Topic: If there was no fiat where will BTC base its value? - page 2. (Read 2270 times)
Fiat currencies will be in use at least 100 years and more. There are many countries in the world, where computers are something exclusive, like India, Nepal etc. Plus there are also many people, who like to use fiat paper money, especially in Europe. And in fact BTC users are small group from all world people, who use money.
if there were no fiat, we would be living in the stone ages (and other ages that i can't remember the names) when trades were being done with exchange of goods with goods. like giving a dinosaur skin in exchange of fire and there is always a value to things and that unit of measurement for that value is called fiat 
The Stone Age didn't end for the lack of stones, so the Fiat Age won't end for the lack of paper. If we apply this logic in reverse (yeah, I know it is a bit counterintuitive and requires effort for some), while there is paper, there is always room for fiat!
And while there are stones around, there is always someone living in the Stone Age
Well said! But I think Herbert2020 just wanted to point out that the invention money was an improvement over the traditional barter system. However the first forms of money were not fiat money, it was sound, full embodied money.Fiat money is an invention of modern times. In fact the creation of modern fiat money is partly based on a shortage of silver supply to mint silver coins. In addition it was motivated by allowing governments to fraudulently expand their budgets to finance wars for example.
With Bitcoin, we experience the return of sound money, without the drawbacks that physical full embodied money has in terms of obtaining enough precious metals to mint it. The practically unlimited divisibility of Bitcoin makes it possible to always have enough currency units to run the economy without compromising the value of the monetary units.
ya.ya.yo!
if there were no fiat, we would be living in the stone ages (and other ages that i can't remember the names) when trades were being done with exchange of goods with goods. like giving a dinosaur skin in exchange of fire and there is always a value to things and that unit of measurement for that value is called fiat
The Stone Age didn't end for the lack of stones, so the Fiat Age won't end for the lack of paper. If we apply this logic in reverse (yeah, I know it is a bit counterintuitive and requires effort for some), while there is paper, there is always room for fiat!
And while there are stones around, there is always someone living in the Stone Age
if there were no fiat, we would be living in the stone ages (and other ages that i can't remember the names) when trades were being done with exchange of goods with goods. like giving a dinosaur skin in exchange of fire and there is always a value to things and that unit of measurement for that value is called fiat
I was thinking that every bitcoiner wants a world without fiat, only bitcoins. Ok, if there was no fiat whatsoever, then where do you think will bitcoin base its value? Will it be in gold? But how much?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
In my opinion if fiat would disappeared then the value of bitcoin disappeared too since it depends its price on the currencies as of now. If bitcoin would be the main stream then we should create a new value that does not depend on the current fiat as of now but im thinking that its very very impossible to happen since fiat plays a big role in our economy and no one could replace it to its place.
I was thinking that every bitcoiner wants a world without fiat, only bitcoins. Ok, if there was no fiat whatsoever, then where do you think will bitcoin base its value? Will it be in gold? But how much?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
I thinks if there no Fiat it will the value of it depends on gold , couse this is the real currency use by the past. So it will defend now in gold what is the price of bitcoin is . How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
I was thinking that every bitcoiner wants a world without fiat, only bitcoins. Ok, if there was no fiat whatsoever, then where do you think will bitcoin base its value? Will it be in gold? But how much?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
You already said the answer. Either it is gold or any other precious stones. That is the way they trade from the past and they see that this is stones is the way to make a faster trade. I think anything that glows in a person eyes is the one that is most precious to him at that time.
This is a hard questoin and its impossible to happen that there is no fiat.. but if there is no fiat we compare the btc value in other things like gold we will base in grams how many grams of gold for btc..
But how do we determine how many satoshis we pay for each gram of gold? Who decides? How do we decide?
If there's no fiat, people will back to use goods for trading
Let say that you have 1 cow that has $ 300 value
if 1 BTC = $ 600 so 1 BTC can be trade for 2 cows
Let say that you have 1 cow that has $ 300 value
if 1 BTC = $ 600 so 1 BTC can be trade for 2 cows
This was exactly what the answer I was looking for. But when there is no fiat there would be no "1 BTC = $600". How could we determine how much BTC there really is in one cow? How does the market decide?
if there was no fiat bitcoin would be valued within itself. people would just use btc to quote prices and stuff instead of bringing fiat into the trade.
