I don't think bitcoin will be always dependent from bitcoin.
In the future bitcoin will be bigger,better.
it will create their own currency for payments so fiat is not needed anymore.
Topic: Will Bitcoin always be dependent on fiat? Is it? - page 12. (Read 12524 times)
Yeah bitcoin is a currency that is only available online. So to get bitcoin you need to convert fiat.
I can't see bitcoin not depending on fiat since it is only available online.
I can't see bitcoin not depending on fiat since it is only available online.
Nowadays, you can buy many things online by using cards. So I think we can use bitcoin online without converting it to fiat.
Is gold dependent on fiat? I would say technically it is not; gold has value whether fiat does or not. But no one seems to know the value of gold unless it is quoted in USD or some other fiat currency. so while the value of gold isn't dependent on fiat, knowing the value of gold seems to be. I would liken Bitcoin to this, but with the caveat that Bitcoin currently is dependent on fiat for value because it is still so widely unaccepted as a payment method. Perhaps in the future, Bitcoin will move to closer parity with gold as it relates to the USD as I explained above, where the value is truly independent of fiat, but I would say we are not there now and not really close either.
Well gold is valued in USD right? So we need fiat/ a currency to estimate the value.
People will not compare it to oil. Saying 1 KG of oil is worth 10 Brent barrels.
Is gold dependent on fiat? I would say technically it is not; gold has value whether fiat does or not. But no one seems to know the value of gold unless it is quoted in USD or some other fiat currency. so while the value of gold isn't dependent on fiat, knowing the value of gold seems to be. I would liken Bitcoin to this, but with the caveat that Bitcoin currently is dependent on fiat for value because it is still so widely unaccepted as a payment method. Perhaps in the future, Bitcoin will move to closer parity with gold as it relates to the USD as I explained above, where the value is truly independent of fiat, but I would say we are not there now and not really close either.
Yeah bitcoin is a currency that is only available online. So to get bitcoin you need to convert fiat.
I can't see bitcoin not depending on fiat since it is only available online.
I can't see bitcoin not depending on fiat since it is only available online.
Always is a long time - I would refrain from using it as referring to economic terms. We had huge shifts in the past, empires rose and fell - their currencies with them.
There no reason to believe the same thing won't happen in the future as well. Bubble will pop someday - economic situation is always advertised as stable - until it isn't.
And then bitcoin might have be the next big thing. It is very likely to happen during our lifetime.
There no reason to believe the same thing won't happen in the future as well. Bubble will pop someday - economic situation is always advertised as stable - until it isn't.
And then bitcoin might have be the next big thing. It is very likely to happen during our lifetime.
Bitcoin is dependent on fiat because its value is calculated on dollar.I don't have idea how long it will be dependent like this but someday things will change in future.
I don't think that it will done in future, bitcoin will always be dependent on fiat until the day comes when all merchants and shops starts accepting bitcoin as a mode of payment but it would take a long time and we are not sure whether it will happen or not.
Bitcoin is dependent on fiat because its value is calculated on dollar.I don't have idea how long it will be dependent like this but someday things will change in future.
One way or other everything depend on each other.Bitcoin just like precious metals is related to fiat somehow.It will be so till digital currencies replace the fiat completely.A cashless society towards which we already are running seamlessly.It is not dependence but inter-connection or circle of support from fiat.
As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
See if u consider it on a global level, it will always be relative. There is no such thing as standalone currency globally. But if u consider in a perticular region then there might be a possibility, when everyone adopts that is, u can consider it independent.
now this particular region can be virtual like games,gambling,online shops,etc. BUT even this is only possible when everyone can directly earn bitcoin on their own or they will have to just convert.
Earning bitcoins after adaptation for general population is near to impossible at the moment.
Thus the answer to your question is Yes it will always be dependent and never become a fiat... also no country owns it.. no govt can all of sudden come and declare it as official
BTC depends on fiat to an extent, you still can't use it except in association with fiat (a btc is worth etc...) and I think that will continue for the time being, maybe sometime in the future BTC will be an independent currency itself.
