: ekoice on October 21, 2016, 09:43:27 AM

No, even if Bitcoin price reaches $10000, Stiill fiat will be alive in the market.Even now in some countries, fiat price is very less but still it is used and it will be used for buying goods.

Because that's the authorized currency by the government and they would never approve something they think they don't have control over. I mean yes bitcoins reaches a excellent value but still how will we buy the daily needs grocery and all without fiat ? will shops accept BTC then maybe fiat can disappear.

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Quote from: skierchewing on October 27, 2016, 08:43:55 AM

No, it wouldn't. Unfortunately, or fortunately, I don't know, those will always be living, probably digitally in a decade or two.

It's very simple, if Bitcoin at some point reaches a value of $10,000 per coin, and fiat becomes worthless, then the value of $10,000 that Bitcoin at that time has, will also be worthless.

From that point of view you should hope that fiat will never become worthless.

But then again, fiat, and especially the US Dollar, will always have a certain value even though fiat is losing value every year. The US government will make sure of that.

Bitcoinsummoner

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Quote from: Doamader on October 27, 2016, 01:08:52 PM

I usually dont check the value of the bitcoins i do have, because when i log in into poloniex i got the worth of the day, but i dont check it at all i do use those menu to deposits and cashouts, but i do see the value, all i care now is to get bitcoin since i do pretend to make one last project and then start saving bitcoins for a better price or a possible need into the future.

Well for now i think it is still better to save more bitcoins and dont spend it right now according to many posted in speculation and other forums the price will increase again back and we will experience of more increase this coming november.. so its good to know that the price is increasing and we need to save more bitcoins in order to get benefits and price increase of every bitcoin

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Quote from: Hamtard on October 27, 2016, 01:52:00 PM

Quote from: Doamader on October 27, 2016, 01:08:52 PM

I usually dont check the value of the bitcoins i do have, because when i log in into poloniex i got the worth of the day, but i dont check it at all i do use those menu to deposits and cashouts, but i do see the value, all i care now is to get bitcoin since i do pretend to make one last project and then start saving bitcoins for a better price or a possible need into the future.

There is no need to check the bitcoin price daily. It is very volatile. But the long term trend is up now.

For me its still good to monitor bitcoin price if you are holding bitcoins for a long time you dont need to monitor it to know the price daily but for some traders they needed it because they are buying low bitcoins and sell high depends of their margin..

Hamtard

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Quote from: Doamader on October 27, 2016, 01:08:52 PM

I usually dont check the value of the bitcoins i do have, because when i log in into poloniex i got the worth of the day, but i dont check it at all i do use those menu to deposits and cashouts, but i do see the value, all i care now is to get bitcoin since i do pretend to make one last project and then start saving bitcoins for a better price or a possible need into the future.

There is no need to check the bitcoin price daily. It is very volatile. But the long term trend is up now.

Doamader

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I usually dont check the value of the bitcoins i do have, because when i log in into poloniex i got the worth of the day, but i dont check it at all i do use those menu to deposits and cashouts, but i do see the value, all i care now is to get bitcoin since i do pretend to make one last project and then start saving bitcoins for a better price or a possible need into the future.

crairezx20

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Quote from: Mastsetad on October 27, 2016, 12:11:43 PM

Quote from: avikz on October 27, 2016, 12:03:32 PM

No and never. How the fiat will become worthless?? Apply some common sense bro....How are you measuring bitcoin's performance??? You are judging it against a fiat currency only. Bitcoin doesn't have any value. It has an underlying value. Some value it is USD and some do it in their local currency.

The fiat will never be worthless till the time government is present. So don't dream for it, if fiat becomes worthless, then human will have to go back to barter system and they will not be good for the human civilisation.

Exactly, every person earning bitcoins from any source they just think of it as their local currency, suppose if you live in USA and you are earning bitcoins, you would probably always check if how many USD you have in bitcoins, so that concept would never let bitcoin make fiat worthless, no matter how valuable it become, it will still be exchanged to fiat by the users.

and usd is one of the local currency so its still have worth to use because many people are using it and you can exchange it locally in your place.. unlike bitcoin that you will seen few exchange locally or i think there is no exchange locally.. bitcoin is always just alternative and we can not use bitcoin locally for now and i hope more stores are accepting bitcoin as payment..

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Quote from: Oralmat on October 21, 2016, 08:18:48 AM

I am not agree with you, because you know if bitcoin would be increased more than it $10000, than fiat currency has no problem from bitcoin, Worthless how can it would be possible?
If bitcoin might be reached at $10.000, than its mean bitcoin too expensive and majority of the people have no range to buy the bitcoins, but it give us great profit from us, who are already using the bitcoin.

Actually yes, why are we calling the value in 10,000$ ? because we still do consider dollars the standard currency and we calculate the value of bitcoins in our local fiat value, so actually if the fiat dies then its pretty difficult to know the value of bitcoins. Or maybe they will be used as god coins ( but digital )?

tenk

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Actually, i can not agree one hundred percent with this statement . Because it is depends the relative condition. When the price of bitcoin really increase until 10.000 dollars but the most of stores in my country still don't receive bitcoin as payment, bitcoin can not make the fiat worthless. I still need to change my bitcoin in to my own currency to use my money.

Mastsetad

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Quote from: avikz on October 27, 2016, 12:03:32 PM

No and never. How the fiat will become worthless?? Apply some common sense bro....How are you measuring bitcoin's performance??? You are judging it against a fiat currency only. Bitcoin doesn't have any value. It has an underlying value. Some value it is USD and some do it in their local currency.

The fiat will never be worthless till the time government is present. So don't dream for it, if fiat becomes worthless, then human will have to go back to barter system and they will not be good for the human civilisation.

Exactly, every person earning bitcoins from any source they just think of it as their local currency, suppose if you live in USA and you are earning bitcoins, you would probably always check if how many USD you have in bitcoins, so that concept would never let bitcoin make fiat worthless, no matter how valuable it become, it will still be exchanged to fiat by the users.

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No and never. How the fiat will become worthless?? Apply some common sense bro....How are you measuring bitcoin's performance??? You are judging it against a fiat currency only. Bitcoin doesn't have any value. It has an underlying value. Some value it is USD and some do it in their local currency.

The fiat will never be worthless till the time government is present. So don't dream for it, if fiat becomes worthless, then human will have to go back to barter system and they will not be good for the human civilisation.

skierchewing

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No, it wouldn't. Unfortunately, or fortunately, I don't know, those will always be living, probably digitally in a decade or two.

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Quote from: Shibashi Dogemoto on October 21, 2016, 03:45:33 AM

I don't think that fiat will ever become worthless even price of bitcoin reaches to the moon as everyone is dependent on it for living and even if we have to use bitcoins we need to convert them to fiat first to spend them.

Exactly, yes it will heavily effect the worth of fiat since as most of the people will use bitcoins then the fiat will not be so effective but that been said, fiat has its own value at least till the time when there are almost all the shops which accept bitcoins as payment option.

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