Why is Bitcoin still a slave of Fiat? - page 13.

brendasmith982

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Quote from: franky1 on April 30, 2015, 12:53:22 PM

Quote from: FinerVapor on April 30, 2015, 12:46:15 PM

Because I can't pay for my rent using Bitcoins.

get your landlord to set up an account with bitpay or coinbase...
tell them it wont cost them anything and if they do, you'll pay them a few months rent upfront, or some other convincer.

after all, just waiting for your landlord to magically come up with the idea themselves without even knowing their tennants even use bitcoin, wont happen anytime soon

Coinbase is good, the question is if you're bitcoin rich to pay rent through bitcoin.

Dotakels

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Quote from: Malin Keshar on June 14, 2015, 03:07:14 AM

Quote from: eerygarden on June 13, 2015, 01:35:33 PM

Quote from: gripflierGO on June 13, 2015, 12:11:08 PM

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

The main reason is they believe on their fiat money and they believe that they can grow their economy without adapting any currency. Or may they just not accepting bitcoin because of their own reason.

eerygarden

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Quote from: Malin Keshar on June 14, 2015, 03:07:14 AM

Quote from: eerygarden on June 13, 2015, 01:35:33 PM

Quote from: gripflierGO on June 13, 2015, 12:11:08 PM

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

The government obligating all businesses to accept BTC does seem like an important point. If they do not then businesses could still trade in bitcoin for goods and services, unless it was made illegal. Even if it was made illegal people would ask themselves, "which one benefits me most?" If you are paying someone to fit a new kitchen for example, much like a tradesman might prefer to be paid in cash now, he might opt for bitcoin (I know cash is more anonymous than bitcoin). If however, you wanted to buy a house in order to rent it out to a tenant then people would typically require the "official documentation" that the state currently oversees, which legitimises ownership of a property and provides support from the police and the courts should a tenant stop paying rent.

It seems pretty drastic that a buyer would want to purchase a property in bitcoin to me. It would be far too wild west. The little I have heard about coloured coins sounds interesting but the courts and the police would need to accept this and that order must come from government, otherwise people wont respect it, and I don't see government getting on board to this extent any time soon.

arallmuus

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Quote from: Malin Keshar on June 14, 2015, 03:07:14 AM

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept bt

You are missing the vital point of BTC here, the decentralized system which means that there isnt any need to any central bank or any goverment for BTC . Although at some point if a government do support BTC then it will be in a better case because it will boost an adoption for it but it is not the vital thing for it since BTC is some kinda stand-alone currency that doesnt need government

P.S : true that someone will always not accept BTC. The same thing with the other currency, at some country , it will not be accepted

Amph

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Quote from: nerFohanzo on June 13, 2015, 04:53:15 PM

Quote from: gripflierGO on June 13, 2015, 12:11:08 PM

Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

You are right half a way but I think it can replace fiat no doubt it will take time but it is not impossible as the future is uncertain and you never know what future is waiting for us so it is like 50-50 at a moment but you cannot neglect the fact that the people are getting more technology friendly and will not hesitate in adopting new technology.

there is the possibility to replace fiat one day, but not in real life, not by buying physical stuff and pay with bitcoin in your local zone, there is a much greater possibility for online shop, there i could see bitcoin taking on fiat, if it will be successful

Quote from: hunnaryb on June 13, 2015, 07:08:01 PM

Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

And the main reason is there are few things that you cannot buy by using bitcoin like say buying daily stuff from grocery, paying to a maid etc. So these things are only possible with the use of fiat and I believe it would take a very long time the grocery and small merchants starts using bitcoin as a mode of payment.

i would say that it is still more easy to buy those stuff with fiat, espcially cash, then bitcoin, and not that they cannot be bought with bitcoin

Malin Keshar

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Quote from: eerygarden on June 13, 2015, 01:35:33 PM

Quote from: gripflierGO on June 13, 2015, 12:11:08 PM

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

Bitcoin can't replace fiat.

No central bank will issue BTC and no gov will obligate all business to accept BTC, so someone will always don't accept btc

Dotakels

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Quote from: hunnaryb on June 13, 2015, 07:08:01 PM

Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

And the main reason is there are few things that you cannot buy by using bitcoin like say buying daily stuff from grocery, paying to a maid etc. So these things are only possible with the use of fiat and I believe it would take a very long time the grocery and small merchants starts using bitcoin as a mode of payment.

