Why is Bitcoin still a slave of Fiat? - page 10.

lynlyn

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Quote from: bib24 on May 02, 2018, 07:23:20 PM

Even bitcoin is very popular nowadays but still can't defeat fiat currencies. Fiat is legal and acknowledge in the world market, its use is unlimited. We hope that bitcoin will continue its progress in future and surpass its limited capacity.

My friend its not a good used that term to describe the bitcoin from fiat.Bitcoin is not a slave but a helpful currency to convert fiat and have a unity to people's needed financially.

shelimy

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Unless it gets accepted widely, and that people take it as a real currency rather than virtual money, it will always be compared with Fiat. Though, there are still places where Bitcoins are accepted and so, due to the acceptance, value doesn't matter for them there.

systematicdeception

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Never thought like this. Maybe, I am not expert but as for me Bitcoin isn't a slave of Fiat or any other currency. It has a large potential and it will provide great chances to earn money soon

jgaspar

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I think the price of bitcoin is surely depends on demand that we, as traders and investors create, without it - bitcoin is worthless

bib24

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Even bitcoin is very popular nowadays but still can't defeat fiat currencies. Fiat is legal and acknowledge in the world market, its use is unlimited. We hope that bitcoin will continue its progress in future and surpass its limited capacity.

Ishiro5

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REally not a slave, but bitcoin is obviously still subject to fiat and the reason is because bitcoin has yet to attain a quarter of its potential. If we look at it democratically, fiat still has more vote than bitcoin, so bitcoin still has to somehow bow for now, but i bet this won't last for too long.

Tagabukid69

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In real world, Fiat user's are dominant and bitcoin are just underdog to the environment, This means, there are still more opportunities, and more people needs to educate about cryptocurrency, a Few years from now, adaptation takes place and eventually all of us are united to transact using cashless mode of payment.

PalindromemordnilaP

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That's because people are investing in bitcoin to earn fiat. Fiat is still the suitable money for everyone to buy goods and pay for services. Bitcoin become an investment of people because it's the investment that can give them huge profit which can make them rich.

kokorotomoto

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because we can not transaction using bitcoin.

PSL

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I completely disagree with the position that bitcoin is completely dependent on conventional currencies. It surpasses them in its properties. That is why for a long period of time bitcoin is growing in price.

Onews1990

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Well, if you will ask me. I will think right that bitcoin is only pioneering and it is still have a good potential and perspectives to be more usable in close future.

pitham1

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Quote from: Harry Hood on June 22, 2015, 02:13:30 AM

Bitcoin is tied to fiat because that's what people have to use to buy bitcoin with. Once people are getting paid in bitcoin (which likely will never happen) or using bitcoin exclusively (could very well happen) you'll see lest talk about bitcoin tied to fiat and more about what bitcoin can buy in goods and services.

Again it all boils down to Bitcoin adoption. This is something which cannot be sorted out in a hurry.

n2004al

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Quote from: MoneroExpress on April 30, 2015, 12:00:51 PM

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

Like

Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

First: Why the agreed value is 0.0010?

Two: Who have decided the agree value?

Three: Bitcoin is connected closely to the fiat money because is the fiat money that people have (that money they take from their work) and that fiat serve that bitcoin be bought by the most of the people (not everyone can mine - especially in our days when cannot be mined with the computer in your home).

Four: Bitcoin is a currency and as a currency must be quoted and changed with the other currencies. For this needed the rate of exchange.

The limit of total coins bring other things (one of the most important quality of those is the possibility to not be inflated as a currency). Then the security that its value, compared to the other currencies, will be increased in time (but which can be made true only if it will be known and regulated as a currency by all the countries).

Dotakels

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Quote from: Harry Hood on June 22, 2015, 02:13:30 AM

Bitcoin is tied to fiat because that's what people have to use to buy bitcoin with. Once people are getting paid in bitcoin (which likely will never happen) or using bitcoin exclusively (could very well happen) you'll see lest talk about bitcoin tied to fiat and more about what bitcoin can buy in goods and services.

Yes they should focus on what bitcoin can do and not what bitcoin still slave with fiat money. They should be a positive thinker or maybe we can say that they more focus on how bitcoin will be a world currency.

Harry Hood

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Bitcoin is tied to fiat because that's what people have to use to buy bitcoin with. Once people are getting paid in bitcoin (which likely will never happen) or using bitcoin exclusively (could very well happen) you'll see lest talk about bitcoin tied to fiat and more about what bitcoin can buy in goods and services.

arallmuus

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Quote from: dollarneed on June 20, 2015, 09:25:24 PM

i think as long as goverment accepted bitcoin as national curency officially and replace their national curency it

There will be no chance for a government to adopt BTC as a national currency unless a country is suffering from the super inflation which in this case will be Zimbabwe but also I doubt that Zimbabwe would start to use BTC because most people are suffering there and you need an internet connection to use BTC which I doubt that most Zimbabwean even have this

Quote from: jayce on June 20, 2015, 12:17:57 PM

more complex than fiat, with futuristic technology and can be used easier and more efficient than fiat

It is actually much more simpler than FIAT although I would say depending on who uses it. If you are explaining it to a 20+ year old guy it will be much easier for him rather than you are explaining it to a 60+ year old grandpa.

On the other hand judging from the efficiency of using it than FIAT it will depends on where you are using it. Basically sending money from 1 country to another country will be much more efficient by using BTC , while on the other hands if you are buying daily necessities with BTC if will be much more less innefficient due to the time needed for 1 confirmation (much efficient to pay with cash directly)

Quote from: jayce on June 20, 2015, 12:17:57 PM

I think bitcoin can't replace fiat

Partially right, read above about the super inflation

Dotakels

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Quote from: dollarneed on June 20, 2015, 09:25:24 PM

i think as long as goverment accepted bitcoin as national curency officially and replace their national curency it would be great and bitcoin still not slave fiat anymore Cheesy

actually iam pretty sure that would be happen not now maybe 100 years latter and fiat's gonna converted to cryptocurency

Yes but we all know that, we can saw that day because its so very long time. the things that we can do right now is to introduce to people and recommended to them so that they can used it as a payment.

dollarneed

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i think as long as goverment accepted bitcoin as national curency officially and replace their national curency it would be great and bitcoin still not slave fiat anymore Cheesy

actually iam pretty sure that would be happen not now maybe 100 years latter and fiat's gonna converted to cryptocurency

dblink

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Quote

Why is Bitcoin tied to Fiat? Why is Bitcoin value moving like a stock? satoshi said the value will be derived by the limit of total coins. But we are seeing the opposite. Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?
Like, Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

I would love to see Bitcoins Value challenging the physical commodities such as gold or silver, since physical commodities are reliable, whereas fiat currencies may have risks at sometimes during bad inflation. Still more work to be done to educate about bitcoins to many business people about its value, security and transparency. I am afraid half of the business people will dislike the term "Transparency"

jayce

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Pie Baking Contest: https://tinyurl.com/2s3z6dee

Quote from: hunnaryb on June 18, 2015, 12:52:30 PM

Quote from: bitnanigans on June 18, 2015, 03:36:00 AM

I think until people who hold Bitcoin start to spend it as normal currency and more establishments start to accept it, it'll always be tied to fiat one way or the other. Personally, I'm just looking forward to a point where conversion between bitcoin and fiat is fast and easy, instead of having to do identify verification and wait days for wire transfers.

Wire transfers are very time consuming and the charges are too high as compared to bitcoins. The bitcoins can be transferred to fiat currency into your bank accounts within fractions of minutes and yes till the more and more people start adopting bitcoin then only bitcoin would replace fiat.

I think bitcoin can't replace fiat since it is different and more complex than fiat. Bitcoin has style and method itself, with futuristic technology and can be used easier and more efficient than fiat

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