Topic: Rookie thing. (Read 706 times)

You ask about things that are unknown. Now the value of things like a machine is measured in Fiat currencies, as is the value of cryptocurrencies.
If all fiat money is transferred to cryptocurrency, then people will evenly measure everything in the equivalent of $ because some kind of reference point is needed.

Wrong!! because Fiat value degraded each time the economy of each country falls down and that happens to US now,because months ago the
 conversion of USD to our local currency is far higher comparing to what is the value these past weeks
and this means the value is lowering since they are into bad economic status now.

Look how much the conversion now from compared to last year when USD is Valuing higher than today?

actually this same reason that's why i am preventing to convert my crypto to fiat now
 (though i don't need the money for now)

I am not even believing it when people say that cryptocurrency is going to be replacing fiat. If you check your environment, you will notice that it's not everybody that is techie, there are people who are not interested in all these and just prefer the normal cash that they are used to. It's just like you have said, there is no growth in adoption in most places, including where I live.

Especially when I go to the local market to buy foodstuffs, which is a very busy place, the sellers expect you to pay them with cash and nothing else; they won't accept any other form of payment from you, not even bank transfer, they just want their cash. I mean it would take more time for most people around the world to start accepting other payments except fiats and we do not have any option other than waiting for them to cope with latest technologies.

Fiat value remains as it is because they are still commonly used on every countries all over the globe and it will not be disregarded to it's value. In my opinion, bitcoin perhaps will not replace fiat for now, but it will be an additional currency to us crypto enthusiast. I earned bitcoin or any crypto currencies online but i still convert it to our monetary bills so that i can use it for buy necessities because our country is still not fully adopting crypto transactions on all common stores and merchandises.

wow awesome answer, thanks for your contribution and i have really learnt alot from your comment over here

You said it right and people would really always end up on using those traditional ways.Even now we do already have electronic payments via fiat and we know or do try to compared among the two in
terms of services offered then we can say that fiat system would really always have the edge.Just like you i dont really believing that much that would go to that certain extent that crypto would be the main
thing on upcoming years but doesnt mean that it wont have the potential.It serves its purpose as an alternative and wont become the main player.As long as government does really exist
they would really still exist and creating their e-fiat if the era would certain change.

Cryptocurrency is not here to replace fiat, but we are going to just have it as another method of transaction which is peer-to-peer. The government will as well create their own cryptocurrency, but it's not going to be a replacement, we are just going to have it and it will only be used by those who want to make use of it. It's just like we have the Credit and Debit Cards (Visa and MasterCard), PayPal, Mobile banking apps, and a lot of other payment methods out there that you can use.

Cryptocurrency is just going to be another option to be added to those, with extra features. Probably it may take decades of time for all people of globe to be thinking about switching over to all electronic money and it may take up to a century of time, even we start about compete eradication of paper money right away. People first adopt e-money of their fiats first and then may adopt cryptos. Long phases to be traveled in-between.

we cant say something 100% about future but bitcoin is here to change payment and system of changing money in world and replace the bank system.it takes time and years to see that happening.maybe we also see people using btc word incited of dollar .

And even Crypto dominates the whole financial system still fiat will remain in some part
 of transacting because Physical money symbolizes each country’s so
i am sure government will put at least utilities for their money.in this effect Fiat will still
help the economy aside from cryptocurrency that will take over the
main financial system.this has been discussed for many times here yet there are still others
that pushes this to become reality but?they will never succeed as this
 is already declared even though not yet happening.

The answer was already given by you, " one of the reasons people began to use fiat currencies instead of gold and silver was because transporting large quantities of money over long distances", this also might be the reason why we are going to have crypto added in our list because it has an advantage. How much do we spend in printing fiat? we all know that it is not only made from a simple paper plus the printing process machines, manpower and the facility on which case cryptocurrency has the edge of doing it so. Same pattern as you said, well I think most of us sees the same pattern that you are talking about, why not use a better mode? right?

Something like that does not happen by decree instead it is a long process, gold and silver became the main forms of money for thousands of years simply because they had the best characteristics to perform that function, people used many different materials as money and gold and silver were the victors of that process, fiat currencies also followed the very same pattern, one of the reasons people began to use fiat currencies instead of gold and silver was because transporting large quantities of money over long distances was very problematic while with fiat this was not really a problem, if cryptocurrencies ever become the main form of money around the world you can be sure that it is not going to be by a decree but simply because they are a better form of money than fiat.

