If bitcoin price is $10.000, will fiat be worthless? - page 53.

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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?

yes , because with this price everyone who are in bitcoin work or earning program , everyone will get the same profit or loss . if the bitcoin price will increase upto $10k then there will be absolutely fiat currency will worthless .

It wont happen even how high on the price of bitcoin because the value itself would depend on fiat and there no way that it would be useless even bitcoin would soar high. Bitcoin wont be a competitor on fiat because fiat is so vast and well established and been used already on many centuries.

Yes and fiat will always exist no matter how higher price bitcoin achieves in future as there are many people who will prefer to use only fiat and won't bother about bitcoins.

I think prices will play an important role for the survival of bitcoin itself, it seems you should see a thread about "bitcoin does price matter?" you can see how high prices could increase the level of interest in bitcoin users to use, so the high prices will be necessary,

If the bitcoin price keeps on rising, people's will be interested in it and it will be used quite a lot.

but if the Bitcoin is going to keep rising then the price would be higher and more expensive and I do not think that people would then use there money to buy bitcoin.
I think that people will be like bitcoin is to expensive and they will not make use of it.

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Fiat money can't disappear and become worthless. All states and governments in the world rely on fiat, whole financial system is based on it, so it will always have it's value. But Bitcoin can be some sort of competition and alternative, the example how the finances could be done in a different manner.

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With this price, people surely did embraced the idea of Bitcoin. A cashless world. But not entirely, just starting to rise. The growth is always exponential and at 10,000$, the price surely is starting to curve up. It'll go higher in no time as to more and more people would be embracing the cashless world once they see the advantages and how powerful it actually is.

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Quote from: VAodminnTer on March 17, 2016, 12:15:48 PM

I don't think so, I think bitcoin can be well priced and fiat having it's usual value..

I don't think that fiat will have the same value when bitcoin is that high amount. For bitcoin to be that high it means a lot of people are buying into bitcoin which means all those people are probably not using fiat anymore making fiat less value.

rektDude

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If the price of the bitcoin rises up to that amount i dont think fiat will be worth less because when the bitcoin is rising the fiat will also rise and i think
that the fiat will be atleast 100.000 by then when the price of hte bitcoin is that high.

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Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

I certainly agree with your statement, everything requires the approval by the government and we cannot get easy approval that is why now bitcoin is till not legalize because it has no features that will comply with the government laws which is the KYC policy.

Yeah that is the reality that government is always going to rely with the fiat money for they are able to control it unlike with bitcoins.

So regardless what would be the value of bitcoin, still fiat will be worth it and it can be worthless because of bitcoins.

Unless the government would told it so.

Fiat is a basic necessity of majority of the people as their day to day transactions are depend on fiat and now they are used to it and it will be very for many to quit fiat and switch to bitcoins.

I want to add , fiat is being used already for how many years and already been established strong foundation and reputation all over the globe which is a very hard thing to beat by bitcoin. Even bitcoins price would rise up on the future it would still no chance to replace fiat.

robertkedves

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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?

Not at all. Even if BTC will be $100.000 fiat will have value.

The reason why fiat, btc, eth, xmr, etc has any value is because us (users) are trusting it and using it.

Why is valuable a $20 bill?

There’s nothing inherently valuable about a $20 bill. The bill has a value because we’ve all decided it should.

Money is about the exchanges and the transactions that we have with each other. Money it’s about a collective story that we tell each other about value.

praprata

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Quote from: BitcoinPaw on April 16, 2016, 07:59:21 PM

Bitcoin is depending on fiat but fiat is not depend on bitcoin so fiat will not be worthless with any bitcoin price i guess.

I think they will though, because bitcoin price being that high means we have a lot of demand and people using bitcoin, why would people use both bitcoin and fiat? so I think then fiat will be worth a lot less cause most people would mainly be using bitcoin

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Quote from: jossiel on October 11, 2016, 12:24:15 AM

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Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

I certainly agree with your statement, everything requires the approval by the government and we cannot get easy approval that is why now bitcoin is till not legalize because it has no features that will comply with the government laws which is the KYC policy.

Yeah that is the reality that government is always going to rely with the fiat money for they are able to control it unlike with bitcoins.

So regardless what would be the value of bitcoin, still fiat will be worth it and it can be worthless because of bitcoins.

Unless the government would told it so.

Fiat is a basic necessity of majority of the people as their day to day transactions are depend on fiat and now they are used to it and it will be very for many to quit fiat and switch to bitcoins.

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Quote from: Oilacris on October 11, 2016, 12:33:40 AM

Quote from: mirakal on October 10, 2016, 08:24:45 PM

Quote from: springgers on October 10, 2016, 06:53:59 PM

Quote from: Denker on October 10, 2016, 06:28:37 AM

Quote from: terman45x on October 10, 2016, 05:08:49 AM

Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

I certainly agree with your statement, everything requires the approval by the government and we cannot get easy approval that is why now bitcoin is till not legalize because it has no features that will comply with the government laws which is the KYC policy.