Yeah thats right theres so many things that cannot buy with bitcoin, but people have a solution for that problem , they exchange it into fiat money thats it.

hunnaryb

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Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

And the main reason is there are few things that you cannot buy by using bitcoin like say buying daily stuff from grocery, paying to a maid etc. So these things are only possible with the use of fiat and I believe it would take a very long time the grocery and small merchants starts using bitcoin as a mode of payment.

nerFohanzo

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Quote from: gripflierGO on June 13, 2015, 12:11:08 PM

Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

You are right half a way but I think it can replace fiat no doubt it will take time but it is not impossible as the future is uncertain and you never know what future is waiting for us so it is like 50-50 at a moment but you cannot neglect the fact that the people are getting more technology friendly and will not hesitate in adopting new technology.

ABCbits

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Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

eerygarden

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Quote from: gripflierGO on June 13, 2015, 12:11:08 PM

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

So do you think bitcoin can never replace fiat, or that it will take a very long time to replace fiat?

gripflierGO

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Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

Very rightly said and I still feel that bitcoin can never replace fiat as there are many things which you cannot buy by using bitcoin like grocery stuff and it would take a very long time when the grocerries and the small shops starts accepting bitcoin as a mode of payment and I dont think in near future that bitcoin can replace fiat.

Erdogan

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Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

Look, when you use fiat to buy bitcoin, some other guy uses bitcoin to buy fiat. A trade is always double, you give something and get something.

Any pair can be traded. If you want to buy an apple and pay with a pair of shoes, that will work just fine as long as you find someone who wants to buy the shoes with an apple.

Money is the things that most other people want, therefore you can safely have them in reserve to exchange them for something usable when you want to.

Money does not have to be usable, when you buy them it is always with a thought of selling them in another trade later. In fact the money types that works best are those which can not be used for anything. They just need to be liquid, and the traditional good money traits is the explanation to why they are.

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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

You have got a point. There is actually a need of a new formula to predict something about the bitcoin prices. For a common bitcoiner, it is as hard to predict the bitcoin prices as to predict who will be the next to get executed in North Korea Grin

Dotakels

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Quote from: ABCbits on June 13, 2015, 03:59:53 AM

Bitcoin is still a slave of fiat because we use fiat to buy bitcoin not use bitcoin to buy fiat Roll Eyes

Also, people still think think how much bitcoin worth from its price not total adoption

But how about the miners? they mined bitcoin so that they can buy fiat money or exchange it to fiat money? can explained it ?

Dotakels

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Quote from: Amph on June 12, 2015, 03:58:48 AM

there are only two reasons, bitcoin is not big enough to work "alone" and the second it's a conventional purpose, it is more easy to attribute a value to it, if you tied it with fiat

also bitcoin is not ready yet to work like a full currency(not accepted everywhere) so you need to dump for fiat first, in many cases

Yes and bitcoin are depend on the fiat money because we know that bitcoin is the internet money and its will become money if you change it into fiat money. So that bitcoin can stand alone.

arallmuus

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Quote from: Marbit on June 12, 2015, 11:57:05 AM

Bitcoin is still in its early stages and we cant call it a slave of fiat

Since it is still in its early stages, that is the reason why it is a slave to fiat and it is going to be like this forever unless there is a mass adoption. Basically BTC was created as a currency but most people treat it as goods / stocks instead because as a currency BTC has no dependant value and its value is always tied to fiat

Marbit

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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

Bitcoin is still in its early stages and we cant call it a slave of fiat, there are some places in Europe and throughout the world where you can solely live on bitcoin without ever wanting to have any fiat. As bitcoin gets more adaptability in a global scale it will triumph over the traditional currency which causes so many problems in the current world. Bitcoin is for freedom and will always be free and there is no shackle that is strong enough to bound it.

doggieTattoo

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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

It seems like an absurd assumption to me. Agreed value? Who is agreeing with the value? The government?
If yes then Crypto currency loses it's true de-centralized nature, and then there's pretty much no difference between fiat and bitcoin (more or less)

ammy009

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Quote from: Omikifuse on April 30, 2015, 12:43:53 PM

because Bitcoin is small and few people accept it and FIAT is big and everyone accept it?

Absolutely yes ! Bitcoin market & acceptance is very small. We need it to grow .........

[ in the future

grow .........

grow .........

And finally ... oh !

A huge number of people now involve in Bitcoin, the market is vast .............so .........then........

Bitcoin is FREE ............ it's not a slave of Fiat now. ]

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