In the olden days people were making use of gold, silver and other precious stones and metals to buy whatever they want, build houses, pay workers and a lot more. But as time goes on, things changed and they started making use of the paper money and we had Dollar, Euro, pounds, Yuan, and the rest of them.

So, if the cryptocurrency you're seeing now is going to become our main currency and replace the first we are using these days, before that happens it will be discussed by the government and they will all decide on what it's going to be. Although the way I see it, cryptocurrencies are going to be assets and won't replace fiat. They will just serve as another means for transaction.

If bitcoin will lose it's value in fiat currency like $ or £, there are still many physical currencues that it can compared and valued with, like gold, silver or anything else, or if not these things like, its value will be worth 1 btc = 1 btc. It would only depend on how people will use it by that time. If you'll use it to buy for example a car, the seller may say that a car is worth 1 btc, or it can be 10 btc or so. People will make btc values for themselves, that's for sure.

I do understand what you are trying to say, imagine a situation when you are living under an oppressive government or a destabilized government where is the economy is spiraling down, what are the options they got earlier, nothing. Now we have bitcoin as a global investment for people who needed it most than a speculative market, to store their value and that is not a small aspect.

The value does not really mean anything if you already invested if you view bitcoin solely as a currency.

I agree that bitcoin is a great mode of payment however it comes with a selected moment only so in my opinion it is not that efficient. Bitcoin is great in peer to peer transaction since you can transfer it seamlessly, things are different when you are sending it internationally and in an exchange coz it will take longer time plus the transaction fee is high. Fiat on the other hand will never get replaced, that is an absolute thing that the government is making to do. What a nation need is a centralized currency, not a decentralized one.

I think that reply to your 2nd questions depends on the current value of crypto. It all depends on rate so that I'd pay according to the financial reality of those future.

Hey people, you forgot that people are the ones who give value to something, anything! Bottom line should be simple if people want something it has value, value will depend on how many people want it and how much they want it (DEMAND), and of course from supply, is there enough for everyone or it's limited! Rough examples are many, ordinary car from factory line can't worth the same as hand build cars (Lamborghini Veneno 3.9 mil).

Now when we established who and what gives a value to things it's time to add stock market in equation! Not all companies are on stock market, that right has to be deserved! But to not get too much in that, crypto opened a way for all who wants to be on the market (exchanges) can do that! Their tokens are their stocks, and all people can trade with their tokens without KYC or any license, all you need is internet, mail account and you are ready to trade. Even a little store in godforsaken place can have their own token and there can be people who trade or hold that token for some reason! It will be our own choice how and what to do, we will not depend from regulations that are in favor of big and rich people/companies.

So what we have, who wish to sell something will create a value for their product based on demand and current supply! That value can be expressed in dollars, their own tokens, or some top coins. You will say crypto has huge volatility, and I will answer that you have volatility on stock market too, less of course, but last two months showed how stock market can crash in couple weeks! We saw crude oil at $-37, how's that even possible? That never happened with crypto!

Fiat system is just a system in the end, and crypto is a better system! If I can compare them it's like fiat is old pistol, and crypto is a modern sniper. Most of us knows that, when all others learn about that we will have a mass adoption! 10 years of crypto and still there are many more who have to learn about crypto!

This is not gonna happen, bitcoin is a good payment system but we have to understand that it will still remain as an alternative, fiat will never replace by anything that is out of control by the government especially bitcoin is even a decentralized form of money.

Government will never want their currency to vanish as that makes them powerful when the world accepts it. So for countries where they are really poor and their currency is devalued and does not value much may accept bitcoin to much greater extent but some big countries may never want their currency to get disappear form the market. Though the use of btc may keep on rising but so will their national currency without it getting obsolete.

Yeah, fiat will never be disappear and it is going to be our medium of exchange no matter what. Bitcoin and other cryptocurrency will be there just to support fiat and there's no way cryptocurrency will replace fiat! As of now, Banks are having their own online platform and they are making apps to make the transaction faster and easier. Honestly, online bank transaction is instant and I will going to use it over bitcoin. bitcoin and other cryptocurrency transaction is slow and for me it's only for investment purposes. Let's see if there will be new coin that will have a instant transaction speed that might replace bitcoin.