This is true, every potential currency or full adoption would really require the approval othe the government of a certain country and as you said theres no way for bitcoin to be legalized because of some features of it and government would see it as a threat for them but not all. it really depend on what country though. Even bitcoins price would rose up enormously , fiat would still remain after all and it cant be possibly replace by bitcoin anytime soon.

If the government will fail us, bitcoin will not become a mainstream currency, they will make their own that they can control as they hate the decentralization, they want to be in control of the operation so they can spy on our wallet and determine our net worth.

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Quote from: mirakal on October 10, 2016, 08:24:45 PM

Quote from: springgers on October 10, 2016, 06:53:59 PM

Quote from: Denker on October 10, 2016, 06:28:37 AM

Quote from: terman45x on October 10, 2016, 05:08:49 AM

Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

I certainly agree with your statement, everything requires the approval by the government and we cannot get easy approval that is why now bitcoin is till not legalize because it has no features that will comply with the government laws which is the KYC policy.

This is true, every potential currency or full adoption would really require the approval othe the government of a certain country and as you said theres no way for bitcoin to be legalized because of some features of it and government would see it as a threat for them but not all. it really depend on what country though. Even bitcoins price would rose up enormously , fiat would still remain after all and it cant be possibly replace by bitcoin anytime soon.

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Quote from: mirakal on October 10, 2016, 08:24:45 PM

Quote from: springgers on October 10, 2016, 06:53:59 PM

Quote from: Denker on October 10, 2016, 06:28:37 AM

Quote from: terman45x on October 10, 2016, 05:08:49 AM

Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

I certainly agree with your statement, everything requires the approval by the government and we cannot get easy approval that is why now bitcoin is till not legalize because it has no features that will comply with the government laws which is the KYC policy.

Yeah that is the reality that government is always going to rely with the fiat money for they are able to control it unlike with bitcoins.

So regardless what would be the value of bitcoin, still fiat will be worth it and it can be worthless because of bitcoins.

Unless the government would told it so.

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Quote from: springgers on October 10, 2016, 06:53:59 PM

Quote from: Denker on October 10, 2016, 06:28:37 AM

Quote from: terman45x on October 10, 2016, 05:08:49 AM

Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

I certainly agree with your statement, everything requires the approval by the government and we cannot get easy approval that is why now bitcoin is till not legalize because it has no features that will comply with the government laws which is the KYC policy.

springgers

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Quote from: Denker on October 10, 2016, 06:28:37 AM

Quote from: terman45x on October 10, 2016, 05:08:49 AM

Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

Can you imagine 1 satoshi = 1 dollar? Well, neither that the Bitcoin will have a good marketcap.
Fiat money are controlated by governments, they will always have their place in economy, nothing can beat banks+governments.

Denker

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Quote from: terman45x on October 10, 2016, 05:08:49 AM

Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

You are right!
And this will just show us how much potential for growth Bitcoin has and that it's value is very very tiny at the moment.
Bitcoin will be used as safe haven and investment first by people who want to protect their wealth.
Fiat will still be around and used by a majority of people.
However the ones who know Bitcoin now and have a bit of skin in the game could possibly profit from it on a big scale in a few years.

yndye

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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?

I disagree with the statement because fiat is still the one use by people and will continue to be use even if the value of bitcoin reaches $100k or higher because it's what people are used to and there are still so many people who don't even know the existence of bitcoin so fiat will still be used as the payment option. The value of $10k is base on fiat also so it cannot be worthless unless fiat will not be used anymore and the payment option would be the digital currency which is likely impossible to happen since so many people and countries are still behind the technological advancement.

painlord2k

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To ha worthless fiat you need to have $ 1.000.000.000.000 / BTC (one trillion dollars per BTC)
And, if it is worthless, there is no price between $/£/€/etc and BTC --> it tend to infinity (AKA no one want fiat anymore)

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Quote from: Seansky on October 10, 2016, 04:50:56 AM

Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

Even if bitcoin reaches to that price level, I don't think fiat will be worthless and people are who are not aware about btcoins will prefer to use fiat as its easy and convenient to use.

Blitzcranky

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Nah there will always be a role for fiat. But that's not bad since fiat is not the enemy. The enemy are the banks who have been charging us too much fees. For a long time.
The enemy is the government who tries to follow our every movement..

Seansky

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Fiat will never be worthless even if bitcoin price is $10,000 unless fiat is replaced by bitcoin. What I mean in replace is that the value of bitcoin will not depend on fiat anymore, it will have it's stand-alone value and will be used in daily lives, if that happens, fiat will be worthless but seeing it rise at that price, even if it is $100000 fiat will have worth unless no one will use it when that price is reached.

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