Topic: Why is Bitcoin still a slave of Fiat? - page 2. (Read 13933 times)
I don't think that crypto currency was ever a slave to fiat at all. The market maybe down but crypto currency was down way before the market became unhealthy. Maybe we can chuck it up to coincidence or the fact that some bigwigs wants to sling mud and pollute crypto currency by buying and dumping them.
Bitcoin is not a slave of Fiat is just that Fiat money is the old monetary system and the currency that we accepted and believe in the past centuries so the demand on the fiat money now is greater than bitcoin now. But just like Nokia (pioneer of mobile technology) it will reign for a couple of years then when apple came into the picture soon people will realize the capability and the potential that apple will bring to the people. And nokia will be gone to the picture of mobile technology. Bitcoin still on the early phase many people studying it because of its potential and few people invest and believe on it already because they know this will change the financial system that we have. But we dont know if fiat money will soon gone or it will co exist with bitcoin. I just know that Bitcoin is here to stay.
Bitcoin does not depend on fiat, it's an expression that he is a slave of the fiat is not true. If bitcoin will be specified only in Bitcoin or Satoshi, its cost will be incomprehensible to people. Therefore, for ease of use and for converting to other types of currency and ordinary currencies, it is linked to the dollar and other major currencies. This does not mean that he has dependence on them.
Not at all bitcoin is not a slave of fiat bitcoin is using for those transactions where the fiat is very expensive and a transportation risk is also there so those business owners use bitcoin which is the best option now for transaction. Bitcoin is independent and it is not slave of the other currency and it is better to use both of currencies.
obviously because bitcoin is still not accepted internationally and some countries even have the guts to banned bitcoin. It will be hard for bitcoin to be accepted worldwide but it will just have patience.
In my opinion, it is because bitcoin is still not accepted worldwide while fiat is official currency
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 not a slave to Fiat. Both coexist to bring uniqueness to payment systems in businesses and companies. The value of Bitcoin is determined by several factors which include the attitude of the governments towards it in a particular country, the influence of the media and banks, attitude of actors on the market towards Bitcoin. Like
Agreed Value * Bitcoins Mined = New Value
0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020
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
Like
Agreed Value * Bitcoins Mined = New Value
0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020
Bitcoin traded with fiat because people still use fiat to spending their money. Not many merchant in the world accept bitcoin as payment, but if merchant start accepting bitcoin, i am believe people will use bitcoin for their transaction
Bitcoin is still a slave of Fiat mainly because it's price is very volatile and it's transaction is very expensive when we are going to trade with it. And also bitcoin is still not fully recognize by each countries and acceptance of it is scarce compared to national fiat which is fully honored.
Because we still use cash and will use it, until the attitude to the crypto currency has changed.
We use cash but not more than fiat, for me bitcoin is still at higher than fiat, in old ages people were using fiat to buy goods and to get things they need but now it is modern age where people are only using digital money, it is easier to use and to buy goods, be wise while choosing your investment I think bitcoin is the best one, fiat is not an old currency, bitcoin is ruling over the market.
Because we still use cash and will use it, until the attitude to the crypto currency has changed.
We use cash but not more than fiat, for me bitcoin is still at higher than fiat, in old ages people were using fiat to buy goods and to get things they need but now it is modern age where people are only using digital money, it is easier to use and to buy goods, be wise while choosing your investment I think bitcoin is the best one, fiat is not an old currency, bitcoin is ruling over the market.
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.
As to market value, fiat has a stable value but bitcoin can turn your capital folded many times when bitcoin is rising fast. In the other hands, fiat currencies can be use anytime, anywhere without the need of using a computer or any iT gadgets.
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
Like
Agreed Value * Bitcoins Mined = New Value
0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020
For me there's a big difference between Bitcoin and Fiat, for now bitcoin was only being used for online transactions while Fiat currency was being used in several ways, like payment to all Food business, car vehicles, Houses, Furniture and transportation and even doing saving money in any banks.
Both BTC and Fiat complement each other and not a slave, fiat currency will never rule forever as awareness of BTC contentious one day BTC will cease to exist like trade by bater which was the first form of exchange during the stone age
Fiat money as of now is still the official currency
used by all people around the world and we could say that cryptocurrency in which part of the world are only accepting would still term as slave of fiat money as of now.
used by all people around the world and we could say that cryptocurrency in which part of the world are only accepting would still term as slave of fiat money as of now.
I don't understand things like this. If this is true bitcoin is a slave from flat, I hope that when bitcoin has grown bitcoin will not be a flat slave.
1. Why is Bitcoin tied to Fiat?
2. 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.
3. 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
2. 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.
3. 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
1. How can you actually determine how much is 1 bitcoin? Can you tell that bitcoin is worth of 100 grams of gold? Of course, it isn't what you think. Bitcoin is tied because dollar is the determinant of how much is 1 bitcoin so people will know and see how it's worthy.
2. Yes the limit is always be on a consideration but the demand and supply are still we look up. These two can't have the separate ways.
3. Think logically.
How you come up with 0.0010 agreed value?
bitcoin still prioritizes fiat price references as a price conversion center, otherwise bitcoin prices and all cryptocurrency will be very wild and even able to create a negative stigma about uncontrolled monopoly, but that does not mean that bitcoin acts as a slave.
they only adapt to the world financial system and try to make the world adapt to a unique crypto system with sustainable mass implementation.
they only adapt to the world financial system and try to make the world adapt to a unique crypto system with sustainable mass implementation.
It's not that bitcoin is a slave of fiat or under its control and seem he still over over bitcoin, it just that maybe people are used yet to bitcoin as simple as that, they're not yet familiar to ist system and some do not yet accept it even in most country...so let's just wait an in due time they will accept it also and bitcoin will get a chance to showcase what they have.
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