Not a rookie question in my opinion, you dig deep.
Fiat will not disappear, it will just go digital like the governments are doing as of now.  But if it really will disappear, we are going to price everything for satoshis I guess, this is if we really are going to consider BTC because there are lots more. Some may prefer the low transaction fee crypto.  If I buy a phone I may be paying it for 0.0001 BTC or ETH.

I think you are trying to say it is the paired of the bitcoin/USD because it has value right now. Today we use the market for having a good pair for making transactions to use to have a quantity of making trades to buy and sell it is part of the market if you want too but if we want to tell if the market price of the dollars becomes zero what if happen to bitcoin?.

If it is on the market the price of the bitcoin becomes useless because it can't take any more into the whole transactions it looks like a dead coin but if we will change the perspective as the bitcoin as bitcoin itself it has still a price like 1 Bitcoin are still equal to one bitcoin. It depends on the company or the business if they are accepting the bitcoin or USD like if you buy a car in USD it's USD if you buy with the help of bitcoin its bitcoin not the pair of bitcoin/USD.

i think the compare will not with fiat again , it will become bitcoin compare to something , in the case fiat have no power again in the future

At that point in the scenario that you are describing bitcoin will become the currency of reference for the rest of the world and things will be priced on bitcoin, so how much a car will cost in bitcoin in that scenario? I do not know, but there is something called price discovery and you see it in the markets all the time, investors and traders try to figure out the price of an asset and this is what makes the price to go up and down, as such something similar will happen with all other assets and services around the world, I know this may seem impossible but this takes place all the time already with fiat and it will be no different if bitcoin takes over the economy.

Bitcoin is just bitcoin and it got its own value, only we are creating the value based on dollars or euro or any other fiat money when we wanted to trade that crypto but it doesn't really mean that bitcoins are value in USD.It got its value on its own demand and supply and the minimum value that bitcoin can be divided into is satoshi.Maybe in future fiat becomes useless and cryptos is allover accepted as payment then every product will be valued in satoshi.

All of those presumptions are somewhat unrealistic.Why? Fiat would never lose its value and its impossible for it to happen as long the government do exist then these paper things will surely exist
in the end of time. Its true that btc do get its value from fiat and if ever that fiat comes worthless then there would be some other things but im sure that crypto wont really be on that place
maybe some other centralized stuff but not this one.Why would think up that much? We wont reach up that state where fiat becomes worthless.

You ask about things that are unknown. Now the value of things like a machine is measured in Fiat currencies, as is the value of cryptocurrencies.
If all fiat money is transferred to cryptocurrency, then people will evenly measure everything in the equivalent of $ because some kind of reference point is needed.

     This is just an exercise in imagination that FIAT money will lose its value in highly developed countries. Although there are cases in countries such as Venezuela where the value of money is almost 0, due to hyperinflation.
    But Bitcoin is dependent on the ratio between supply and demand. If the supply is much higher than the demand, then the price is lower. If the demand is higher than the supply, then the price increases. Related to the car, manufacturers and sellers who accept payment in Bitcoin, so only what price they charge for their products.

If fiat will become zero valuable asset or lose its worth, I believe that bitcoin can be measured also through gold. Since fiat is only depending also from gold. That is why there is a gold reserve for every country.
It definitely have a value since today there is already a converted exchange between fiat and crypto. As soos as cryptocurrency overpowered the fiat, there can be already a price for a certain thing. Imagine, how does people before made the price between fiat and a car? So, definitely it can also be made in cryptocurrency.

What ever happen in future the price of Bitcoin will never be an issue because that time we will rely about the value of item we need to buy = BTC so meaning there is no need to look about Dollar or any kind of denominations and this is the main target why Satoshi Nakamoto created this cryptocurrency.

Financial freedom the not depending in government instead will depend in supply and demand,and i want this to happen maybe not for me but for my family's future.

There is no replacement of sorts. Even the government is planning to create their own cryptocurrency. I believe that would have been the topic if we are not talking about the coronavirus. And the way I see it, the government central bank digital currencies are just going to be a kind of asset that people will buy from banks and store in their mobile banking apps, and they can also sell it whenever they want to.

So, even in future if you decide to be making use of cryptocurrency, it's still going to be the same currencies we have now that will be in control and when you're buying whatever you want to buy it will be calculated in fiat.

People who say that the dollar has no value are very hypocritical. They themselves sell their cryptocurrency for dollars. Everything in the world is valued in fiat money. And if this is a generally accepted norm, then fiat money has value. Another thing is inflation, which devalues them. But this mechanism is necessary for economic growth. Do not take literally people who say that the dollar has no value.

