Topic: Stop comparing BTC to FIAT. FIAT is dying every single day. - page 2. (Read 344 times)

Fiat's dramatic inflation is only a problem if you decide to store lots of money under your bed as your retirement strategy. If you invest them, inflation won't be a problem. But Bitcoin has a far worse problem than inflation - volatility. Volatility makes short and medium-time planning impossible. That's the reason why all governments stabilize their own currency to ensure that their economy doesn't suffer from uncertainty of national currency exchange rate.

It's a known fact that fiat is dying, but to be honest, as long as we continue to value our bitcoin in fiat,  comparing it fiat will never seize, and I agree that keeping all the money in fiat this days is no good decision at all, there are so many challenges the world is facing right now, and will continue eventually, simply because this problems have been since way back, and today, we still have it around, and so will it go into the future - government must print more money  so as to use to proffer solution to some of this problems, but the thing is, the more more of this money is printed, the more it loses value, so indeed, saving in bitcoin is a really wise idea 💡.

Fiat and cryptocurrency are distinct terms, with differing purposes. Fiat is essential for daily living, while cryptocurrency is a digital currency that offers investment opportunities. As such, comparing the two is not feasible. Fiat cannot be invested, so one cannot expect a return on investment. Its primary function is to evaluate the value of Bitcoin, allowing for comparison. I do not believe it is wise to hold Bitcoin for a lifetime, as it offers no tangible benefits to our daily lives. Instead, I advocate for selling when necessary and taking advantage of the volatility of the market to increase one's portfolio.

I agree, I love bitcoin but to think that there is no risk when investing in it is a mistake, bitcoin is a highly volatile asset and it should be treated as such, without a doubt the profits that it can generate are amazing, if you know what you are doing, but if you do not know what you are doing the losses that it can generate can be amazing as well, so people need to be incredibly careful when approaching this market for the very first time and only do so when they are completely sure they can hold their coins for at least a few years.

OP seems like one of those bitcoin puritans who thinks nothing can beat bitcoin. No offense but such kind of thinking doesn't help in any way. Inflation is an integral part of economy so inflation will be there even after 100 years if the civilization doesn't get destroyed by nuke war. Adopting bitcoin can't save us from inflation. Rather it may bring in disaster during a bear cycle.

It's not easy to overthrow a century old system which is very deeply rooted in human society. You want it or not, fiat will be here even when we won't be here. So adopt bitcoin but don't try to change the existing fiat currency system from its root. Bitcoin can't thrive without fiat. That is a very simple truth.

Yes, take your investment in a different pocket where you can actually hold it safely for a couple of years or how long you wanted to hold it without taking and selling a fraction of it. Investment(s) is exactly different compared to your own savings, the funds belonged to the latter is where you will get your personal/family needs or for emergency purposes. Just as doing business, like mentioned above, it is exactly not okay to get some funds in it as the funds that are generated in business does have its own direction so that it will expand more.

Taking a portion of it is like taking a brick in your own house, time will come, your house will be destroyed without you knowing it.

I agree that inflation is a major concern for fiat currency and can erode its value over time. However, I also believe that investing in Bitcoin or any other cryptocurrency carries significant risk and should be approached with caution. While Bitcoin has shown impressive growth over the years, its value can be volatile and subject to sudden drops.  Additionally, it's wise to diversify investments to minimize risk and ensure a balanced portfolio.

Fiat may not die along as bitcoin is progressing, the mindset of people towards fiat is only depreciating continually because they are tired of using the same old and traditional means of centralization in their financial economy and they needs change, bitcoin in cryptocurrency is what everyone believed to be the best option to go for in other to stay safe because no other crypto can secure a decentralized network like tgat with bitcoin, not even fiat, everyone want to have control over his holdings and yet make profits, which bitcoin serves both an asset and a digital currency, in the near future to come, bitcoin could have increased more in adoption while more people would have loosed confidence in fiat the more in seeking for an alternative with bitcoin.

It's a fair point that we use fiat as a point of reference, sort of assuming it's truly stable, as we measure Bitcoin's value against it. But $20k in 2017 and $20k in 2022 are different because of inflation, although not drastically different (15-20%), which is probably why it's still useful to measure value in the USD, as if its value it's decreasing. That being said, Bitcoin reaching $100k in 2023 or in 2030 are very likely to be two significantly different $100k because of inflation that is lately getting out of control. So it is correct that we should adjust our expectations accordingly, and remember that fiat value changes over the years. Nevertheless, it doesn't mean that Bitcoin should not be compared to fiat at all or that we should stop using the USD price as some sort of indicator.

An extremist is a bigot, I am not one of them, they could make unnecessary noise which is not mature. Mind you, it's not the work of extremists that got crypto to this level, it's the work of the founder of Bitcoin and the benefits attributed to blockchain technology (sense and creativity). When a problem is solved through a means, people will buy it, it's not by pitching crypto with fiat, it's about smartness in how you deliver it to the consumers.

And for the record, these extremists are only making noise online, most of them have never attracted anyone to crypto, they only like to argue, while the crypto developers, business owners, exchanges and many more created tempting avenues for people to appreciate and adopt crypto the more. Can you see the difference? The attractiveness of crypto and the business models around it are what you have mistaken for extremists' lousiness. It's wisdom and the attractiveness of crypto that is helping the adoption since it has a lot to offer people not the childishness of some extremists that will never contribute something meaningful to the adoption but ti make noise.

