Why is Bitcoin still a slave of Fiat? - page 6.

Bitcoinbitcoin0909

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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?

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Agreed Value * Bitcoins Mined = New Value

0.0010 * 1 = 0.0010
0.0010 * 2 = 0.0020

Simply because fiat is still in control of everything considering the fact that bitcoin is not legalized all over the world and it has been banned in some countries too. Fiat might reign for now but sooner or later, bitcoin will surely dominate the world as peoe see that bitcoin is way more better than the fiat we are using and it will be a part of the innovation in the world too.

Dr.Osh

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well, that's because fiat is a currency that is recognized in every country, so the end of bitcoin is to become fiat. well, for now it is still very difficult to make transactions using bitcoin. although I can, I think it has risks.

daarul50

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Quote from: gabmen on July 24, 2018, 09:37:16 AM

Quote from: ThorWin on July 24, 2018, 08:47:05 AM

Because BTC is quite risky, there may be many risks that we can not control, which makes many people afraid to hold BTC rather than holding money.

I don't think it's because of that though. The thing is, almost all needs and necessities are still mainly acquired through fiat purchases. Even offline btc purchases needed to be converted first.

Bitcoin will always be in this condition because almost all governments in various countries do not want to use bitcoin to be used as a method of payment for their people so they maintain the fiat currency for transactions even though technological advances are not only to be watched but can be used and applied to overcome especially in economic terms.

Valzzz005

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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

Now and again the phrasings don't have a place with the financial matters and that is the reason such terms are utilized as a part of numerous posts. As I would see it, Bitcoin is somewhat a substitute for fiat since it can lessen the interest for fiat and consequently can be utilized as medium of trade and for exchange purposes however it can't be known as a flawless substitute since it has not possessed the capacity to supplant fiat up until this point and still individuals request fiat.

gabmen

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Quote from: ThorWin on July 24, 2018, 08:47:05 AM

Because BTC is quite risky, there may be many risks that we can not control, which makes many people afraid to hold BTC rather than holding money.

I don't think it's because of that though. The thing is, almost all needs and necessities are still mainly acquired through fiat purchases. Even offline btc purchases needed to be converted first.

ThorWin

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Because BTC is quite risky, there may be many risks that we can not control, which makes many people afraid to hold BTC rather than holding money.

Crypto24hrs

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I think it is a wrong choice of word to call bitcoin a slave of fiat currency, today fiat currency is on-top its game because of favorable government policies
who knows what tomorrow will be and bitcoin will rule the world.

katrimans

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Quote from: Lankabc on July 16, 2018, 10:59:46 AM

I don't like the term you have used "Slave" . Bitcoin is not a slave of fiat. It is an alternative for fiat. for the current banking system.

Sometimes the terminologies do not belong to the economics and that is why such terms are used in many posts. In my opinion, Bitcoin is rather a substitute for fiat because it has the ability to reduce the demand for fiat and hence can be used as medium of exchange and for transaction purposes but it cannot be called a perfect substitute because it has not been able to replace fiat so far and still people demand fiat. Having said that, it will be unjust to call Bitcoin as slave of fiat.

RandyGamage

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bitcoin is a slave? it just under fiat but not a slave. because still majority of people don't know bitcoin properly and they don't have an idea about the value of this new system or how it can get rewards from it compare to current slavery fiat system controlled by a small amount of people who run the world at the moment.

randyboy

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Here in our country limited people only knows about bitcoin and teenagers didn't know about it so people here are still difficult to them to understand what is bitcoin and the purpose of bitcoin.

Faeton

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Quote from: nerFohanzo on April 30, 2015, 12:20:34 PM

Definitely Fiat money is still a King of all.. Its because the bitcoin is still not acceptable across the globe yet as a currency and fiat money holds the leadership in the market as it is used as traditionally and main reason is many people are not aware about the existence of bitcoin as a virtual currency.

Crypto currency is simply not physically able to penetrate into our life so quickly as someone wants. Here there are legal, political, organizational, financial and other issues that need to be addressed. For a decade, these issues can not be resolved. Moreover, states as a whole are not interested in having a decentralized crypto currency.

anushkasachith888

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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.

mornabo

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Quote from: Lankabc on July 16, 2018, 10:59:46 AM

I don't like the term you have used "Slave" . Bitcoin is not a slave of fiat. It is an alternative for fiat. for the current banking system.

Thats right, I would not call it a slave, bitcoin is an alternative and an option for fiat, even some people use it as the main currency? how slave can be the main currency for some people lol, in the digital era today bitcoin will be more widely used, but fiat will still be the main currency, but I do not call it slave

Sheentaide

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I completely disagree with the position that bitcoin is absolutely depending on conventional currencies. It surpasses them in its properties. this is why for an extended time period bitcoin is developing in charge.

Lankabc

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I don't like the term you have used "Slave" . Bitcoin is not a slave of fiat. It is an alternative for fiat. for the current banking system.

danim1130

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We the traders or the stake holders of bitcoin cannot replace the FIAT easily because FIAT is the local currency that used by everybody in their country to buy their things daily and we cannot complete the day without spending it on somethings. Maybe in the future it will be but for now that cannot happen.

calexander55680

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Bitcoin is still the minority's game. It is not recognized by the masses yet!

Aleth

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THats true because it is not yet legalized as money perse, it is still need to exchange to fiat for it to be benefitted. not unless if one day it will become a mode of payments in every establishments.

Masongrae

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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?

Bitcoin and cryptocurrency is still small because of few users of it, but as long as many enter into the world of bitcoin and cryptocurrency eventually it will bevome big and fiat will become small. Time will come and eventually it will happen. As of now what we can do is to share cryptocurrency to others by making them aware of it.

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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

I believe the Fiat's powerful influence over the bitcoin is only temporary. The table will soon turn when bitcoin will have direct exchange for goods and services.

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