The easiest answer here is that fiat will never lose its value.

It is true that the value of each fiat to others is changing but you should always remember that fiat is centralized. It is controlled by the government in each country and they find ways to retain its value even though they are printing a lot of it. Bitcoin's value will be the same, it is just that Bitcoin is not that much used and people commonly used fiat that is why they are converted into it.



Then how will we price it if $ has no value and its price is $5000, right?

Obviously we would be paying cryptocurrency in its own value. If the main currency of each country, let's say is Bitcoin, then obviously they will price that car into Bitcoin for example one Ford Everest costs 5 BTC, then I would pay 5 BTC nothing more. You don't need to add something without value since it has no value.

Bitcoins volatility is not a basic issue to learn by newbies since there are so many things you need to understand before you can earn on it and its so technical that even pro traders still learning from its daily movements that's why if he loves to join with this earning option by trading then he should start researching on bitcoin fundamentals.

But I think for now its to far to compare bitcoins to gold since we know that the value of gold is continuously growing while the price of bitcoins is still in moving up or moving down and this is dangerous for newbie traders to risk with if they don't know on what they are doing.

Bitcoin's volatility are the basic issues that you need to understand in holding and investing in bitcoin. Bitcoin is still better than fiat money although there's a lot of factor that affect bitcoin's price when there's some issues in our surroundings. The increase in bitcoin price is higher than you imagine if it moves in the market and also the drop in its price is also huge, so it is risky to use bitcoin but very effective as a store of value. Once you know the importance of bitcoin in the economy, you will learn how to manipulate it in the market properly. Gold and bitcoin have similarities but they are both a good store of value, the only difference is between the time where they are good to use. Bitcoin are for a short term profit and gold are for a long term store of value.

You ask about things that are unknown. Now the value of things like a machine is measured in Fiat currencies, as is the value of cryptocurrencies.
If all fiat money is transferred to cryptocurrency, then people will evenly measure everything in the equivalent of $ because some kind of reference point is needed.

sorry but i don't get what you are saying here,can you please make the question here?i dont know if i am missing something or it is really can't be understand
You are just making things hard mate because when time comes that dolalr has zero value then why need to compared the price?there is no such thing if that happens because that means Bitcoin will be supported by altcoins to be the main currency to use.

It would very much like a barter change.

Since you would not know how a piece of it would be valued then they would try to use how much it is with things.
Way back that is how it is done.
They created money to avoid wrong prices. We don't know that though since we didn't experience it.
You will buy something out of how much it is being offered to your thru bitcoin.
You may try to compare it with something you buy before.

Example:
You bought a shirt for 1 BTC.
Then someone sold you pants for almost the same price like 1.1.
Something like that.

It is to be noted that banks don't issue fiat money. Fiat money is only issued and brought into circulation by government and central bank. However, you are right in saying that banks can control the supply of fiat money in the economy but this is not as straight-forward as you said. Banks do control the circulation but using economic tools like interest rate. When economic is under crisis, banks reduce the lending rate making it easier for household and markets to raise loans which increases the supply of money in economy and vice-versa happens when inflation is increasing at pacy rate. Banks increase lending rate and deposit rates in such situation, luring people to save money in banks and raise less loans which reduce the supply of currency in the economy. But that doesn't affect the value of money, it only affect the PP of money.

Really not easy to answer and this is the reason that I don't want dollars to go obsolete when both of them can co exist, there will always a time and circumstances that we still need dollar or fiat to transact, not only for majority users but also for minorities who are living in provinces with no access to the technology, all countries will always have this kind of people.

I agree with this statement.
But for me, fiat money has utility when it has value. The price of it depends only in economy. Banks can issue more fiat when there is a crisis (expansionary) in order for the households and markets have a PP. They can also hold tight the money making when the economy is reaching its boom called contractionary. So unlike with bitcoin, banks can easily control the circulation of the fiat making its value more/less everyday.

Let's take Bitcoin as current currency we are spending for instance, a manufacturer could place a price of X BTC, other altcoins would also have their exchange rate with BTC just like fiat.
 It's somehow crazy to explain because we know USD is pegged to almost nothing and could be printed but with crypto being our main currency, there will be a limited supply.