What is the value of bitcoin? On what currency do we compare on how much cost a bitcoin.The answer is fiat, a bitcoin worth 400+ dollars, it will always be depended on fiat.
BTC depends on fiat to an extent, you still can't use it except in association with fiat (a btc is worth etc...) and I think that will continue for the time being, maybe sometime in the future BTC will be an independent currency itself.
For now? No, I dont think so. There's still too little amount of store that accepts bitcoin
But in the future, maybe fiat will be useless because of the inflation and bitcoin will be dependent.
But in the future, maybe fiat will be useless because of the inflation and bitcoin will be dependent.
As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
Yes it is and always be.So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
For now there is no 'something' similar with fiat for convert bitcoin value.
I wanted to see we could use bitcoin atm card for shopping in the future. but for now cannot be
we still have to exchange it into fiat money
Its called trade value, every currency is tied to the other in terms of their trade value, if you go to forex exchange, you'll see price of dollar in euro and vice versa, that doesn't mean that dollar or euro are tied to each other but thats the value they represent in other currency.
When you go to buy something which is not offered in the currency you wish to purchase it with you convert it based on its trade value, so for ex. you go to buy something with Bitcoins but it is only available in dollars you convert it to it and then pay for it. Its same if you find something which is offered in bitcoins only and you have dollars to pay for it then you would need to convert them first to bitcoins to use.
That does not mean that bitcoins is dependent on fiat.
When you go to buy something which is not offered in the currency you wish to purchase it with you convert it based on its trade value, so for ex. you go to buy something with Bitcoins but it is only available in dollars you convert it to it and then pay for it. Its same if you find something which is offered in bitcoins only and you have dollars to pay for it then you would need to convert them first to bitcoins to use.
That does not mean that bitcoins is dependent on fiat.
As the title says, will it always be dependent on fiat currencies like €, $, ...? Because right now, you always convert before paying. So when you buy a TV, it costs 800$ so that means 1.8 BTC. And by that i dont see how can it become independant? It is just like gold, which cannot be used by itself.
So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
some posts guessing and estimating bitcoin will be self-sufficient and no longer depend on fiat, even they believe bitcoin will replace the dollar, though it took a very long time, but the possibility is still there, because it could become a currency of some countries on future. So is my thinking true, or can the prices in the future be projected just through BTC; like you buy a TV and the price is 1.8 BTC. You buy bread, price 0.003 BTC .
I really dont know about these things so thats why i want to hear your knowledge on this.
Always I don't think so, but for now it will because with out fiat we don't know the price.
And I don't know what the government will react about it if fiat wasn't depending.
yes true, for now bitcoin will continue to rely on fiat money because the government still prohibits the circulation of bitcoinAnd I don't know what the government will react about it if fiat wasn't depending.
i hope in the future, the government will accept it
I don't think bitcoin can be completely independent in the future..i can say it can become independent for some goods say digital goods like domains etc but for physical goods like TV's? No,because Manufacturer who build tv prefer fiat and believe in fiat so he put the price in fiat also people have more fiat then they have bitcoins so price is in fiat..also the bitcoin is very volatile so it would be not profitable to just fix the cost of anything at particular bitcoins..it is much better to use conversation of fiat in bitcoins. 
It's not going to start with the dollar or euro. It's going to start in places where you have the combination of unstable, fiscally irresponsible government + moderately tech-savvy populace. Places like Phillippines, Thailand, Argentina, various middle eastern & eastern european countries.
One day, one of these countries will have a currency crisis, and bitcoin will be the "least bad option." And that's where it begins.
One day, one of these countries will have a currency crisis, and bitcoin will be the "least bad option." And that's where it begins.
Fiat is the basement of money, and from fiat other (digital or physical) currencies came from.
Neither bitcoin or gold can be independent from fiat because the value of an item is compared in fiat.
Neither bitcoin or gold can be independent from fiat because the value of an item is compared in fiat.
Jump to: