Eventually fiat will not be needed, but that is not the case now.
Suppose we get a 10k Value for bitcoin, then it will just cost more money to buy it, no other changes on the markets will occur.
Topic: If bitcoin price is $10.000, will fiat be worthless? - page 96. (Read 145034 times)
No, fiat will always be worth something, especially the central bank reserve currencies (USD, EUR, JPY, CHF, GBP and perhaps CNY).
Behind each of these fiat currencies are immense natural resources, industrial infrastructure, military power (actual or implied, e.g. NATO), financial assets, and human capital.
There is too much at stake for the CBs to let any one of these currencies collapse outright.
if USD/BTC = $10000 then I predict four things will happen:
- Exchange price quotes will be given in mBTC instead of BTC.
- A consensus of miners and node administrators will agree to add a decimal place or two to mBTC quotes (i.e., tenths and hundreds of a satoshi)
- faucets will pay 3 or 4 satoshi, at most
- there will be a new name for the smallest unit of BTC currency
Behind each of these fiat currencies are immense natural resources, industrial infrastructure, military power (actual or implied, e.g. NATO), financial assets, and human capital.
There is too much at stake for the CBs to let any one of these currencies collapse outright.
if USD/BTC = $10000 then I predict four things will happen:
- Exchange price quotes will be given in mBTC instead of BTC.
- A consensus of miners and node administrators will agree to add a decimal place or two to mBTC quotes (i.e., tenths and hundreds of a satoshi)
- faucets will pay 3 or 4 satoshi, at most
- there will be a new name for the smallest unit of BTC currency
the answer is absolutely NO,why you just ask and create this poll? fiat is always have holders,and its make fiat always exist,by the way if bitcoin raise up to $10.000 it will a great news,maybe so many people will buy bitcoin much more than adopt fiat.
In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
Do you agree with this statement?
Fiat is the first currency that every country must have.
Even bitcoin reach higher value , their status still same ( investment ) Just like gold , diamond , etc
Yeah even if bitcoins is going to 1.000.000 dollar I don't think that the fiat money would be worthless after all.
The thing is if fiat money disapears what is the value of the bitcoin than?
No why.Something has to change in major economys.That massive printing will finally kill economys.There are already signes of crash on derivatives.Look stocks,there is Dec,money making month,all that decrease is not only oil prices going down
National currencys will exist.How you imagine btc like one currency owned by chinise miners
National currencys will exist.How you imagine btc like one currency owned by chinise miners
Deprecation of fiat is expected over time de its inflationary nature. The $10.000 of today, will not be the $10.000 of tomorrow. The million dollar question is, in the future, once BTC reaches $10.000, what will be its actual purchasing power? when people say $10.000 they mean the $10.000 of today, not the $10.000 of 2020.
In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
Do you agree with this statement?
Fiat is the first currency that every country must have.
Even bitcoin reach higher value , their status still same ( investment ) Just like gold , diamond , etc
As much I would like that to happen I know that FIAT won't be 'useless' ever. If USD collapse (very unlikely it will happen during our lifetime) there will be just different kind of FIAT in the future.
Unless all people on earth will have access to internet network in the future, until then bitcoin will be secondary option.
Unless all people on earth will have access to internet network in the future, until then bitcoin will be secondary option.
i dont think it will be worthless as all people wouldnt still go all in with bitcoins they would still have some paper money as new technologies cant spread that fast in my opinion only after a few decades usual cash will go extinct and will be replaced by bitcoins
You are forgetting a few of the important facts. If Bitcoin goes up to $10,000 per coin, then the market cap will be around $150 billion. Compare that to the figure of $1,500 billion each for the United States Dollar, and the Euro. This means that even if Bitcoin goes up to $10K per coin, its market cap will be much lower than that of the tier 1 fiat currencies.
Even the US national debt is 19 trillion. That is much larger than the $150 billion of bitcoin, or 120 times larger.
You are forgetting a few of the important facts. If Bitcoin goes up to $10,000 per coin, then the market cap will be around $150 billion. Compare that to the figure of $1,500 billion each for the United States Dollar, and the Euro. This means that even if Bitcoin goes up to $10K per coin, its market cap will be much lower than that of the tier 1 fiat currencies.
No, you will need it to calculate how much is bitcoin worth lmao
Fiat will stay exactly the same, no matter what the price of Bitcoin is. Nothing can change fiat beside the governments themself. The only chance for Bitcoin to make fiat less usable/interesting, is when people world wide start to use Bitcoin more than their fiat currency.
That is true. If Bitcoin gets adopted a lot around the world, fiat will still probably stay the same. There is always going to be someone who doesn't like Bitcoin. That's just how the world works.
Nope, for as long as governments and corporate companies are in control of the main currency, fiat will never be worthless. As long as bitcoin hasn't adapted all over the world and you are not able to pay with it everywhere, we're all still going to need fiat.
That statement is not correct.
Currencies have shown to be worthless hundreds of times over the centuries it existed.A currency which can't buy you a loaf of bread is worthless!! And even then you can't use it as fuel "because goat shit burns better", Andreas Antonopoulos would say!
No currency ever was able to hold it's purchasing power and therefore crashed at the end.The system has collapsed.
And then it starts all over again.With a new currency.And this cycle repeats again and again.
Fiat is always be there you like or not you will need fiat until you die.
With out it we don't know what the price of bitcoin will have been. So I think fiat money wont be worthless after all.
With out it we don't know what the price of bitcoin will have been. So I think fiat money wont be worthless after all.
Nope, for as long as governments and corporate companies are in control of the main currency, fiat will never be worthless. As long as bitcoin hasn't adapted all over the world and you are not able to pay with it everywhere, we're all still going to need fiat.
even bitcoin reach to $10.000, fiat currency can't become worthless, because government will stop it before it was happened to fiat currency, maybe government will give rules for use bitcoin in their country.
Governments around the world have already activated rules and policies regarding Bitcoin usage and trading. Bitcoin here is seen as part of my wealth, which means I have to pay tax over it.
even bitcoin reach to $10.000, fiat currency can't become worthless, because government will stop it before it was happened to fiat currency, maybe government will give rules for use bitcoin in their country.
I agree, I also think that when bitcoin will become worth above $10.000, that a lot of countries will start to ban bitcoin and make it illegal in their countries.
They wouldn't like for every other person to suddenly become a millionaire. It's either that or they will start raising taxes on bitcoin as well. Most certainly both.
even bitcoin reach to $10.000, fiat currency can't become worthless, because government will stop it before it was happened to fiat currency, maybe government will give rules for use bitcoin in their country.
In one of the topics I read "If bitcoin will reach $10.000, fiat currency has become worthless"
Do you agree with this statement?
Do you agree with this statement?
There are many stocks that go up this high and dont create a big impact on the market. Fiat will be worthless when 1 bitcoin is worth unlimited fiat. But i think if we started to hit $50k+ things will get interesting.
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