I do understand where you’re heading to. There is not going to be anything as cryptocurrency replacing fiat, take for example – Bitcoin replacing USD. No, that’s not going to happen, but the government might decide to create their own cryptocurrency which will be controlled and sold as an asset to the people through the Central banks.

Last year there was news about China creating their own cryptocurrency, and this year it seems they are close to it and almost done with the development. Other countries might choose to do the same or they will not. But let’s just imagine that Bitcoin replaces every other currency, when you want to buy things you will pay an amount of Bitcoin or Satoshis that’s worth what you’re buying.

I'm not an economic analyst but here's my own opinion about this . It's up to you if you will agree or disagree on it hehe.

I guess Bitcoin's price will rise. You know why? Because btc remain as the only existing currency so tendency the whole wide world will shift into it which result to a mass adoption. There would be a high demand for this asset therefore will result into a price hike. But well all of this won't happen either if from the very beginning mankind won't choose btc as their currency and prefer other means of transacting (eg. Barter trading).
Hmm, but how did you say the car was worth $5000 if $ has no value in the first place? You get my point ? What I think will happen here is that we will establish a new pricing standard (using btc of course) but I don't know how tho lol.

You ask about things that are unknown. Now the value of things like a machine is measured in Fiat currencies, as is the value of cryptocurrencies.
If all fiat money is transferred to cryptocurrency, then people will evenly measure everything in the equivalent of $ because some kind of reference point is needed.

Well, from those questions by the OP I can answer my honest view. The questions are too technical for me to answer. It may have it's own value nowadays but like what you mentioned in the future when other currencies will be abolished, --we only have bitcoin as global currency the value of it may either go high or might be lower than what we are expecting. In trading, using bitcoin in the future when we use the only bitcoin as the only currency. Perhaps base on the value of the product like with car as you mentioned then the price of it will still be paid per bitcoin, with regards to the current market price of the car and the value of bitcoins in the future.

From your question above it is assumed that fiat lost its value or fiat lost on this earth. The loss of fiat certainly has its cause. If the cause is the use of intrinsic money made from precious metals, then bitcoin will be compared or measured with a unit that replaces the fiat money. If fiat is lost from circulation because its existence is replaced by bitcoin then bitcoin will become a new unit of price measurement, so all goods will be compared with bitcoin to determine the price.

Talking about the loss of fiat value is the same as eliminating dollar dominance. The only possibility that can shift the dominance of the dollar is the intrinsic gold-based currency. But the move to shift the dollar requires God's miracle. Because it will crash into a platform with a United States state since the 1940s that has never changed with its Kennan policy. America is consistent in its foreign policy to continue to do hegemony with the aim of maintaining and perpetuating its wealth. Dollar, IMF, world bank are programs owned by America to support the "we want to keep it forever" platform.

@OP at the question number one you are asking what will happen to the bitcoin when the fiat currency does not have any value and my answer is it's affected by the value of the fiat currency because the main purpose of the bitcoin is the digital currency it is a visual representation into a coin that is already converted even in a different currency and also the bitcoin is decentralized that's why many people want to use this and also it has a lot of benefits if you want to use faster transactions, does not require too much kyc also it has fewer transaction fees and that was great to escape too much expensive taxes for every transaction.

If fiat losses its value, I think the country will be in chaos because people will not believe with their government, there will be many demonstrations around every city. In that time, people cannot use fiat again to buy something because fiat doesn't have value. We don't know if, at that time, bitcoin can be used as an alternative for payment system or not because that will depend on the government. If the government approved, then people will use bitcoin to buy something. But I don't think that fiat will lose the value because the government will back up that before it's happening.

That depends on how much the seller wants their customer to pay. If the sellers ask for $5,000 in crypto, and they have many coins option, for example, bitcoin, ethereum, litecoin, monero, dash, and else, their customer can use one of that coin to pay $5,000 in crypto. If the sellers want the customer to pay for $4,000 in crypto, their customer needs to pay for that amount.

If Fiat losses its value then Bitcoin value will still be there and 1 BTC is going to be equal to 1 BTC. Simple as that. Another option is the fact that it is paired to other cryptocurrencies in the market.
If Bitcoin losses its value it will still have value but you will need more BTC in order to "cover" the value that it had previously.
Either way, Bitcoin is not going to be vanished and it will have value forever.

Hi there!


You must mean that if fiat is losing value what will happen now to BTC if it is not 1BTC=$7,000± or in any other fiat equivalent. If fiat dies, and supposing Bitcoin takes over, things would be much more interesting and simpler. Goods and services would now be priced in Satoshis or Bitcoin, say, instead of 1$ it will become 8,000 Sats, or instead of $10,000 it would now be 0.5BTC. There's not much complication, isn't it?


The same situation with number 1, basically. You just have to remove the $ and replace it with BTC. That would be all.

If we are going to let's say look at Gold and how it gets it price, it is simply base on supply and demand. The demand would come obviously come to jewelry, or countries gold reserved, investments etc. So if Bitcoin will replaced fiat then we can see how it will play out in the future. Will Bitcoin still be in demand 20 years from now that it will have a value? 1BTC:1BTC? At this point it is really hard to answer, maybe we can see big players like China and US or Japan already in the crypto game and trying to control it's supposedly value.

There was gold standard and the USD value was pegged to gold ounce. If I remember right, the 1 ounce gold price was equal to $35. If the opponent can answer this question I will give the answers to his questions. What is value behind the USD bill and for exchanging dollar bill what you can offer to FED?

For your information fiat currency have value, because any assets/currency that's useful and have utility potential automatically have value but i dont know where you got the impression that fiat currency has no value which leads to your question.
With that been said, what fiat currency lack is proper management in terms of inflation prevention which literally led to the economic meltdown.

Fiat money had value but the inflation makes it to lose its value year by year so after 20 years or something the purchasing power of current fiat value will be deep down that is why we need something which has limits in total.

Satoshi is the minimal value of bitcoin, so the manufacturer can price their products in sats or bits and lot more decimal figures available for usage.

I can't answer the 2nd question, as I don't really understand it, but the 1st one is wrong.  Fiat money does indeed have value, and don't let hucksters try to convince you otherwise.  If it didn't, you wouldn't be able to pay for things with cash or a debit card (or even a credit card).  When inflation is high, fiat does tend to lose its purchasing power--and how much of its value gets eroded by inflation depends on the inflation rate (obviously).  But at the moment most fiat currencies are not losing value at an alarming rate, and I don't believe inflation is currently all that high.

Even if you make all the arguments against fiat that you can, there's still no guarantee that bitcoin is going to hold its purchasing power at any given point.  It is subject to the market forces of buying and selling, and there have been quite a few times in the past where demand has gone down significantly and bitcoin's value has plunged.  So as of right now I'd say fiat is far more stable than any of the cryptocurrencies that aren't stablecoins.

As long as there are governments there'll be tax and they will charge it in fiat. They will also pay their employees in it as well as beneficiaries of state largesse. I can't see it ever going away so this is something that never crosses my mind. The government cryptocurrencies everyone talks about will be fiat too.

It may be that people have to begrudgingly convert their crypto back to fiat to pay their government bills but it'll always make up a large portion of economies.

We have to understand that fiat money has no utility, it is just a piece of paper which is used to denote value. In other words, fiat money is the tool used to measure the value of any commodity on Earth. 

So when the economy is facing crisis or the economy is developing at very rapid pace (it can be any of the two cases), then the value of most of the commodities in the economy rise. But people consider the opposite, they think that the value of money is decreasing which is wrong assumption. Value of money remain the same, only the purchasing power (PP) of money decreases. If I have $100 then that 100 dollar bill will retain its $100 value even after 100 years. But I may not able to buy as much goods from that currency note as I can today.

Now talking about purchasing power, PP of any currency cannot become zero. It may fall and fall and everything may become too expensive. But currency will always retain its PP else commodities will become priceless because anything divided by zero gives infinity.

People started confusing intrinsic value of money with market value due to the popularity of Forex Market. Forex has turned money into commodity and we start valuing currencies in terms of other currencies. Else, in the closed economy (i.e. within the boundary of country), the value of currency never fluctuates/remain constant.

So don't worry. If the PP of fiat money falls, the price of Bitcoin will rise but you will never face a situation where the price of Bitcoin will become immeasurable.

The second part of your query has the same answer.

Hi Rengga Jati,

Have you comparing the price of fiat money and other currency first? I will show you

The value of $1 in 1970 is worth $6,65 now
https://www.in2013dollars.com/us/inflation/1970?amount=1

And the value of gold $240 per ounce in 1970 is worth $1,684.30 per ounce now.
https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

So if we compare it, Dollar price lose its value for $0.111/every year
And Gold price raise its value for $28.886 per ounce/every year

What if every year Dollar is losing his value? It's will be useless and there's will be inflation.

