If bitcoin price is $10.000, will fiat be worthless? - page 7.

ACVinegar

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Quote from: Pepito Manaloto on November 16, 2017, 05:05:53 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?

Honestly, no! Just because bitcoin will have an expensive market value, it doesn"t mean that fiat or regular currency will no longer be used. Butcoin is not yet even legal to most of the countries and retailers are not still accepting it as a payment. Even jn the future, I belive that fiat will be still used by lots of people since it will still be their choice whether to convert their money into cryotocurrency that is not under nay government or not.

Definitely no, fiat is the most people needs in their daily routine. Although bitcoin is much higher price than fiat we all know that before used bitcoin in the market we need to convert it first in to cash. While fiat you can used it everywhere for example in the market when buy goods or else payment for transportation. Fiat is easier to used than bitcoin for now, but who knows maybe if the bitcoin become centralize and being under the government. They can surpass all fiat in the whole world.

mymenace

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Quote from: josephdenne on November 16, 2017, 05:32:40 PM

Of course not. For any fiat, let alone all fiat to be deemed worthless would require a complete shift of the entire global financial system to the blockchain. Of course this could happen, perhaps it's even likely, but it's a very, very long way out.

This image puts it into perspective:

Complete shift set in place

Coming to a finance industry near you June 2018

But of course the only way a financial system changes is war

Ominous

But there is plans in place to usurp the current system - e.g. Stock market bubble (banks are losing money), Saudi princes, Zimbabwe, Current political alliances

josephdenne

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Founder & Core Team @ Edge Network

Of course not. For any fiat, let alone all fiat to be deemed worthless would require a complete shift of the entire global financial system to the blockchain. Of course this could happen, perhaps it's even likely, but it's a very, very long way out.

This image puts it into perspective:

Pepito Manaloto

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MenaPay - Crypto made easier than cash

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?

Honestly, no! Just because bitcoin will have an expensive market value, it doesn"t mean that fiat or regular currency will no longer be used. Butcoin is not yet even legal to most of the countries and retailers are not still accepting it as a payment. Even jn the future, I belive that fiat will be still used by lots of people since it will still be their choice whether to convert their money into cryotocurrency that is not under nay government or not.

mymenace

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Reason for bitcoin price is because Fiat is worthless

Fiat will become crypto very soon

national currency, banks and stock exchanges are adopting the distributed ledger technology to turn your digital fiat into crypto, then move your national dollars on a blockchain of their choosing

very soon when you take money out of the bank that dollar will be tied to a blockchain

akd_dadi

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FIAT will lose it's value when you start talking about how USD is worth X BTC, not when BTC is worth X USD.

BlueStackz

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Quote from: 0t3p0t on November 11, 2017, 07:58:05 AM

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?

Nope. How about you? Grin

We all know that it is undeniable for us the need to still use fiat money in our daily lives. If Bitcoin will reach $10,000 then what would be the transaction fee cost? Are we able to buy or avail goods and services lower than $1 with Bitcoin? Isn't it unfair for us since the transaction fee is way higher than the price of the goods we bought? We still need fiat money whatever the price of Bitcoin will be in the future. But if another hard fork will solve the transaction fee issue then I think we can use Bitcoin to buy a candy. Fiat money could be worthless for the rich individuals because they have the power to decide which investment they want like Gold and Bitcoin but how about for a less fortunate person like me? I know that $10,000 price range is possible to reach or even $50,000 in the near future so that is why it is worth it to buy and hold now while it is still early and before it is too late. Grin

Yeah that is the main concern that btc has some high transaction fees but btc is still in its beginning and that’s why its fees are high and as it become more worthy transaction will become low and this will give ease to use bitcoin as payment and this coin will surely cross 10k and it will worth more in future so as the more people will start using it all the flaws will be sorted out and cash will be extent as btc user increases.

Ingoats

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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. If Bitcoin will be ever priced at 10000$, it won't be a reason for regular currencies to be worthless because in the first place, Butcoin is not yet even legal to most of the countries. Another thing is, regular currency or fiat have already played a huge role on people's lives through the years that passed. So i highly doubt that it will be obsoloted by a Bitcoin.

lebrone08

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no because bitcoin price is unstable, any moment your profit could go down or high, so think people would rather choose fiat currency because its controlled by government, so they dont need to be worry about profit

Nerman

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Of course not, sad to say but fiat is still the currency that is recognized by the governments around the world. Stores, malls, markets vendors etc. will still accept fiat. Bitcoin reaching $10,000 will be good for us and an achievement for bitcoin,but it does not mean that government will recognize or declare it as their official currency. Of course here in the forum we understand how bitcoin works and are community really believe on bitcoin or crypto currency as a whole but not all people understands it.

bravehearth0319

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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?

Of course Fiat still be useful because how can we convert bitcoin into a real cash if fiat will become useless anymore. and I think Fiat will always be connected into bitcoin in terms of convertion of bitcoin into a real money anywhere in the world.

King Sastro

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Regardless of the bitcoin price it is not possible to eliminate the fiat function, this is because the fiat is a legal currency that will continue to be nurtured by the state and can be used for transactions directly rather than bitcoin.

krigger

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Presale is live!

FIAT is already worthless and that's why the BTC price is going that high. In fact, because there is so much debt in the world, I'm talking trillions, all of that has to be accounted for, so when all that debt, and people's wealth and assets are based on the BTC price which it will eventually will be because BTC will be the world's reserve currency by then, then we're going to see massive BTC prices thanks to worthless FIAT.

martina14

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nope! what ever the amount that bitcoin can obtain just remember that we still exchange our bitcoin into fiat and spend it! as long as people concerns fiat can be use with out an internet which bitcoin cant stand!

HatakeKakashi

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For me as a trader i want bitcoin rpice decrease and increase . Because if the bitcoin price decrease I will buy more and wait the price to increase to make profit. What if the price stable at 10k dollars we cant earn at decreasing and increasing the price. They only earn bitcoin buy altcoin and some legit investment like ICO. Many people for sure want what I like too.

Glorious04

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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?

if fiat will be worthless, so how are we going to base the value of bitcoin then. without fiat we wouldn't be able to determine the value of bitcoin or else the basis will just be crypto to crypto or bitcoin to altcoins. I cannot think of possible way people will exchange bitcoin into since bitcoin is accepted though not everywhere.

jostorres

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Quote from: ?? on ??

The fiat will never be worthless in my opinion since you can still transform them with each other and that it would still stay its really worth in my eye.

There is a misconception in minds of most of us and that is we are mixing regular money with digital money. There is no way that we actually can compare both the things. Both are having their own importance and both of them are used for different kind of purposes.

Paper money will remain at its very own place and it will be used by the people in the future as well. The market price of bitcoin will hardly have any kind of effect on it.

Clark05

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Maybe it's not popular because being trader the other businesss want the price of bitcoin decrease and increase the price because they can get profit from that.

Jusbernuk

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Fiat not yet been worthless even though bitcoin has hit $10K. Because, compared to currency in Asia still has higher capitalization than btc. Bitcoin and fiat are on different platforms. So that's not very influential.

Netnox

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Quote from: eminemcookie on November 11, 2017, 01:49:13 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?

No. As long as fiat can be exchanged for goods or other currencies then it will have some worth. Its worth comparable to the dollar will have decreased but it certainly will not be worthless.

Worth of fiat when compared to the Dollar? Dude, the United States Dollar itself is a fiat currency. And if I am not wrong, then it is the fiat currency having the largest market capitalization (somewhere around $2 trillion).

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