What I see above is not a comparison, it's siding one against the other, of which in true practice, everybody knows that we are benefiting from both and they have their pros and cons. Also, it's not about being ashamed, I always tell people to adopt it and will continue to do so. I do everything with crypto now, and like I stated earlier, 100% of my cross-border transactions are crypto aside from trading and holding it.

This means that I love crypto so much and depend on it daily, but will still not be an extremist of it. I know how the two (fiat and crypto) benefit me and I do my best to use them where they could serve me better than each other, not pitching them against each other.

My Bitcoin store is getting bigger each day and I'm planning how to make a business around it, this is smartness.

I think it is necessary to compare Fiat with other investment assets such as Bitcoin, the inflation that has occurred has reduced the value of fiat. $100k 20 or 30 years ago was a lot of money, you could buy anything you wanted with that money. The growth in the value of Bitcoin being a true comparison, you need to convert Fiat to Bitcoin if you want to see your money grow.
Need to save assets in the form of Bitcoin if the money you have is not used for other needs, you will feel great benefits in the next few years when you sell it.

Yes, fiat money is always subject to inflation
but in my opinion btc will not be affected by inflation because the supply of btc is only 21000000
You compare the past price of BTC $30k and the current price when BTC was $30k.
In my opinion, BTC is not affected by inflation because BTC has a fluctuating nature, so it is possible that in 2025 the price of BTC has the potential to soar, for example, to $ 200 thousand.
so I think we should not overly compare btc with FIAT money because btc and fiat money are different.

It is a personnel choice to decide to hold onto Bitcoin or sell when you in dire need to cash out them. It totally depends on your financial situation and long term goals.
There are millions of traders world-wide who trade Bitcoins on daily basis to generate some income for expenses and there is no way to influence their trading  decisions of such a large number of market participants.The free market operates on demand and supply rule, and never moves in one direction, pumps are dumps are natural part of this system. The Bitcoin price will rise as demand for it increases increase, and this could happen with increased adoption.

Comparing with the past, I think that, over time, we won't have to think of fiat value for Bitcoin. It will be the same mental process that was when the € was introduced in Europe.
Like, at the beginning it was awkward but with time, we slowly stopped thinking about how much 1€ worth in our local currency of the time. With Bitcoin will happen the same. There will probably be a transition period and in that time span, we will ackonlowdge how much products will worth in Bitcoin / sats only!

Well, i did have already made out such step or having thing in mind that its never been that ideal on letting those funds or money to park on your bank account and just getting <1% per annum kind of interest
which is totally no sense. Yes, inflation is something inevitable and money printing is something that could never end and we arent blind on that. If people would really be die hard on this one then
we know on whats its cons but we know that people would be still sticking into traditional things no matter what. FIAT is dying every single day but as long government would exist
then it would keep on living. No matter we do hate it then there's no way for it to be eradicated on existence.

Just do on what you do see which is right and would really be beneficial for long term. I did focus more on diversifying out my money through buying assets which could generate out some income
on near future. It would really be able to make me survive if inflation gotten worst or somewhat ensure that i could be able to sustain when that  time comes.

It is a fact that bitcoin is very famous crypto coin and is acceptable by many individuals but we also cannot ignore the benefit of fiat currency as we know that in most of the country fiat currency play an important role in countries' economic success.

People often changes the bitcoin currency with fiat currency because bitcoin cannot be directly used for buying something in some areas. For bitcoin Fiat currency is crucial because both are beneficial and we cannot ignore the use cases of one of them so fiat currency cannot be die due to its useful features.

I don't know what you mean by "extremist" here, but the fact is, you still need people like that, don't you? You yourself know that the existence of cryptocurrency is still in its baby age. A great effort is needed to make cryptocurrency more visible to the public and more appealing to adopt. And when that happens, I'm sure you'll feel happy even if you don't say it to anyone in this forum. And did you know? The contribution of extremists increases the chances of Bitcoin's existence being known to the public in a wider scope.

It's okay to compare it with anything, as it can produce discussion material and generate new ideas from different perspectives. Bitcoin extremists are people who are no longer ashamed to say "I support Bitcoin" in public. And that is a level of confidence that you may not have.

You admit that the most transactions you make every day are using cryptocurrency. That means you are actually an extremist, maybe even more so than others. But you choose to be neutral and become a person who is not an extremist.

Limited vs unlimited, these two financial systems are never the same. Comparing the two systems is to see which option is better, and it is clear that bitcoin is the better choice. One similarity between the two financial systems is that both can be used as a means of payment although until recently many users only used bitcoin as an alternative option.

In the case of investment and value, these two currencies are highly volatile. Fiat seems worse because of its centralization, but bitcoin is not 100% risk free either. Both of these currencies are good while one of them is the best and preferred because of its privacy, security, low fees and decentralization.

Selling only when you need I think is a bad idea. While you hit it, you may just be selling to profit and make more. Take it as a mission. Just like the traders who treat trading as a business, you may just accumulate BTC as well when opportunity knocks.

The time when the price goes to the moon every time. Sell BTC and wait for the price to dip to its bottom. It makes sense because if you have the ambition to make it in life, you will bear those suffering in order to make money by waiting for bull run.

I think, it is a practical approach that fiat and crypto both systems should coexist and compliment each other., as the ruling elite of every country will never allow the current fiat based financial system to collapse to protect their vested interest . There is no doubt that fiat system has failed to address the issue of devaluation of currencies and consistent decline of purchasing power of fiat currencies. These issues can lead to rise in inflation and financial instability. In summary, we should continue discussing these issues and exploring possible solutions and their implications in the long term.