According to your statement "we cannot use digital currency in all situation, how if there will be no internet" There is no impossible to send digital currency without internet, you can read here https://bitcointalksearch.org/topic/offline-cryptocurrency-transfer-5239655. What's if in the future we can send digital currency without internet and fiat become useless? No one knows. But if true, it's the future of bitcoins

Fiat currencies are always losing value... I don't think a deflationary model is the best idea but its not acceptable to say currencies don't lose value. In the past 30-50 years, most currencies are worth half of what they were previously worth in the developed world.

Most people use contact less payments for small purchases these days or at least cards and many stores here have moved to streamlining its use, if the Internet goes down, you're 6 minute queue is now 30-60.

I think we don't talk about Fiat only but talking about physical currency. Even if Fiat is no longer exist, we still have coins currency made from gold or silver or copper. So, don't worry about losing values of physical currency as the chance is almost impossible for me. In addition, we cannot use digital currency in all situation, how if there will be no internet. And still many other challenges or obstacles to apply it as a single currency.

2. The matter will be depending if bitcoin still has value during that time. It's already tied up to dollars so if the scenario changes and it will be tied up with fiat that has value then it can be the other currency like Chinese Yuan or Euro, a powerful currency in the world that's dominating.

And a different scenario might matter because if by that time, there will be no attachment to any fiat then the exchange wouldn't matter because it can be 1 BTC = 1 BTC.

The cost of goods like a car are determined by how much the manufacturer and salesman wants to charge you, these are normally arbitrary numbers with a percent added to them.

If bitcoin does well you could think of it like a precious metal, you should always have demand for it and people will just offer what they want for a small profit while remaining competitive.

Well definitely your answers bright it up for me little bit. Its still quite fresh topic isnt it?

1. Its really hard to think that fiat money would totally lose its value as long the government do exist these paper things wont be erased on existence.Well, theres no such thing
about the future but its really hard to tell up.

2. It would depend on what would be its value on btc since it doesnt have fiat value.A bit complicated though thats why im not really thinking of this kind of possibility.

if fiat money disappeared, bitcoins would be priced in something else like gold.

everything else is just supply and demand. bitcoins are scarce; there will only ever be 21 million of them. meanwhile, an increasing number of people want to buy and use them. growing demand + scarce supply = growing price.

fiat devaluation doesn't guarantee that bitcoin appreciates in real purchasing power. we need adoption for that, and preferably mass adoption.


that's not easy to answer, since we are used to pricing things in dollars, and we can't know the path bitcoin adoption will take. if in 10 years bitcoins are worth $500k a piece in 2020 dollars, then it would cost 0.01 BTC. that's a wild guess.

Bitcoin will be worth as much as Bitcoin will be worth no matter how much fiat is worth now or then.  To buy car you will pay as much Bitcoin as seller will want. You will agree with that or not and go buy car somewhere else.  Loaf of bread will be worth as much as now 10 years from now. Ounce of gold also. Gold stores value well. 2000 years ago you were able to buy a armour with ounce of gold. 100 years ago you were able to buy a business suit with ounce of gold. Today you can buy a designer outfit with ounce of gold.

Bitcoin is very volatile and dont store value well and will be 10 years from now much more expensive or much cheaper. Maybe you will be able to afford a sport car with one Bitcoin or you will only be able to fix flat tire.

You ask about things that are unknown. Now the value of things like a machine is measured in Fiat currencies, as is the value of cryptocurrencies.
If all fiat money is transferred to cryptocurrency, then people will evenly measure everything in the equivalent of $ because some kind of reference point is needed.

Hello good people.

I'm reading about all this cryptocurrency for a little while now (hard not to its all over and everywhere) and I got some questions that I could not find a satisfying answer.

1. There is no question about Fiat money (whatever it is $, £ or euro.) thats its losing it's value, so the question is. If it got no value what value Bitcoin have then ? ( i will use bitcoin for must common crypto but thinking of any). Can't get my head over it.

2.If you imagine in let's say 20 years FIAT goes to CRYPTO all the way. You want to buy a car worth $5000 but paying in Crypto, how much would you pay ? if $ got no value.

Maybe answer is simple for some of you. Please be good samaritan and share some knowlage here.
Thanks for any effort.