I was thinking that every bitcoiner wants a world without fiat, only bitcoins. Ok, if there was no fiat whatsoever, then where do you think will bitcoin base its value? Will it be in gold? But how much?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
You just need a measure of value. It can be anything - an iPhone, Big Mac or grams of gold.
People have been trading and using money long before there was fiat currency, in fact long before there were any governments.
This is a hard questoin and its impossible to happen that there is no fiat.. but if there is no fiat we compare the btc value in other things like gold we will base in grams how many grams of gold for btc..
I guess some tangible asset like gold or silver or platinum. But if there is no fiat or currency similar to fiat, then what will be the use of bitcoin as well.
You are talking about a money free world where the barter system exists. Then I think bitcoin will also have no use.
You are talking about a money free world where the barter system exists. Then I think bitcoin will also have no use.
As long as there are governments, there will be currencies they control. They can demand taxes in that currency and nail you to the wall if you don't. Maybe there'll come a time when people have to resort to localfiat to obtain the money from their bitcoins to pay them but they're not going anywhere.
If there really wasn't fiat, there would have to be some type of commonly agreed unit of value otherwise the world wouldn't function.
If there really wasn't fiat, there would have to be some type of commonly agreed unit of value otherwise the world wouldn't function.
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
i think fiat is be required for all country. and bitcoin can be make bank transaction easy. people don't have carrying money in phisic, but just install wallet in their smartphone and fill the balance with bitcoin. and then if they want to buy something, they just buy with bitcoin, but that store can accepted payment in bitcoin or fiat. i was dream for this, so i don't have carrying money in phisic, just paid with my bitcoin balance and then finished 
If there was no fiat maybe you are correct, it will be based on the price of gold, maybe silver, copper, or perhaps oil, those commodities. But it will be hard to know the price of the bitcoin if there is no fiat. Someone will just put up a price and that's it. There will be no direction if it will be just a make-up price. The us dollar is the fiat money in the world. All the price were based on it. So it is good I think that it was based on it.
The confusion arises because some people consider Bitcoin as money, others as just another good (financial asset). If it does what money is expected to do, there would be no problem with pricing goods in bitcoins (since this is precisely what the concept of money means). If it doesn't (i.e. it is not money), then it is just like any other good out there that needs to be given a tag in some currency...
That is, how much one unit of Bitcoin costs in terms of that currency
I was thinking that every bitcoiner wants a world without fiat, only bitcoins. Ok, if there was no fiat whatsoever, then where do you think will bitcoin base its value? Will it be in gold? But how much?
How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
Bitcoin would have its value determined by whatever something costs to make it; if someone wants 1 mBTC per item, the retailer could sell it for 1.5 mBTC, and boom, item costs 1.5 mBTC new and 1 mBTC from the manufacturer.How do we determine the real value measure of bitcoin in an economy that has been very dependent on fiat?
Another system that could work would be pegging the values of various goods to a certain amount of Bitcoin, and just working off of that. Sit down and tell everyone "1 ton of wheat grains will cost 5 satoshi" (assuming that we adjust for a world where Bitcoin is universal, and Bitcoin effectively takes over the monetary system and replaces a majority of the value of the fiat system). Then everyone adjusts for that.
If there was no fiat maybe you are correct, it will be based on the price of gold, maybe silver, copper, or perhaps oil, those commodities. But it will be hard to know the price of the bitcoin if there is no fiat. Someone will just put up a price and that's it. There will be no direction if it will be just a make-up price. The us dollar is the fiat money in the world. All the price were based on it. So it is good I think that it was based on it.
Bitcoin would have to have a much higher adoption rate before we could picturs a world without fiat. Even if there was no fiat currency we could still find somthing of value to price it against.
well if there was no fiat then bitcoin would be adopted a long time back, i think that bitcoin will be adopted at a very rapid pace, and bitcoin will replace fiat easily
Bitcoin would have to have a much higher adoption rate before we could picturs a world without fiat. Even if there was no fiat currency we could still find somthing of value to price it against.
Jump to: