Stop comparing BTC to FIAT. FIAT is dying every single day. - page 3.

EarnOnVictor

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Quote from: AmoreJaz on May 03, 2023, 09:34:32 AM

Quote from: Z-tight on May 03, 2023, 08:49:33 AM

Quote from: BIT-BENDER on May 03, 2023, 08:00:33 AM

I don’t think the government would be ready to give up that control, Crypto-currency is system that keeps them away of such control, and monitoring.

Cryptocurrency does not take you away from the eyes and control of the government. It is decentralized and privacy crypto and services that do. So many people use centralized crypto and services that hold their data, sells it and gives it to blockchain analysis companies and governments, these people are not away from control, and once they do something the government does not like, they can be censored immediately.

Quote from: EarnOnVictor on May 03, 2023, 07:38:57 AM

You are making this too loud, yes, no one should compare Bitcoin with Fiat, but Bitcoin is not better than Fiat, and we have to balance things here. It should be noted that Bitcoin will never survive without fiat,

BTC is another option to fiat currency, it does not mean that BTC was created to exist alone, it should and can exists with fiat currencies. If you don't mind about censorship, privacy, control or freedom, then fiat would be a better currency for you, but if you mind about these things you will surely choose BTC over fiat.

bottomline- why not be grateful that we be have BTC in today's generation? because no matter what, fiat will still be the main currency of most financial transactions. use crypto to your advantage. being acquainted in this market will give you also other opportunities to learn or earn something for yourself.
we are lucky to be enjoying a deviation from the traditional financial system. so there's no reason for us to disregard the significance of the fiat system now that we have crypto. fiat is still considered to be the vital component in any financial transaction.

One thing I will never do is to be an extremist of anything, I will always balance things and be fair irrespective of how beneficial such thing is to me. For the record, 100% of my cross-border transactions are now in crypto, this is as I trade and hold it daily. With this, I believe that no one should guide it better than me as I have a great deal of interest in it.

Still, I will not let this cloud my judgement, many of you guys are too loud about this, crypto and fiat can thrive together without too much noise as though they are enemies like some would paint it.

I use the two daily, but still use crypto more. Frankly, you guys must know that when the benefit of one is required at times, the other might not be able to replace it, so why the rivalry?

Ucy

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Quote from: virtualdn on May 03, 2023, 06:50:27 AM

Look at $100k.

Now imagine owning $100k 20 or 30 years ago. Wow, that was a lot of cash! You could have bought a home, maybe a nice car and still have some money left in the bank.

Today... do the math and see what you can buy Grin

Inflation is killing FIAT every single day.

So stop comparing BTC to FIAT and see the true value of Bitcoin. Don't go "wow" when BTC hits $100k. Because $100k today doesn't value that much anymore. It's still low.

Given the poor FIAT value 1 BTC is terrible cheap these days. $30k in 2009 is not $30k in 2023. You need like $42k for the same purchasing power.

What I mean is... don't sell cheap when you do it because you might never see your BTCs again.

Sell only for your real needs.....

Interesting point actually. Because of this, Bitcoin Master would reduce his support for fiat/dollar and support Bitcoin more to rally for some times. This is impossible without the CREATOR of the Universe.

But I think people should use their profits to buy things that are necessary, affordable and good. Buy affordable vehicles, instead of flashy cars, that can help you alot in your businesses ("good businesses", by the way). You probably could build houses (movable homes preferably) and rent them out.
You can consider them as investments, and use part of the profits generated from such investments to buy more bitcoins.

KiaKia

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Dying is different from losing value, my local currency is very good at only one thing, losing value over time, I mean very fast, that's why I trust USD for now, but most of my money are already in Bitcoin, it's more risky for me to be out of Bitcoin right now than be into Bitcoin or my local currency.

Assuming I am living in the US right now I will surely have more USD because it's a better currency than my local currency, no problem.

Still holding Bitcoin is far more preferable for me than any Fiat currency combine.

AmoreJaz

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Quote from: Z-tight on May 03, 2023, 08:49:33 AM

Quote from: BIT-BENDER on May 03, 2023, 08:00:33 AM

I don’t think the government would be ready to give up that control, Crypto-currency is system that keeps them away of such control, and monitoring.

Cryptocurrency does not take you away from the eyes and control of the government. It is decentralized and privacy crypto and services that do. So many people use centralized crypto and services that hold their data, sells it and gives it to blockchain analysis companies and governments, these people are not away from control, and once they do something the government does not like, they can be censored immediately.

Quote from: EarnOnVictor on May 03, 2023, 07:38:57 AM

You are making this too loud, yes, no one should compare Bitcoin with Fiat, but Bitcoin is not better than Fiat, and we have to balance things here. It should be noted that Bitcoin will never survive without fiat,

BTC is another option to fiat currency, it does not mean that BTC was created to exist alone, it should and can exists with fiat currencies. If you don't mind about censorship, privacy, control or freedom, then fiat would be a better currency for you, but if you mind about these things you will surely choose BTC over fiat.

bottomline- why not be grateful that we be have BTC in today's generation? because no matter what, fiat will still be the main currency of most financial transactions. use crypto to your advantage. being acquainted in this market will give you also other opportunities to learn or earn something for yourself.
we are lucky to be enjoying a deviation from the traditional financial system. so there's no reason for us to disregard the significance of the fiat system now that we have crypto. fiat is still considered to be the vital component in any financial transaction.

Smack That Ace

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Honestly, I don't want to compare bitcoin and fiat as both have different use cases. One more thing: although fiat is really bad, we wouldn't be able to live and survive these days if we completely removed fiat from our lives. In my country, bitcoin is not even recognized and used in any store, and just because fiat money is dying, if I get rid of it, I am killing myself too. We don't have to hate fiat, and my solution is: don't hold too much fiat, the rest should be converted into bitcoin or deflationary assets like gold and silver.

Gallar

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Quote from: virtualdn on May 03, 2023, 06:50:27 AM

Look at $100k.

Now imagine owning $100k 20 or 30 years ago. Wow, that was a lot of cash! You could have bought a home, maybe a nice car and still have some money left in the bank.

Today... do the math and see what you can buy Grin

Inflation is killing FIAT every single day.

Even though fiat money is annually eroded by inflation, it actually doesn't have a big effect on human life. Because the evidence is that people who lived 20-30 years ago could buy food, vehicles, and luxury homes. Nowadays too, many people can afford it. So what I have felt so far, when inflation comes, it will be hard at first, but over time everything will return to normal as usual. So basically even though inflation is approaching, sooner or later all of that will be accompanied by adjustments or solutions.

Quote from: virtualdn on May 03, 2023, 06:50:27 AM

So stop comparing BTC to FIAT and see the true value of Bitcoin. Don't go "wow" when BTC hits $100k. Because $100k today doesn't value that much anymore. It's still low.
~

I think comparing bitcoin to fiat money is not a big deal, because by comparison, it becomes a very effective measure of the bitcoin price cycle. And actually comparing everything that exists on this earth is one very good way to make this world develop, because by comparing anything, we come to know what gaps are in it, and in the end we can cover these gaps.

Z-tight

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Quote from: BIT-BENDER on May 03, 2023, 08:00:33 AM

I don’t think the government would be ready to give up that control, Crypto-currency is system that keeps them away of such control, and monitoring.

Cryptocurrency does not take you away from the eyes and control of the government. It is decentralized and privacy crypto and services that do. So many people use centralized crypto and services that hold their data, sells it and gives it to blockchain analysis companies and governments, these people are not away from control, and once they do something the government does not like, they can be censored immediately.

Quote from: EarnOnVictor on May 03, 2023, 07:38:57 AM

You are making this too loud, yes, no one should compare Bitcoin with Fiat, but Bitcoin is not better than Fiat, and we have to balance things here. It should be noted that Bitcoin will never survive without fiat,

BTC is another option to fiat currency, it does not mean that BTC was created to exist alone, it should and can exists with fiat currencies. If you don't mind about censorship, privacy, control or freedom, then fiat would be a better currency for you, but if you mind about these things you will surely choose BTC over fiat.

Renampun

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it will be difficult to escape from price comparisons, especially since this has been embedded in our minds for a long time, for the needs of exchange or trade between countries, comparisons between local currencies between countries are used, for example, rupiah to USD or rupiah to Poundsterling.

Currently, many people compare the price of Bitcoin to the dollar, so the DCA method was created. However, the thing that needs to change is the mindset of people buying Bitcoins. I have started to change my perspective on the BTC exchange rate to my local currency.

I use the method (currently) the price of 1 bitcoin is equivalent to Rp. 415 million, so when the bitcoin price touches 450 million rupiahs, the bitcoin value strengthens, whereas if the bitcoin price touches 400 million rupiahs, the bitcoin value weakens (essentially I prefer the bitcoin price in front of the fiat price).

CryptoHeadlineNews

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Quote from: virtualdn on May 03, 2023, 06:50:27 AM

,
Inflation is killing FIAT every single day.

So stop comparing BTC to FIAT and see the true value of Bitcoin. Don't go "wow" when BTC hits $100k. Because $100k today doesn't value that much anymore. It's still low.

Given the poor FIAT value 1 BTC is terrible cheap these days. $30k in 2009 is not $30k in 2023. You need like $42k for the same purchasing power.

What I mean is... don't sell cheap when you do it because you might never see your BTCs again.

Sell only for your real needs. Get the house or the car of your dreams. Have some money in your bank account. Live your life. But don't keep them all in the bank, those money will disappear day by day.

The governments will keep printing...

Though fiat will tend to depreciate with time due to it's unlimited supply and Bitcoin appreciate with time due to it's limited supply and increased in demand, but the truth of the fact is that without fiat Bitcoin has no worth, since fiat is the only means through which we determine the current price/worth of bitcoin at a particular moment.
But when it comes to choosing which for long term investment, I will rather go for Bitcoin rather than fiat whose value prone to depreciate due to government policies.

BlackBoss_

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Comparison is good if people good information to compare Bitcoin and fiat currencies.

Purchasing Power of the U.S. Dollar Over Time
Bitcoin inflation vs Time
If you want simplicity, two charts below are enough for a good comparison. Both are inflationary but Bitcoin is better. I disagree if anyone says Bitcoin is deflationary.

cheezcarls

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As long they keep printing more fiat, we keep experiencing more inflation like the case of Venezuela’s currency.

Although that fiat may not cease to exist anytime soon or in many decades, centuries, etc., the value against USD keeps declining over and over that would really create problems for the economy and our way of living.

Fiat’s fundamentals are different than Bitcoin’s. BTC is not likely going to be a reserve currency and a replacement of the US dollar. Both fiat and Bitcoin can co-exist because of its different use cases.

Doan9269

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proportion of holding USD and Bitcoin in comparison to their worth, the idea here is that when holding usd at hand, you can't escape the effect of inflation over the holdings with you because the economy is not controlled and the market exchange rate remain unpredictable but when you hodl bitcoin, you are the righful owner of the asset, you cannot be affected by inflation, you make decisions on the precise amount to sell a d know the amount the rate you're holding worth.

Merit.s

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When bitcoin was lunched in 2009,it was worthless and you can be given bitcoin as a gift. Gradually, as the years are passing the price of bitcoin started to increase in value due to the limited supply of bitcoin and the massive adoption. On the other hand let's take a look at fiat,it has being depreciating in value since the beginning till date because it is controlled by the government and some economy factors. This shows that bitcoin and fiat value is moving in opposite directions. The more the years the higher the value of bitcoin, while the higher the years the lower the value of fiat. The fact is that we can't do without fiat currency because the government controls it and we are also controlled by the government. Save in bitcoin and keep your daily fiat spending in the bank. The two currencies can't survive without the other

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Quote from: Jet Cash on May 03, 2023, 07:22:04 AM

The concept of fiat currencies will never die. It is too advantageous to the banks, the elite, and the government. Specific fiat currencies will be repriced, and issued as a new variant of the same old concept. 1 Bitcoin=1 Bitcoin, but equally 1 pound Sterling= 1 pound Sterling. What a Sterling pound doesn't equal is one pound of silver, and this was its oriuginal value.

I also think this is very correct. The fiat currency has helped the government stay in control. When you are in control of someone Finances (where you can freeze it at any time especially when the person is a suspect) you have a good control of an important part of that person.

I don’t think the government would be ready to give up that control, Crypto-currency is system that keeps them away of such control, and monitoring.

Let’s take for instance all of crypto-currency becomes centralized today and the government has good grip of a control on the users and crypto still has all of its advantages over traditional means of finances, I bet the government would have giving full nod to it. The issue is that they can’t control or manipulate crypto-currency the way they want to.

EarnOnVictor

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You are making this too loud, yes, no one should compare Bitcoin with Fiat, but Bitcoin is not better than Fiat, and we have to balance things here. It should be noted that Bitcoin will never survive without fiat, it even has its limit of supply, and it has its times of appreciation and depreciation, so why do some people look at Bitcoin's positive side alone and turn a blind eye to its downside? Both have their pros and cons as nothing is perfect in reality.

From an economic view, I believe that someone that has planned his project to be executed between 2022-2023 by saving in Bitcoin on November 2021 will be regretting while not saving in Fiat.

This means that it's all about our planning, smartness and accurate speculation on the two, it's not by letting others believe one is supreme.

Z-tight

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$100k may not have the same value as it had 20 or 30 years ago, but it is still a lot of money today Tongue

Quote from: virtualdn on May 03, 2023, 06:50:27 AM

So stop comparing BTC to FIAT and see the true value of Bitcoin. Don't go "wow" when BTC hits $100k. Because $100k today doesn't value that much anymore. It's still low.

BTC's value and that of fiat is different, BTC has a limited supply and with a high demand it gets a higher value, all of which happens in a decentralized way. Fiat currencies get their value from their government policies, economics, etc, all being centralized. Though BTC is not yet a legal tender anywhere other than El Salvador and even though you can spend it in almost everywhere in the world, it is still in very small numbers, and you have to convert it to fiat most times. So BTC's value still has to be measured in fiat currencies to understand its purchasing strength.

Quote from: virtualdn on May 03, 2023, 06:50:27 AM

What I mean is... don't sell cheap when you do it because you might never see your BTCs again.

When you sell would not change the value of the fiat currency you are converting to or how much inflation is affecting it, even if you hypotetically sell when 1BTC is $300k or more, if the fiat money is worthless then, once you convert it to fiat it no longer worths anything too. What i believe is there is no need to sell off BTC's completely and move back into a censorship currency, it is better to hold a censorship resistant currency and convert to fiat when you need to.

Jet Cash

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The concept of fiat currencies will never die. It is too advantageous to the banks, the elite, and the government. Specific fiat currencies will be repriced, and issued as a new variant of the same old concept. 1 Bitcoin=1 Bitcoin, but equally 1 pound Sterling= 1 pound Sterling. What a Sterling pound doesn't equal is one pound of silver, and this was its oriuginal value.

elevates

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The problem here is how to determine the value of Bitcoin? If we do not compare it with fiat we won't understand what is it's worth? I understand fiat is dying gradually. I also understand due to inflation the value of fiat each day is going down. If I compare iWhatt with Bitcoin I should be able to know how much it's value has gone up compared to others assets in the world.

I don't understand is that without the comparison how can we determine Bitcoin is more valuable that anything in this world. This is the reason we need this comparison. Comparison is the only way we can increase the adoption of Bitcoin.

virtualdn

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Look at $100k.

Now imagine owning $100k 20 or 30 years ago. Wow, that was a lot of cash! You could have bought a home, maybe a nice car and still have some money left in the bank.

Today... do the math and see what you can buy Grin

Inflation is killing FIAT every single day.

So stop comparing BTC to FIAT and see the true value of Bitcoin. Don't go "wow" when BTC hits $100k. Because $100k today doesn't value that much anymore. It's still low.

Given the poor FIAT value 1 BTC is terrible cheap these days. $30k in 2009 is not $30k in 2023. You need like $42k for the same purchasing power.

What I mean is... don't sell cheap when you do it because you might never see your BTCs again.

Sell only for your real needs. Get the house or the car of your dreams. Have some money in your bank account. Live your life. But don't keep them all in the bank, those money will disappear day by day.

The governments will keep printing...

Topic: Stop comparing BTC to FIAT. FIAT is dying every single day. - page 3. (Read 344 times)