Topic: Why is Bitcoin still a slave of Fiat? - page 5. (Read 13933 times)
Because we are now very attached to the cash paper money. Because most do not accept anything other than cash.
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
We can still say that bitcoin is a slave of fiat considering the fact that fiat is more relevant to be used by everyone around the world. No matter how many bitcoin you obtain, you will still convert it into fiat. Maybe sooner or later, things will change as bitcoin dominates fiat and take over the whole world to create a new way or a system on how we spend our ownings. Like
Agreed Value * Bitcoins Mined = New Value
0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020
I think it's only a matter of time. I am sure that in the near future Fiat will disappear. Currently, paper money is not provided with anything, they are valuable because people believe in it.
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
Technically bitcoin is not a slave of fiat because both support other side in terms of value and system. It is more like a mutual relationship on both sides. But we also need to engage on supporting crpytocurrency where it could give bitcoin a chance to develop and be a more efficient currency for today and in the future. 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
Because we still can't buy a burger with bitcoin, we still can't buy a can of cola with bitcoin, we can't pay our electricity bill with bitcoin. Honestly the best way that the bitcoin can spread around the world is payment options, the more things we pay with bitcoin will mean more bitcoin will get independent from fiat.
Until that happens people are still using fiat to pay for all of those things. Also there are people who buy and sell bitcoin because they want to get rich quick. They are ruining bitcoin for all of us.
Because BTC is not really widely accepted in the world, maybe BTC forever is fiat's slave, because I think BTC can not participate in circulation to buy goods and services for life. of each person
Exactly that is the only reason why Bitcoin is still inferior to fiat. The word “Slave” does not look good to describe the status of Bitcoin in the market. This fact can change only when Bitcoin is internationalized and accepted by all the countries around the world. Only then the demand for money can be reduced and the use of Bitcoin might do the job. But this can be possible only after long time because right now, a huge portion of world’s population is deprived of the basic facilities like internet with is necessary for the use of crypto.
Because BTC is not really widely accepted in the world, maybe BTC forever is fiat's slave, because I think BTC can not participate in circulation to buy goods and services for life. of each person
Exactly that is the only reason why Bitcoin is still inferior to fiat. The word “Slave” does not look good to describe the status of Bitcoin in the market. This fact can change only when Bitcoin is internationalized and accepted by all the countries around the world. Only then the demand for money can be reduced and the use of Bitcoin might do the job. But this can be possible only after long time because right now, a huge portion of world’s population is deprived of the basic facilities like internet with is necessary for the use of crypto.
The thing that makes bitcoin difficult to be accepted globally is that it cannot be used for formal transactions such as fiat, besides that prices like roller coasters certainly make users afraid to keep in large numbers.
The high prices weren't the real reason for the decreased acceptance of bitcoin similar to the fiat. With fiat their is a fixed value and so, it is easy for business transactions. With bitcoin, the volatility is the one that makes people stand away from business related usage. The word slave used to mention bitcoin is inappropriate and it serves as a alternative to fiat and not as a slave.that's right . bitcoin is not a slave of fiat but rather it is just an alternative if people wants to experience something more innovative and fast . I do also agree when you said "volatility is not a reason on why bitcoin is not yet accepted to some countries " volatility is not really a disadvantage or a hindrance but is actually an advantage in order for us to earn more profit . bitcoin is still kinda new to some people and bitcoin do also have a lack of exposure because it is mainly used online , these are the factors on why bitcoin is still not a mainstream currency .
Because BTC is not really widely accepted in the world, maybe BTC forever is fiat's slave, because I think BTC can not participate in circulation to buy goods and services for life. of each person
Exactly that is the only reason why Bitcoin is still inferior to fiat. The word “Slave” does not look good to describe the status of Bitcoin in the market. This fact can change only when Bitcoin is internationalized and accepted by all the countries around the world. Only then the demand for money can be reduced and the use of Bitcoin might do the job. But this can be possible only after long time because right now, a huge portion of world’s population is deprived of the basic facilities like internet with is necessary for the use of crypto.
Bitcoin is said to be the sixth most powerful currency in the world with a combined value of 350 billion dollars approximately, however, the is dollar still dominates the top position all because of the networking effect this is because the country has the greatest economy in the world
The thing that makes bitcoin difficult to be accepted globally is that it cannot be used for formal transactions such as fiat, besides that prices like roller coasters certainly make users afraid to keep in large numbers.
The high prices weren't the real reason for the decreased acceptance of bitcoin similar to the fiat. With fiat their is a fixed value and so, it is easy for business transactions. With bitcoin, the volatility is the one that makes people stand away from business related usage. The word slave used to mention bitcoin is inappropriate and it serves as a alternative to fiat and not as a slave.
Because BTC is not really widely accepted in the world, maybe BTC forever is fiat's slave, because I think BTC can not participate in circulation to buy goods and services for life. of each person
Since many individuals are sat staring them in the face sitting tight for another person to make bitcoin satisfactory in their neighborhood..
It's sort of like sticking around all year trusting somebody will thump on your entryway needing to cut your yard for nothing, rather than getting off your rear end and cutting your own grass..
Fortunately I done my bit and I'm living cheerfully off of bitcoin and purchasing what I require utilizing bitcoin. My fiat financial balance has been left abandoned for a couple of years now. in the event that you too need an existence without fiat, at that point you have to address your nearby shops and illuminate them about bitcoin. Else the main thing you can do in your general vicinity is treat bitcoin like a stock.
It's sort of like sticking around all year trusting somebody will thump on your entryway needing to cut your yard for nothing, rather than getting off your rear end and cutting your own grass..
Fortunately I done my bit and I'm living cheerfully off of bitcoin and purchasing what I require utilizing bitcoin. My fiat financial balance has been left abandoned for a couple of years now. in the event that you too need an existence without fiat, at that point you have to address your nearby shops and illuminate them about bitcoin. Else the main thing you can do in your general vicinity is treat bitcoin like a stock.
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
We accept the facts thats at this moments bitcoin is a slave of fiat interms of transaction in currency exchanges,because cryptocurrency for now is not a legitimize currency investment and not regulated worldwide,but soon once bitcoin is become regulated worldwide and become the main currency,i thinks thats time the fiat would been dimished and change to crypto currency.
The thing that makes bitcoin difficult to be accepted globally is that it cannot be used for formal transactions such as fiat, besides that prices like roller coasters certainly make users afraid to keep in large numbers.
even though I don't like the term you used to introduce bitcoin here, yeah still bitcoin is under fiat surely because still the majority not adapted to bitcoin as they did with fiat, This will take time, Cryptocurrency still at its infant age. let him grow, then you will see, people need liberty, Only blockchain and bitcoin can give them the financial freedom.
Time has been change and people now using Bitcoin as value of stored, many shops online that offering Bitcoin as payment option has been closed, still no progress when this situation will be back, so as my opinions this could be one of the tactics by those bankers whom are going to worried about the popularity of Bitcoin then collaborates with central bank limited Bitcoin movement in the market online so that it will be difficult to replace fiat at this time.
Nope i guess because bitcoin has different technicalities and it is not to be compared with centralized currency like fiat money specifically USD( United States Dollar). It is not considered as slave because as we all know that bitcoin has different function as the creator and developer plan the concept of having P2P exchange on it that is being recorded on a blockchain technology. Specifically transparency is at best with P2P transaction and that is how bitcoin is good at compared to Fiat currency. Yet it is still fiat for now that works best in any means of buying products, goods and services.
I don't know where did you get that world Slave, Because for me Bitcoin is a virtual currency were it can convert into fiat currency. Maybe for
now Bitcoin is always next into fiat but in terms of value fiat is no match with it, then in fiat there is no opportunity while in Bitcoin there is an
opportunity to everyone.
now Bitcoin is always next into fiat but in terms of value fiat is no match with it, then in fiat there is no opportunity while in Bitcoin there is an
opportunity to everyone.
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
This is because the value of bitcoin still depends on fiat. In order for most people to actually be able to spend the bitcoin or any other coin they earned, it must be converted to fiat. Although, one may argue that there are now some stores and establishments that accept bitcoin, so why does it still need to be converted? First, the establishments that actually offer btc payment are still minimal. And second, how do you think do they earn money by letting people pay thru btc? Of course, they still convert it to fiat. Truth is, bitcoin would not really be popular to many, and only a few will be interested in it if it could not be converted to fiat. A lot of people are investing in it to gain profit, and that profit could be limitedly spent if it will not be converted to fiat.
The only reason is the adaption. There is still not enough places we can spend our coins to live off it. I mean I understand bills can be paid in fiat but as long as your regular marketspending like pack of cigarattes, a bread, a bottle of cola, bacon etc can't be bought with bitcoin (it can be in some places but not global AT ALL) we will need to sell our coins to fiat which means bitcoin will keep being slave to fiat.
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