Why is Bitcoin still a slave of Fiat? - page 7.

Ranly123

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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

Why would it be a problem to deal with? If you don't want Bitcoin to be connected to Fiat then how can you use Bitcoin in real world? It's only a matter of understanding the relationship between digital and real world money to be able to appreciate the value of it.

pallang

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Because fiat money is widely used around the world and people are using it since the beginning compared to bitcoins some countries don't accept it as a kind of payment and some don't know yet about bitcoins but who knows what will happen in the future.

sultanali

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The US dollar in specific is the master and will remain at the position since it is used as a standard in all of the counties many think that this is because of the political strength of the country but the fact that their diplomatic relations with most counties are greater than crypto might be the real reason

CandyIzDelicious

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bitcoin can not be accepted in all countries may be the cause of fiat still king
if many countries have received the bitcoin fiat will not be useful anymore

queenlaurel

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Unlike some countries that have accepted Bitcoin, most countries haven't. These other countries are still using fiat as a means of transaction. The people in such countries who are into Bitcoin will only be able to spend their earning in Bitcoin through fiat with other country people, since fiat is still what they use.

kenharry

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Bitcoin is a still a slave of fiat money because of the universal recognizabity. The dollar is recognized everywhere around the world. Because of being around overtime, fiat currency has become the base on which new comer currency is measured.

ayambawang

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for now btc is still referring to flat money, maybe because of less space, in every field and every country direct btc usage is still limited, if we want to shop or transact freely there is no other way but to exchange it first to flat money for now btc still rely on flat money

lastnumber

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Popularity and stability are factors that Bitcoin must always stand behind Fiat. Establishing a new trading habit such as using Bitcoin in commercial transactions is not yet common in many parts of the world. At the same time, Bitcoin values have changed over time, not as stable as Fifat. That makes Fiat more popular than Bitcoin.

nebuch

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It takes time before bitcoin goes to business world with its own sovereignty in crypto. Fiat is staying strong in our society today that makes bitcoin stays as slave to fiat. Once we abolish fiat then I'm pretty sure we don't know bitcoin value now for only fiat enable us to identify bitcoin value. We measure the price not by pieces, not by demands, not by supply, not by everyone's power but it is by fiat for only fiat gives us idea how much bitcoin price currently, tomorrow, and in the future.

BartS

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Quote from: Barbut on June 05, 2018, 07:23:51 AM

Its still a slave cause we need to sell bitcoins for some fiat if we want to pay for something. Fiat have big roots, it will be hard to eradicate it from global structures and even harder from some peoples minds. As years passing I think we are going in a good direction, fiat will not be used in near of far future, we will be able to do everything with cryptocurrencies, and when that time comes it will be the end of fiat. If you are looking things in that way fiat already began to sink down, cryptocurrencies are spreading and taking more and more, eventually cryptocurrencies will take all.
This is a nice headline, bitcoin is still a slave, but who ever starts from slavery, bottom, and end up on top deserves respect, think about it.

True until the day comes where we can use our bitcoin independently from the fiat system we are tied to it, obviously there are always going to be people that would want to sell their bitcoin for fiat, but what many of want is to be able to buy whatever we want with bitcoin, this is not possible yet but I'm sure that is a lot closer than people think especially if the economies of the world keep getting weaker with each passing year, people will realize this and adopt bitcoin very quickly.

talenah kotang

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if I think bitcoin is not a slave of fiat money but only as a reference bitcoin price. because until now fiat money is still a major transaction tool, so fiat and bitcoin money stick together.

biletskiy

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Quote from: zack29 on May 29, 2018, 04:10:35 AM

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

No cryptocurrency will replace fiat but it does not mean that we should call Bitcoin a slave of traditional money. Cash and the cryptocurrency should coexist in peace, and people should be able to use both.

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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 price is always depending on fiat but still the main reason why bitcoins price is increasing is due to the demand of different people in the country who are investing, so we can say that bitcoin is not exactly a slave of fiat.

btctalk123

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Bitcoin price in my opinion is depending on many things emotionally, not just mathematically, and those things we cannot affect on!

Harrisonimo

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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

Change sometimes takes time to happen. The most reason why the bitcoon has started moving like the stock trend is because of the regulations that has come in to put a check to its volatility; the world financial bodies' interference making it almost patterned like the local stocks.

@prashant

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fiat control will remain on btc or crypto unless more worldwide and present utility become available for daily use.then only then fiat effect will be somewhat very less.but still as crypto is volatile ,those who lack patience prefer to convert it into stable asset so that they do not loose money in fiat .

Barbut

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Its still a slave cause we need to sell bitcoins for some fiat if we want to pay for something. Fiat have big roots, it will be hard to eradicate it from global structures and even harder from some peoples minds. As years passing I think we are going in a good direction, fiat will not be used in near of far future, we will be able to do everything with cryptocurrencies, and when that time comes it will be the end of fiat. If you are looking things in that way fiat already began to sink down, cryptocurrencies are spreading and taking more and more, eventually cryptocurrencies will take all.
This is a nice headline, bitcoin is still a slave, but who ever starts from slavery, bottom, and end up on top deserves respect, think about it.

no0dlepunk

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

Why dont we mathematically calculate the value of bitcoin according to the amount of bitcoin mined?

This is the problem, how are you going to measure the value of it, if there is no measurement at all aside from USD (the most common). I therefore conclude that bitcoin is not "slave" like what you were saying. As soon as people start using it as everyday money, believe me there would be less relationship between btc and paper.

Cofee.BLUE

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Quote from: prtty2gal2 on May 29, 2018, 03:36:52 AM

Quote from: inesterdd on May 26, 2018, 06:27:04 AM

Because it is used as a valuable asset, not a means of payment in the economy. For example, gold is also tied to a phiatic currency!

Everything is dependent on something else and so are the bitcoins over fiat. Right now, as the bitcoins are quite new and they are just making things better slowly and gradually. So we can’t just expect them to be pervading all over the world and replacing the fiat within a blink of eye. No, that can’t just happen right now. So it takes time and till then definitely bitcoins need fiat to support them.

That's true, bitcoin is new in this world and not all of the people have ideas or knowledge about this so it means that it is not broadly like what you think. For being bitcoin as alternate currency to fiat, I think it take much more time to happened because in our current time some other country's are already banned it and the others are not already legalizing it. As long as it's not reached it's massive legalization and adaptations it still be the slave of fiat money.

FlightyPouch

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Quote from: maloibtc on May 30, 2018, 03:52:53 PM

I don't think that this is an actual information. As for me, I don't consider bitcoin a slave of Fiat because it is not like this. the situation is completely different now. btc is really powerful and it will become even more powerful later

Bitcoin is the most powerful digital currency of all time, we can see that on the movement of it's price since it can affect a lot of digital currency when that happens. Comparing to fiat, Bitcoin is just a small currency though it is not for people it it an asset. Bitcoin is not a slave of fiat, it is just that fiat is the daily currency that we use and it is essential that we make the value of it the currency that is used always at trading.

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